Ritchie’s wrong you knowJune 15, 2020 Tim WorstallRagging on Ritchie4 CommentsRilly, rilly, wrong. previousSounds a bit like scandiumnextEntirely fascinating 4 thoughts on “Ritchie’s wrong you know” Grikath June 15, 2020 at 2:35 pm Isn’t this the Ore v/s Dirt thing you taught us poor punters not into economics or geological extraction? From your piece I get that BP has deprecated the value of some of their “Ore” to “Dirt” , because they’d not be able to get the stuff out profitably at current price levels, and won’t be in the near future. Doesn’t mean it isn’t still there and potentially profitable in the longer term. Especially since quite a bit of the carbohydrates we extract are increasingly not used as fuel, but as naturally pre-fabbed precursors for other stuff we still can’t synthesise economically…. Alex June 15, 2020 at 2:53 pm Bernard Looney, new BP CEO, is simply playing the oldest trick in the book. Write down the assets at the start of the job then earn a bonus in later years measured on return on (written-down) assets. john77 June 15, 2020 at 5:32 pm @ Alex Ummm, probably true but that’s only part of the answer and he is much more likely to get away with it if some part of the write-down is objectively justified. Hence the phrase “kitchen sink” which describes a new CEO’s actions to write down everything possible when there is a highly visible excuse for a write-down. Gamecock June 15, 2020 at 9:08 pm ‘Thus all should sell out of fossil fuel companies now ahead of the rush.’ Ignorant beyond comprehension. ‘Sell’ means buyers. Means new people hold the stock, not nobody owns the stock. WHAT’S THE FVCKING DIFFERENCE ??? People who trust idiots no longer own the stock? That’s bad in what way? Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.