Post Tagged with: "BP"

Source: CNBC

As oil prices tank, BP CFO warns demand could be negative in 2020

CNBC


Demand for oil will likely be negative in 2020, adding further downward pressure to plummeting prices, according to BP CFO Brian Gilvary.

Around the time of its earnings report in early February, the energy giant anticipated that demand would …

Source: Houston Chronicle

All eyes on Exxon, Chevron after BP vows carbon neutrality

Houston Chronicle


BP Plc’s pledge to zero out all its carbon emissions by 2050 deepens the divide between major European and American oil producers on climate change, increasing the pressure for Exxon Mobil Corp. and Chevron Corp. to do more.…

Source: Reuters

Russia says it needs more time to decide on any OPEC oil output cut

Reuters


MINERALNYE VODY, Russia – Russia said on Friday it needed more time to decide whether to join any additional oil output cut by OPEC, saying U.S. crude production growth would slow and global demand remained solid.

Energy Minister Alexander …

February 7, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC, Popular 2
Source: Reuters

BP full-year net profit falls 21% on weak oil and gas prices

CNBC


Energy giant BP reported better-than-expected full-year net profit on Tuesday, outperforming analyst expectations despite lower oil and gas prices.

The U.K.-based oil and gas company posted full-year underlying replacement cost profit, used as a proxy for net profit, of …

Source: CNBC

BP’s CEO chides AOC and Bernie Sanders for their ‘completely unrealistic’ Green New Deal ideas

CNBC


Outgoing BP chief Bob Dudley on Wednesday criticized sweeping climate proposals from Sen. Bernie Sanders, a top-tier 2020 Democratic presidential candidate, and Rep. Alexandria Ocasio-Cortez, a champion of the far-left.

“They have a completely unrealistic idea of the …

Source: Houston Chronicle

BP names new CFO as Gilvary plans to retire

Houston Chronicle


BP Plc handed more power to a new generation of executives, announcing that Chief Financial Officer Brian Gilvary will join his boss Bob Dudley in retiring this year.

Murray Auchincloss, currently the finance chief of BP’s oil and …

Source: Reuters

Premier Oil plans $500 million rights issue for North Sea buying spree

Reuters


LONDON- Premier Oil is set to buy North Sea assets from BP and increase its stake in the Tolmount gas project, funded by a $500 million rights issue, but faces opposition from hedge fund ARCM, which vowed to fight …

Source: Houston Chronicle

Big Oil shows new commitments to offshore African projects

Houston Chronicle


A bevy of Big Oil majors are making new commitments to developing oil and gas projects in West Africa, specifically in Senegal, Mauritania and Angola.

The British energy major BP said its three-well exploration campaign offshore of Senegal …

Source: Reuters

Exxon, Chevron face new round of shareholder climate resolutions

Reuters


LONDON (Reuters) – An activist group is increasing the pressure on five big U.S. and European oil companies with shareholder resolutions urging them to meet the Paris climate goals and cut carbon emissions.

Dutch group Follow This is targeting …

December 16, 2019 - 2:00 pm Closing Bell Story‎, Energy News, ESG, International
Source: Reuters

Factbox: IMO 2020 – a major shake-up for oil and shipping

Reuters


Tougher rules on sulphur emissions from ships will come into effect next year in the biggest shake-up for the oil and shipping industries for decades.

IMO 2020

From January 2020, United Nations shipping agency the International Maritime Organization (IMO) …

December 13, 2019 - 1:00 pm Closing Bell Story‎, Energy News, Regulatory
Source: Reuters

BP increases stake in solar energy firm Lightsource BP

Reuters


LONDON – BP (BP.L) is increasing its stake in solar energy developer Lightsource BP to 50% from 43% and is aiming for rapid growth over the next few years, the two companies said on Thursday.

European oil …

Source: Reuters/Christopher Pike

Oil is our gold and we aim to use all of it, ADNOC official says

Reuters:


Abu Dhabi National Oil Co aims to exhaust its vast oil and gas reserves even as many consumers switch to cleaner sources of energy, a senior executive in the Gulf oil company said.

The world’s transition away from fossil …

REUTERS/Arnd Wiegmann

Big Oil, investors face returns reckoning amid darkening economy

Source: Reuters


LONDON (Reuters) – Darkening clouds over the global economy have led two of the world’s top oil firms to warn investors that promised growth in returns could be at risk for the first time since the 2014 oil …

Source: Reuters/Toby Melville

BP says no decision yet on 2019 dividend hike

Source: Reuters


LONDON (Reuters) – BP has yet to decide whether to boost its dividend by the end of the year, it said on Wednesday, after its shares fell sharply on the previous day on fears it would defer a …

Former Exxon Mobil CEO and former U.S. Secretary of State Rex Tillerson arrives at New York State Supreme Court as an Exxon witness to testify as part of a trial in a lawsuit by New York's attorney general accusing the oil company of misleading investors about the risks of climate change regulations to its business in Manhattan, New York, U.S., October 30, 2019. REUTERS/Mike Segar

Former Exxon chief Rex Tillerson to testify in climate change fraud trial

Reuters


Former Exxon Mobil Corp Chief Executive Rex Tillerson is expected to take the stand on Wednesday in a closely watched civil lawsuit accusing the company of hiding the true cost of climate change from investors.

The case in Manhattan …

Source: Reuters

BP profit beats as strong refining offsets lower oil price

Source: Houston Chronicle


BP Plc reported profit that beat analyst estimates as a strong refining performance offset the effect of lower oil and natural gas prices, and bad weather that curbed production.

The positive result will please investors expecting a …

Source: Houston Chronicle

BP building plastic recycling pilot plant in Illinois

Source: Houston Chronicle


The British energy major BP said Thursday it will build a new pilot plant for recycling plastics at its refining complex in Illinois.

The $25 million pilot plant, which is expected to be completed next year, would …

Source: Reuters/Arnd Wiegmann

BP raises Asian profile with Chinese acetic acid plant plan

Source: Reuters


LONDON (Reuters) – BP is increasing its Asian presence with an initial agreement, or memorandum of understanding, with China’s Zhejiang Petroleum and Chemical Corporation (ZPCC) to build a 1 million tonne a year acetic acid plant, BP said …

REUTERS/Arnd Wiegmann

BP, Shell among bidders in $800 million Brazilian oil auction

Source: Reuters


BP Plc, Chevron Corp and Royal Dutch Shell Plc are among the companies that will compete for exploration and production rights off the Brazilian coast on Thursday, in the first of three oil bidding rounds scheduled for coming …

October 10, 2019 - 10:45 am Closing Bell Story‎, Energy News, International
Alaska Is the Biggest Bet Yet for Texas’s Anti-Shale Oil Billionaire

Alaska Is the Biggest Bet Yet for Texas’s Anti-Shale Oil Billionaire

From Bloomberg


Hildebrand gained fortune buying old, conventional oil assets, bet may be timely as investors begin to sour on shale

Texas oilman Jeffery Hildebrand became a billionaire by shunning the shale revolution taking place in his home state. Now, …

Source: SEACOR

Galveston Company Enters Race to Supply IMO 2020 Fuels

From The Houston Chronicle


With a massive shift in the marine fuel market just months away from implementation, a Galveston fuel storage operator says it plans to operate a 50,000 barrel a day crude processing facility to meet new stricter …

BP Divests Alaska for $5.6 Billion

BP Divests Alaska for $5.6 Billion

By Tyler Losier, Energy Reporter, Oil & Gas 360

BP sells its entire Alaskan business to Hilcorp for a total consideration of $5.6 billion
BP (stock ticker: BP), through its subsidiary BP Alaska, has agreed to sell its entire business

UPDATE: Venture Global Announces Final Investment Decision for Calcasieu Pass LNG

UPDATE: Venture Global Announces Final Investment Decision for Calcasieu Pass LNG

UPDATE: Venture Global Announces Final Investment Decision and Financial Close for Calcasieu Pass LNG...

Source: Venture Global LNG

Venture Global Closes on Project Financing for Calcasieu Pass LNG

By Tyler Losier, Energy Reporter, Oil & Gas 360

Proceeds from Venture Global’s debt and equity financing will fully fund the construction and commissioning of its Calcasieu Pass LNG facility
Venture Global LNG Inc., headquartered in Arlington, Virginia, has closed

Saudi Aramco Valuation Gap Persists as IPO Talks Resume – Sources

Saudi Aramco Valuation Gap Persists as IPO Talks Resume – Sources

From Reuters


Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking …

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

From Reuters


Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalize on rising demand in Asia’s third-biggest economy.

The move comes days after BP said it would …

Source: Royal Dutch Shell

Shell Invests in New Deep-Water Gulf of Mexico Project, Sells Assets to Equinor and Noreco

By Tyler Losier, Energy Reporter, Oil & Gas 360

Shell Offshore Inc. makes final investment decision for PowerNap deep-water project in U.S. Gulf
Shell Offshore Inc., a subsidiary of Royal Dutch Shell plc (stock ticker: RDS-A, RDS-B), has reached a

BP Profit Again Outstrips Forecasts, Lifted by Higher Oil Output

BP Profit Again Outstrips Forecasts, Lifted by Higher Oil Output

From Reuters


A strong rise in oil and gas production helped BP (BP.L) offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares.

BP’s second quarter contrasts with Total (TOTF.PA) and …

Texas Shale Pioneers Struggle to Appease Investors

Texas Shale Pioneers Struggle to Appease Investors

From Reuters


Seven years ago, Diamondback Energy Inc went public with a modest parcel of drillable land in the Permian Basin of West Texas.

Like dozens of other Permian startups, the firm then pursued a classic wildcatter’s strategy – borrowing …

How Big is Saudi Aramco?

How Big is Saudi Aramco?

By Tyler Losier, Energy Reporter, Oil & Gas 360


The staggering size of Aramco: Saudi Arabia’s state-owned oil company

In 1933, the government of Saudi Arabia signed a concession agreement with the Standard Oil Company of California, creating an entity …