BP Archives - Page 3 of 22

bp halts shareholder buybacks as new CEO prepares upstream-focused turnaround

February 10, 2026

(World Oil) – bp has suspended its share buyback program and is prioritizing balance-sheet repair as the company works through a broader strategic reset and leadership transition. The UK-based energy major halted its $750-million quarterly repurchase program and withdrew previous guidance to return 30%–40% of operating cash flow to shareholders, according to its latest earnings update. The move comes as bp

Shell and BP Seek U.S. licenses for shared Venezuela-Trinidad gas fields

January 28, 2026

(Oil Price) – UK-based supermajors Shell and BP are seeking U.S. licenses to develop gas fields that Trinidad and Tobago shares with Venezuela, the Caribbean island’s Energy Minister Roodal Moonilal said on Wednesday. BP and Shell have sought to develop two separate cross-border gas fields in Venezuelan and Trinidad and Tobago waters, but progress has been slow in recent years due to the

bp flags up to $5 billion in energy transition writedowns in Q4 update

January 15, 2026

(World Oil) – bp said it expects to record $4 billion to $5 billion in post-tax impairments in the fourth quarter of 2025, largely tied to its energy transition businesses, according to a trading statement released ahead of its full-year results. The company said the writedowns, which will be excluded from underlying replacement cost profit, are primarily linked to its gas and

bp reshapes portfolio with $10.1 billion Castrol sale, accelerating energy strategy shift

December 30, 2025

(World Oil)– bp has agreed to sell a majority controlling interest in its global lubricants subsidiary Castrol to Stonepeak in a transaction valuing the business at approximately $10.1 billion, marking one of the supermajor’s most significant portfolio shifts in recent years. bp will retain a 35% share in Castrol following closing, maintaining strategic linkage to the lubricants business while freeing

bp reshapes portfolio with $10.1 billion Castrol sale, accelerating energy strategy shift

December 29, 2025

bp delivers seventh major 2025 startup with Atlantis Drill Center 1 expansion

December 11, 2025

(World Oil) – bp has achieved first oil from the Atlantis Drill Center 1 expansion in the U.S. Gulf of America, marking the company’s seventh major upstream project startup of 2025 and its fifth to come online ahead of schedule. The two-well subsea tieback to the existing Atlantis platform is expected to add roughly 15,000 boed of gross peak annualized average production. Atlantis—one

Shell takes Venture Global LNG arbitration loss to NY Supreme Court

November 11, 2025

(Oil Price)– Shell has challenged an arbitration ruling against it in the long-running dispute with Venture Global over contracted LNG supply, alleging the U.S. LNG exporter withheld information to Shell and the arbitration court. Shell has challenged the arbitration decision at the New York Supreme Court, the supermajor told Reuters on Tuesday. Shell has sued Venture Global for selling LNG on the

bp reports $7.8 billion cash flow, strong upstream performance and six project startups in Q3 2025

November 4, 2025

(World Oil)– bp plc reported operating cash flow of $7.8 billion and underlying replacement cost profit of $2.2 billion for the third quarter of 2025, reflecting stronger upstream performance and improved refining margins across its global portfolio. Chief Executive Officer Murray Auchincloss said bp delivered “another quarter of good performance across the business,” highlighting continued operational strength, cost reductions, and accelerated

bp advances plans for major Bumerangue discovery in Brazil’s Santos basin

October 30, 2025

(World Oil)– bp is progressing appraisal planning for its significant Bumerangue hydrocarbon discovery in the pre-salt Santos Basin offshore Brazil, following confirmation of a large, liquids-rich reservoir. Laboratory and pressure gradient analysis have verified the presence of a ~1,000-meter gross hydrocarbon column, including a ~100-meter oil column and a ~900-meter liquids-rich gas-condensate column. According to bp, the reservoir’s high-quality rock properties

ConocoPhillips to lay off Canada employees in November, company memo shows

October 24, 2025

(BOE Report)– U.S. oil company ConocoPhillips is laying off employees at its Canadian operations, according to three sources and a company memo reviewed by Reuters, as it moves to cut up to a quarter of its global workforce by next year. The memo did not specify how many layoffs would take place but said they would begin at the company’s Canadian

Aker BP strengthens offshore portfolio with Omega Alfa discovery, major project progress

October 23, 2025

(World Oil)– Aker BP has reported strong operational and financial performance in its latest quarterly results, underscoring stable production, disciplined cost management, and a breakthrough exploration success on the Norwegian Continental Shelf (NCS). Production averaged 414,000 boed, maintaining high uptime and efficiency across the company’s offshore portfolio. Supported by minimal unplanned downtime and robust field performance, Aker BP has raised

BP and Total deepen commitments to US with major projects

September 29, 2025

(Investing) – HOUSTON/LONDON -European oil and gas majors BP and TotalEnergies on Monday deepened their commitments to the United States, with BP approving a $5 billion offshore oil field and TotalEnergies buying into an onshore gas field. Higher investment in U.S. oil and gas production aligns with U.S. President Donald Trump’s goal to capitalise on the country’s hydrocarbon resources. BP, which currently produces

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