Post Tagged with: "BP"

Source: Reuters

BP says it will stick with top U.S. oil lobby after climate shift

Reuters


LONDON – BP said on Monday it will remain a member of the American Petroleum Institute (API) after the largest U.S. oil and gas trade lobby group addressed some differences with the British energy company over climate change.

BP, …

Source: CNBC

BP beats first-quarter estimates on stronger commodity prices; plans to resume share buybacks

CNBC


LONDON — British energy major BP on Tuesday reported better-than-expected earnings for the first quarter, following a period of stronger commodity prices and a brighter demand outlook.

It comes as oil and gas majors seek to prove to investors …

Source: Reuters

BP applies to set up U.S. retail power business: filing

Reuters


LONDON/WASHINGTON – BP has applied to supply U.S. residential customers with electricity generated from wind, solar and natural gas, betting on a rapid growth in power demand as economies shift away from fossil fuels to battle climate change.

BP …

Source: Reuters

BP plans to build Britain’s largest hydrogen plant

Reuters


LONDON – Energy group BP aims to build Britain’s largest hydrogen plant by 2030, it said on Thursday, as part of the country’s push to boost use of the fuel and cut greenhouse gas emissions.

The Teesside plant in …

Source: Reuters

Exclusive: BP bets on energy trading to fund strategy shift after bumper year

Reuters


LONDON – BP’s trading arm made nearly $4 billion in 2020, according to a copy of an internal BP presentation seen by Reuters, almost equalling the record trading profit in 2019 despite the collapse in oil demand caused by …

Source: Reuters

Chevron and BP back renewable start-up focused on geothermal energy

CNBC


Canada-based geothermal company Eavor Technologies on Tuesday announced a $40 million funding round that included participation from BP Ventures and Chevron Technology Ventures as big oil companies increase investments in renewable energy.

Geothermal power is renewable energy produced from …

Source: Reuters

Pandemic drives oil major BP to first loss in a decade

Reuters


LONDON – BP plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, and the energy company warned of a tough start to 2021 amid widespread …

Source: Reuters

BP’s oil exploration team swept aside in climate revolution

Reuters


LONDON – Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil.

Its geologists, engineers and scientists have

Source: Reuters

Exclusive: BP gives Caribbean refinery more time to hit operating targets – sources

Reuters


NEW YORK – BP Plc has given the operator of a Caribbean refinery more time to fully restart and retain its crude oil supply agreement after the plant failed to hit operating targets last year, according to people familiar …

January 7, 2021 - 12:00 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

BP well comes up empty at promising Ironbark gas prospect off Australia

Reuters


MELBOURNE – BP Plc said on Tuesday it has found no oil or gas at its Ironbark-1 exploration well off Western Australia, in what had been seen as a multi-trillion cubic feet gas prospect.

The result marked a big …

Source: Reuters

BP takes majority stake in U.S. carbon offset firm Finite Carbon

Reuters


LONDON  – BP has acquired a majority stake in the largest U.S. carbon offset developer, Finite Carbon, the oil major said on Wednesday, as part of its climate goals and to develop a new revenue stream.

BP and other …

Source: Reuters

Special Report-How oil majors shift billions in profits to island tax havens

Reuters


Bermuda and the Bahamas aren’t exactly big players in the oil-and-gas world. They don’t produce any of the fuels at all. Yet the islands are deep wells of profit for European oil giant Royal Dutch Shell Plc.

In 2018 …

December 9, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Finance
Source: Reuters

BP reappoints Wise as head of crude trading in latest reshuffle

Reuters


LONDON – BP BP.L has reappointed Daniel Wise as global head of crude in the latest reshuffle of its trading division aimed at helping the company to boost margins during a transition to low-carbon energy.

Despite a broader reshuffle, …

Source: Reuters

BP starts Oman’s giant Ghazeer gas field

Reuters


LONDON – BP BP.L has started production at Oman’s giant Ghazeer natural gas field, which is set to underpin the company’s oil and gas output for years as it shifts to renewables.

The London-based firm said Ghazeer, the second …

BP terminates Deepsea Aberdeen contract

BP terminates Deepsea Aberdeen contract

Offshore Technology 


Oil & Gas Publishers Note: This contract termination falls right in line with BP’s plans to morph into a renewable energy company. We covered this on our “BP Week Podcast Series”. This change is also being followed by

Source: Reuters

BP enters offshore wind with $1.1 billion Equinor deal

Reuters


OSLO/LONDON – BP entered the offshore wind market on Thursday with a $1.1 billion deal to buy 50% stakes in two U.S. developments from Norway’s Equinor, a significant step by the oil firm towards its energy transition goals.

The …

Source: Reuters

IEA calls for ‘dramatic’ scaling up of clean energy tech to meet climate goals

CNBC


MOSCOW – Russia’s largest oil producer, Rosneft, said on Thursday it had started to drill an exploration well at a hard-to-recover oil project, its first without any partners.

Russia plans to develop hard-to-recover oil and shale but is hampered …

Source: Reuters

Exclusive: BP poised to sell ‘stranded assets’ even if oil prices rally

Reuters


LONDON – BP (BP.L) is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants to invest more in renewable energy, three …

Source: CNBC

BP CEO says dividend cut ‘deeply rooted in strategy’ as energy giant ramps up renewable investment

CNBC


The CEO of oil and gas giant BP told CNBC on Wednesday that its decision to “reset” its dividend to 5.25 cents a share was “deeply rooted in strategy.”

The newly announced dividend represents a 50% reduction compared to

Source: Reuters

BP’s stranded Canadian, Angolan assets expose wider industry risks

Reuters


LONDON  – When BP (BP.L) slashed its long-term oil price outlook last week, prospects in Canada and Angola were rendered worthless, company sources and analysts said, exposing broader risks the industry faces as the world pivots to …

Source: CNBC

BP outlines how quickly global carbon emissions would need to fall to reach net zero by 2050

CNBC


The chief executive of energy giant BP said Wednesday that to get to net zero by 2050, the world would need to see lockdown-like reductions in carbon emissions every other year for the next 25 years.

In the London-based …

Source: CNBC

Major oil executives ‘optimistic’ amid anxiety over coronavirus ‘second wave’

CNBC


Sixteen of the world’s leading energy executives met virtually at an unprecedented meeting Tuesday night to talk about how big oil will navigate its biggest crisis in recent history while confronting the coronavirus pandemic.

“Each one of us …

June 17, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

BP wipes up to $17.5 billion from assets with bleaker oil outlook

Reuters


LONDON  – BP (BP.L) will write off up to $17.5 billion from the value of its assets after cutting its long-term oil and gas price forecasts, betting the COVID-19 crisis will cast a lasting chill on energy …

Source: Reuters

Exclusive: Oil major BP to cut 15% of workforce

Reuters


LONDON – BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy, it said on Monday.…

Source: Reuters

BP turns over rights to operate South Caucasus Pipeline to unit of Azeri SOCAR

Reuters


BAKU (Reuters) – BP has turned over rights to operate the South Caucasus Pipeline (SCP), part of the network that is due to start carrying gas from Azerbaijan to Europe this year, to a unit of Azeri state energy …

Source: Reuters

Coronavirus widens climate rift between European and U.S. oil majors

Reuters


LONDON – Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel …

Source: Reuters

Iraq emerging as OPEC’s main laggard in making record output cut: sources

Reuters


BAGHDAD/LONDON – Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an OPEC deal with Russia and other producers on a record supply cut, traders and industry …

Source: CNBC

BP’s net profit slides 67% in the first quarter following a historic fall in oil prices

CNBC


Energy giant BP reported a significant fall in first-quarter net profit on Tuesday, as oil prices continue to dive amid intensifying concerns about the coronavirus crisis and dwindling storage capacity.

The U.K.-based oil and gas company posted first-quarter underlying

Source: Reuters

BP revises $5.6 billion Alaska deal after oil price crash

Reuters


BP (BP.L) said on Monday it had amended some financial terms of the $5.6 billion sale of its Alaska business to privately held Hilcorp following the recent slump in oil prices, which may lead to a lower …

Source: Reuters

U.S. Supreme Court sides with BP unit to curtail Superfund site cleanup lawsuits

Reuters


The U.S. Supreme Court handed BP Plc (BP.L) unit Atlantic Richfield Co a victory on Monday, making it harder for Montana landowners to seek a more extensive cleanup of a hazardous waste site than the federal government …

April 20, 2020 - 1:00 pm Closing Bell Story‎, Energy News, Regulatory