Tag: $BP

BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm’s energy transition strategy to regain investor confidence, three sources with knowledge of the matter said.

The British energy giant said Monday that it is selling a non-controlling share in BP Pipelines TAP, which holds a 20% share in Trans Adriatic Pipeline. It will remain the controlling shareholder after the deal.

 BP shares dropped Tuesday after the firm flagged it expects to post an impairment of up to $2 billion in the second quarter and warned of lower refining margins weighing on its results.

BP’s new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company said.

BP reported first-quarter earnings that missed expectations. The stock fell early Tuesday.

BP expects a boost to first-quarter profit from higher oil, gas and low-carbon energy production, while lower natural-gas prices will temper gains.

BP posted underlying replacement cost profit, used as a proxy for net profit, of $13.8 billion for 2023, a steep fall from a record $27.7 billion in the previous year.

BP has become the latest firm to pause travel through the Suez Canal following a series of attacks on vessels by Houthi militants from Yemen.

Oil major BP reported a sharp annual decline in profits to $3.293 billion, down from $8.15 billion.

BP Chief Executive Officer Bernard Looney resigned from the company following a company review of his conduct.

 BP  has invested in a start-up company developing technology seeking to use vapour from heavy industry to sharply reduce the production costs of zero-carbon hydrogen.

Oil major BP on Tuesday reported a nearly 70% year-on-year drop in second-quarter profits on the back of weaker fossil fuel prices, echoing a trend observed across the energy industry.