Tag: $BP

BP (BP.L), has made its largest oil and gas discovery in 25 years offshore Brazil, it said on Monday, in a potential big boost for the British company following its strategic shift away from renewable energy to refocus on fossil fuels.

BP (BP.L), on Tuesday reported a deeper-than-expected 48% drop in net profit to $1.4 billion on weaker refining and gas trading and announced the departure of its strategy chief as it tries to shore up investor confidence.

BP shares jumped on Wednesday after activist investor Elliott went public with a stake of more than 5% in the struggling British oil major, which has pivoted back to oil in a bid to restore investor confidence.

BP (BP.L),  has made an oil discovery at the Far South field in the U.S. Gulf of Mexico, it said on Monday, as the energy major seeks to grow production under a strategy reset announced earlier this year.

BP has agreed to sell a stake in a firm invested in the TANAP gas pipeline linking Azerbaijan and Turkey for $1 billion to Apollo Global Management, the two firms said on Friday.

Israel awarded licences to BP, Azeri national oil firm Socar and local company NewMed Energy on Monday to explore for natural gas in Israeli waters as the country seeks to boost domestic gas reserves and expand exports.

BP will abandon its pledge to reduce oil and gas output and announce at least one major divestment at its investor day on Wednesday, said people familiar with the plan, as chief executive Murray Auchincloss battles to convince activist Elliott Management that he can turn around the energy major.

Shares in BP rose almost 7 per cent in early trading on Monday as activist hedge fund Elliott Management’s acquisition of a stake raised hopes of a shake-up at the struggling oil major.

BP is cutting 4,700 jobs, or just over 5 per cent of its workforce, as chief executive Murray Auchincloss tries to save costs and revive a share price that has lagged behind rivals over the past year.

The British energy company could raise up to $3 billion from the sale, two of the people said, with one of them adding that BP may sell up to a 49% stake in the business.

British oil major BP on Tuesday reported its weakest quarterly earnings in nearly four years, weighed down by a slump in crude prices and lower refining margins.

BP on Friday said a drop in its refining margins will see it take a $400 million to $600 million hit to its profits in the third quarter following a worldwide slowdown in demand for refined products including jet fuel, diesel and gasoline.

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.