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. Looney told employees in a global online call that the London-based company will cut 10,000 jobs from the current 70,100.
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 firm SOCAR, the groups said on Thursday. In line with an agreement initially signed in 2013, SOCAR Midstream Operations will
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 demand, according to a Reuters review of company statements and interviews with executives. The plans of companies like BP (BP.L),
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 sources said. Less than full compliance by Iraq, as well as by smaller producers such as Nigeria and Angola, could
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 replacement cost profit, used as a proxy for net profit, of $800 million. That compared with $2.4 billion in the first quarter
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 cash boost than initially planned. The revised agreement retains the total consideration but adjusts the structure and phasing of the remaining payment,
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 had ordered. In a case involving the Environmental Protection Agency’s Superfund program responsible for cleaning up certain toxic waste sites, the justices
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 weaken by around 300,000 to 500,000 barrels a day. But on Monday, Gilvary told CNBC’s “Squawk Box Europe”: “If you
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. The U.S. supermajors have only committed to reducing greenhouse gases from their own operations, which typically account for just 10%
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 Novak was speaking as the Organization of the Petroleum Exporting Countries has been pushing Moscow to decide whether to deepen
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 $10 billion in 2019. That compared with $12.7 billion full-year net profit in 2018, reflecting a year-on-year fall of 21%. Analysts had
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 complexity of the global energy system,” Dudley told CNBC’s “Squawk Box” from the World Economic Forum in Davos, Switzerland. “It’s very complex.” Nearly a year ago, Ocasio-Cortez, with
