BP to Sell Petrochemicals Business to Ineos for $5B
British oil major BP will sell its global petrochemicals business to Ineos for $5 billion, a transaction delivering BP's divestments target a year earlier than originally scheduled.Brian Gilvary, BP’s chief financial officer, said: “With today’s announcement we…
BP More than Doubles US Shale Oil Putput in 2019
BP's U.S.
BP Profits Fall 40%
BP's profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining operations helped the company beat expectations even after taking a one-off $2.6 billion charge linked to asset sales.BP, like other big energy companies, has been hit…
BP CEO Dudley Planning to Step Down
BP Chief Executive Officer Bob Dudley is drawing up plans to step down next year, ending a tumultuous decade at the helm of the oil and gas company that swung from near collapse in 2010 to rapid growth today, sources close to the company said on Monday.BP's first…
BP Profits Lifted by Production Uptick
A strong rise in oil and gas production helped BP offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares.BP's second quarter contrasts with Total and Norway's Equinor, which posted sharp earnings drops,…
Higher Output Cushions BP's Profit Fall
BP's first quarter profits fell by nearly a third but beat forecasts as lower oil and gas prices and weaker refining margins were partly offset by higher production and stronger trading.The slump in profits marks the first significant dent in BP's steady recovery…
Oil Falls on U.S. Factory Data
Oil prices fell on Tuesday, a day after data showing a decline in U.S. factory orders dragged both benchmarks down from 2019 highs.Despite the slide, investors expect U.S. sanctions on Venezuela and production cuts led by OPEC to head off a glut this year, buoying prices.U.S.
BP Completes $10.5-billion BHP Billiton Acquisition
London-based BP Plc BP has completed the $10.5-billion acquisition of BHP’s U.S. unconventional assets in a landmark deal that will significantly upgrade BP’s U.S. onshore oil and gas portfolio, in a move that upgrades and repositions its American onshore business.The…
No Signs of Oil Shortage After Drop in Spending -BP CFO
BP does not yet foresee a shortfall in oil supplies in the coming years due to a fall in investments across the sector, the company's Chief Financial Officer Brian Gilvary said on Thursday.Although investment in new oil and gas projects more than halved following the collapse of oil prices in 2014, U.S.
BP CFO Mulls Dividend Boost this Year
BP Chief Financial Officer Brian Gilvary on Tuesday said the company might consider boosting dividends later this year following a recovery in oil prices and profits. "With these oil prices, we will now see net debt naturally start to decline and that will give…
BP Profits Surge, Leaving Downturn Behind
Annual profit more than doubles to $6.2 bln; Q4 profit jumps to $2.1 bln from $400 mln. BP's profits more than doubled in 2017 to $6.2 billion powered by higher prices and output of oil and gas, allowing the company to resume share buybacks as it recovers from a three-year downturn.
Oil Slips From Two-month High
U.S. Oil slipped from a two-month high near $53 a barrel on Tuesday as ample global supplies countered strong demand and forecasts of another drop in U.S. crude inventories. U.S. inventory reports due on Tuesday and Wednesday are expected to show crude stocks fell by 2.9 million barrels last week…
BP's Profit Triples on Pricing and Output
BP joins rivals Exxon, Chevron in beating forecasts; net debt rises 9 pct quarter-on-quarter. BP's profit nearly tripled in the first quarter of 2017 from a year earlier, buoyed by rising oil prices and production that hit a five-year high, while debt piled up…
Oil Stockpiles at Five-year Average if OPEC Extends Cuts
OPEC deal extension to underpin oil price of $50-$55/bbl; OPEC, non-OPEC to discuss extending cuts in May meeting. An extension of OPEC-led oil production cuts into the second half of 2017 would help bring global crude inventories back to a five-year average by the end of the year and support prices at about $55 a barrel…
Shareholders Force BP CEO Pay Cut
BP has cut Chief Executive Bob Dudley's pay package by 40 percent to $11.6 million, the latest British bluechip company to rein in executive pay after a wave of shareholder revolts. The oil company has reduced Dudley's payout and introduced changes from this year that will lower executives' performance incentives.
BP Appoints Heads of production, Drilling
BP has reshuffled its exploration and production division as the oil company readies for the biggest jump in output in its history. The British firm is launching a record number of projects this year and plans steep growth in production through 2021. The chief of the production…
BP to Balance Books at $35-40/bbl Oil Price by 2021
British oil major BP said it will be able to balance its books at an oil price as low as $35-40 a barrel by 2021 as the company has reined in spending. BP also said its upstream and downstream segments, its main oil and gas business units, will generate pre-tax…
BP back in the black
BP has made a profit of $115 million for the year 2016. This compares to its loss of $6.5 billion in the previous year. The company in its report stated having focused on growth: strategic portfolio additions, new projects coming onstream, costs and spending reduced ahead of schedule.
Lawsuit Drags BP's Oil Trading Division into the Red
BP's oil trading business, one of the biggest in the sector, reported a rare loss in the fourth quarter after it lost a $70 million lawsuit over an oil cargo delivered to a Moroccan refinery. BP's Chief Financial Officer Brian Gilvary said due to flat trading positions ahead of a crucial OPEC meeting at the end of November…
BP Lifts Break-Even Oil Price
Lowest annual profit in at least a decade; raises breakeven oil price to around $60 per barrel. BP raised the oil price at which it can balance its books this year to $60 a barrel on Tuesday due to higher spending following a string of investments as annual earnings fell for a second consecutive year.
