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BP Revisits U.S. Shale Strategy with Devon Eagle Ford Talks
energy13 days ago

BP Revisits U.S. Shale Strategy with Devon Eagle Ford Talks

BP is actively evaluating the purchase of Devon Energy’s Eagle Ford assets in South Texas, marking a strategic pivot toward U.S. shale growth under CEO Meg O’Neill. Although BP previously walked away from a deal after reviewing data in late August, renewed interest has emerged as the company seeks to expand its production footprint. The assets, which produced roughly 77,000 barrels of oil equivalent per day in the second quarter, are valued between $3.5 billion and $4.5 billion. This move contrasts with BP’s recent focus on divestment and debt reduction, though higher oil prices and strong refining margins have improved the financial case for acquisition.

via Crude Oil Prices Today | OilPrice.com|
#bp#devon-energy#eagle-ford
BP teams with Trump-linked investors to push Venezuela offshore gas project
business1 month ago

BP teams with Trump-linked investors to push Venezuela offshore gas project

BP will develop the second phase of Venezuela’s Loran offshore gasfield with two firms linked to the Trump administration—the Al-Khayyat‑owned Qatari partner tied to Ivanka Trump and Jared Kushner, and UAE's ADNOC overseas investment arm led by Sultan Al Jaber—marking a rare large foreign investment since Maduro’s ouster. Shell has the first-phase license; BP calls the deal an important step as Venezuela’s gas potential is unlocked and output has begun to recover toward about 1.2 million barrels per day.

via The Guardian|
#al-khayyat-brothers#bp#business
BP rides oil-price surge to its strongest quarterly profit since 2022
business2 months ago

BP rides oil-price surge to its strongest quarterly profit since 2022

BP reported a $5.73bn quarterly profit (April–June), more than double a year earlier and the highest since 2022, as Brent crude averaged about $104 a barrel amid supply disruption from the Iran war; the company also signaled a shift away from renewables by planning to sell its US renewable natural gas business and its North Sea unit, while activist groups criticized windfall profits in the sector.

via BBC|
#bp#business#iran-war
BP rides higher oil prices to $5.7B Q2 profit as Trump targets Big Oil
business2 months ago

BP rides higher oil prices to $5.7B Q2 profit as Trump targets Big Oil

BP posted $5.7 billion in underlying replacement-cost profit for Q2, beating estimates as higher oil prices amid Iran tensions lift earnings; net profit rose to $2.35 billion year over year. The company continues its simplification drive, including a refinery sale to cut costs, while governance changes add scrutiny. Trump criticized Big Oil for profits, and BP shares have climbed about 27% year to date.

via CNBC|
#bp#business#iran-conflict
BP Moves North Sea Drilling Assets Toward Sale to Simplify Operations
business2 months ago

BP Moves North Sea Drilling Assets Toward Sale to Simplify Operations

BP said it is putting its oil-and-gas business in the North Sea up for sale as part of a broader realignment to cut debt and streamline operations. The North Sea now accounts for a shrinking share of BP’s output (about 5% last year, ~117,000 barrels per day) with roughly 1,100 of the company’s ~14,000 employees in the unit. The move comes as UK politics weigh energy security and climate goals, and after peers like ConocoPhillips, Exxon Mobil, and Chevron exited the region. BP intends to find a buyer that can better position the assets within a larger company while BP focuses on its broader portfolio.

via The New York Times|
#bp#business#energy
ConocoPhillips to Acquire Kirkuk Stake as U.S. Firms Back $60B Iraqi Deals
business2 months ago

ConocoPhillips to Acquire Kirkuk Stake as U.S. Firms Back $60B Iraqi Deals

ConocoPhillips agreed to take a 42% stake in BP’s Kirkuk oil-field complex in Iraq, part of roughly $60 billion in deals signed by U.S. firms to boost Iraq’s economy during Prime Minister Ali al-Zaidi’s Washington visit; Barclays pegs the price at about $400 million, funded by the project’s cash flow, with other signatories including Halliburton, SpaceX Starlink, KBR and JPMorgan Chase, while Kirkuk currently yields around 328,000 barrels per day.

via Yahoo Finance|
#bp#business#conocophillips
BP chair ouster sparks clash over governance accusations
business4 months ago

BP chair ouster sparks clash over governance accusations

Former BP chairman Albert Manifold says he was removed without warning and disputes the board’s characterization of his conduct, after BP cited serious concerns about governance, oversight and conduct. Manifold, in office for about seven months, faced a recent shareholder revolt at BP’s AGM amid the company’s pivot back to oil and gas under Meg O’Neill. Activist groups are calling for a full, transparent account of the governance issues as BP shares traded lower on the news.

via CNBC|
#activist-investors#albert-manifold#board-leadership
European Oil Giants Turn War-Time Volatility Into Trading Windfall
energy5 months ago

European Oil Giants Turn War-Time Volatility Into Trading Windfall

European oil majors BP, Shell, and TotalEnergies reportedly earned up to $4.75 billion more in their Q1 2025 trading than in Q4 2025, buoyed by Iran-related market volatility and oil-price spikes. The gains helped European majors outperform U.S. rivals Chevron and ExxonMobil, with Shell posting strong earnings on trading, BP more than doubling its quarterly profit, and TotalEnergies lifting its interim dividend by 6% while earnings rose about 30% year over year.

via Crude Oil Prices Today | OilPrice.com|
#bp#energy#iran-war
BP rides Iran-driven market squeeze to bigger Q1 profits
business5 months ago

BP rides Iran-driven market squeeze to bigger Q1 profits

BP reported a robust Q1 with underlying replacement cost profit of $3.2 billion, beating expectations thanks to exceptional oil trading and stronger midstream performance. Net profit was $1.38 billion, up from a year earlier, as energy prices rose amid the Iran conflict and shipping disruptions. The company cautioned that upstream production should be lower in Q2 due to maintenance and Middle East disruptions. BP reiterated its 2026 capital expenditure guidance of $13-13.5 billion and projected divestments of $9-10 billion for the year, while aiming to cut net debt to $14-18 billion by end of next year. An AGM-linked investor rebellion over governance and climate transparency also highlighted ongoing shareholder tensions.

via CNBC|
#bp#business#earnings
BP posts $3.2bn Q1 profit as war-fueled oil prices lift earnings
business5 months ago

BP posts $3.2bn Q1 profit as war-fueled oil prices lift earnings

BP reported a $3.2 billion Q1 profit, more than doubling from a year earlier, aided by “exceptional oil trading” as prices surged amid the Iran conflict. The results sparked criticism from campaign groups and renewed calls for windfall taxes on fossil fuels, even as BP said it would work with authorities to keep oil and gas flowing and help address fuel affordability as energy bills rise.

via The Guardian|
#bp#business#iran-conflict
BP Whiting refinery locks out 900 workers after stalled talks
business6 months ago

BP Whiting refinery locks out 900 workers after stalled talks

The BP Whiting refinery in northwest Indiana initiated a lockout after contract negotiations with the United Steelworkers union representing about 900 workers stalled; the union rejected BP’s revised offer following a Tuesday meeting, and the company canceled rolling 24-hour extensions, with the lockout taking effect March 19 unless an agreement is reached. BP says operations will continue under a trained team and frames the move as necessary for the refinery’s long‑term sustainability, while USW leaders accuse BP of seeking to cut more than 100 jobs, reduce pay, and curb bargaining rights. The union has authorized a strike, and the lockout will end if the union accepts the proposal.)

via CBS News|
#bp#business#lockout