|Bid||38.97 x 800|
|Ask||39.10 x 3000|
|Day's Range||38.90 - 39.27|
|52 Week Range||35.73 - 47.16|
|Beta (3Y Monthly)||0.61|
|PE Ratio (TTM)||14.84|
|Forward Dividend & Yield||2.46 (6.36%)|
|1y Target Est||50.78|
Talos Energy (TALO) expands GoM footprint with the acquisition of the Hershey prospect from ExxonMobil, while divests Puma West stake to BP for cost reduction.
Ion Energy Group Consultant Kyle Cooper told Yahoo Finance’s YFi PM that markets assumed Saudi Arabia's oil facilities were well-protected.
Iran denies any role in the attack on Saudi Arabia's oil infrastructure but analysts say evidence points to Iran and they are calling for a response that may include military action against Iran.
The drone attack on Saudi Arabia could have a far-reaching impact on oil prices as it eliminated roughly 5% of daily oil supply globally and it is not possible to mitigate these losses immediately.
The valuations of integrated energy stocks ExxonMobil, Chevron, Shell, and BP have been slammed in Q3, led by volatile equity markets and oil prices.
While EIA reports the fourth straight weekly inventory decline, crude prices fall after OPEC cut its forecast for oil demand growth this year and next.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.BP Plc’s CEO plans to sell some oil projects and curb the development of others to align its business with the Paris accord, the latest sign climate concerns are starting to impact the investment decisions of the world’s largest fossil fuel producers.Senior BP executives met within the last few days to discuss how to cut carbon as it grapples with a shareholder resolution requiring the company to explain how its spending is aligned with Paris, Chief Executive Officer Bob Dudley said on a Wednesday conference call organized by JPMorgan Chase & Co.One proposal weighed up by BP’s management team was exiting the most carbon-intensive projects, though Dudley wouldn’t say which assets were targets because there are “governments and partners involved.”“We are certain we’ve got a path, it may not be linear, to being consistent with Paris goals,” Dudley said in conversation with JPMorgan’s head of European oil research Christyan Malek. “There are going to be projects that we don’t do, things that we might have done in the past. Certain kinds of oil, for example, that have a different carbon footprint.”His comments offer a response to increasingly severe criticism aimed at the entire oil industry over its contribution to man-made climate change. BP’s own shareholders sparred with company managers at its annual general meeting in May, before voting almost unanimously to require the company to issue a report about how each new investment is aligned with Paris. The report will be issued before its next AGM in May 2020.Still, the plan may prompt questions about how selling assets to another producer can help curb global emissions. For example, Dudley said on the call that the sale last month of BP’s oil and gas fields in Alaska helped it reduce its carbon footprint. But the buyer plans to invest more in the fields than BP would have, potentially increasing production and boosting emissions in the process.Dudley also pointed out the main driver of the Alaska sale was the fact those fields were struggling to compete for capital within BP because production there was unlikely to grow as much as at the company’s other projects. Dudley said he is driving down the entire company’s “break-even” point toward $50 a barrel, meaning projects will need to be cheap to stay within BP’s portfolio.Also read: BP Says Some of Its Oil ‘Won’t See the Light of Day’Dudley said he’s juggling with the challenge of investing in relatively low-return renewables businesses while maintaining the company’s large dividend. He took aim at those who didn’t acknowledge how beneficial it is when BP does invest in low-carbon technology, saying any assessment of its carbon footprint should probably include the emissions it avoids.“We’ll reduce the emissions from our operations, reduce the emissions from our products and come up with the new business models,” he said. “If you add all those figures up in reductions of greenhouse gas -- for example, we have a big solar business, a big biofuel, wind business -- you almost get no credit when you do those calculations.”While he has maintained the company’s business model already aligns with the Paris accord, he said having to issue a report to benchmark progress has caused BP to think further about its spending.Carbon TrackerA report by Carbon Tracker last week said BP’s most polluting investments are the Zinia 2 project in Angola and the Azeri-Chirag-Gunashli development in Azerbaijan, and that neither are compatible with the Paris goals.“Our strategy is to produce advantaged barrels, which involves considering factors like whether they are economic to produce, low risk to bring to market and lower carbon from an emissions standpoint,” a BP spokeswoman said in response to the Carbon Tracker assessment. These “could help to push other more costly and high-carbon barrels out of the mix, just as gas can help to push coal out of the power mix.”BP is also seeking to divest assets because its debt is too high, Dudley said on the call, constraining his spending power. It has announced about $7 billion of a $10 billion disposal program linked to the purchase of shale fields from BHP Group Ltd. last year. An earlier plan to meet that target by selling older onshore gas fields was complicated by the price of natural gas falling, he said.BP became the operator of the BHP fields in March, which has now caused other complications to the British company’s climate ambitions. Dudley said the level of flaring, the deliberate burning of methane at the place it’s produced, is “not right,” and he is working to reduce it. Earlier this week, the company announced it was adding new equipment to its projects to quantify and identify methane leaks.(Updates with comments on break-even price in seventh paragraph.)To contact the reporter on this story: Kelly Gilblom in London at email@example.comTo contact the editors responsible for this story: James Herron at firstname.lastname@example.org, Helen Robertson, Amanda JordanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
BP is introducing continuous monitoring of methane leaks at new oil and gas projects using drones and surveillance cameras, in a bid to cut emissions of the potent greenhouse gas to near zero. The technology, which could encompass BP's entire output within a decade or so, comes as the oil and gas industry faces mounting pressure from investors and activists to cut heat-trapping emissions to meet 2015 Paris Climate Agreement goals. In what it said was an industry first, London-based BP said methane detecting and measurement technologies will be deployed at all its new projects globally to cut the volume of methane production it loses as emissions to below its current target of 0.2%.
ExxonMobil's (XOM) decision to sell Norway oil & natural gas assets reflects strong focus on boosting oil equivalent volumes from American onshore shale resources.
Oil major BP plans to sell more U.S. crude to Asia as its shale oil production grows, seeking to capitalise on growth in the world's key demand region. The strategy, outlined in a Reuters interview with company executives, follows BP's move to acquire giant miner BHP's assets in the United States' prolific Permian shale basin last year, expected to give its portfolio a boost in light-sweet crude production. "This (Asia) is a key growth region" for energy demand, said Sharon Weintraub, BP's chief executive officer of supply and trading for the eastern hemisphere.
BP reportedly announces that the escalating tariff war between the United States & China, and growing fears of recession have been denting demand for oil and refined petroleum products.
BP plc (BP) farmed out of Alaska, selling its entire business to Hilcorp Energy for $5.6 billion, while Equinor (EQNR) indicated an earlier-than-expected start up of the giant Johan Sverdrup field.
As Alaska’s North Slope oil production continues to slide, oil supermajor BP is ditching its assets in the region, with Hilcorp Energy Corp snagging them up in a multi-billion dollar deal