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 Reports Biggest Ever Annual Loss
BP shares slide 8 pct after results miss forecasts. BP slumped to its biggest annual loss last year and announced thousands more job cuts on Tuesday, showing that even one of the nimblest oil producers is struggling in the worst market downturn in over a decade.
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.
Energy Deals Elusive Despite $110 bln in Assets on the Block
Energy companies, including some of the world's biggest, could be forced to slash prices of more than $110 billion worth of assets they want to sell after dealmaking in oil and gas fields ground to a halt due to the volatile crude market. The values that buyers and sellers assign to assets…
U.S. "oil trade king", BP's Porteous, to retire
One of the world's most powerful and best-paid oil traders, BP's head of crude Donald Porteous, will retire from the company in 2016 after what industry sources described as several years of bumper profits. Porteous, in his early 40s, is dubbed in the industry as "The King of Cushing"…
Shell, BP Both Beat the Street
Shell stocks rise 3 percent as it beats estimates; BP falls 2.1 percent as results boosted by one-off gain. Royal Dutch Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year.
BP Gets 10% Stake in Abu Dhabi’s ADCO
BP today signed an agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) that grants BP a 10% interest in Abu Dhabi’s ADCO onshore oil concession, which has a life of 40 years. In addition to the interest in the ADCO concession…