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Bp

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BP Whiting refinery locks out 900 workers after stalled talks
business24 days 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.)

Oil Giants on Watch: Strait of Hormuz Turbulence Put Major Energy Stocks in Focus
business28 days ago

Oil Giants on Watch: Strait of Hormuz Turbulence Put Major Energy Stocks in Focus

Seeking Alpha analysts flag Shell (SHEL), TotalEnergies (TTE), BP (BP), ConocoPhillips (COP), and ExxonMobil (XOM) as having the strongest exposure to a Strait of Hormuz closure, driven by LNG and Persian Gulf oil exports; a Ras Laffan LNG facility shutdown could impact earnings for COP, XOM, SHEL, and TTE, though near‑term effects are likely modest given scale and diversification; upstream-focused companies such as COP, Occidental (OXY), EOG Resources (EOG), Devon Energy (DVN), and APA (APA) may see more earnings volatility from Gulf-region disruptions.

BP halts buybacks to shore up balance sheet amid softer 2025 earnings
business2 months ago

BP halts buybacks to shore up balance sheet amid softer 2025 earnings

BP suspended its share buyback and redirected excess cash to strengthen its balance sheet after posting Q4 2025 results in line with expectations and a full-year net profit of $7.49 billion, down from $9 billion in 2024 and below consensus estimates. The company guided 2026 capex at about $13–13.5 billion, paid a dividend of 8.320 cents, and saw shares drop around 5% as rivals also posted weaker earnings in a low crude-price environment. Meg O’Neill is set to become CEO on April 1.

BP Appoints Meg O’Neill as Fourth CEO in Six Years, Marking a New Leadership Era
business3 months ago

BP Appoints Meg O’Neill as Fourth CEO in Six Years, Marking a New Leadership Era

BP has appointed Meg O’Neill, CEO of Woodside Energy, as its new CEO, marking a shift back to focusing on core oil and gas businesses after a period of green energy emphasis. She will succeed Murray Auchincloss, who will step down, with interim CEO Carol Howle taking over until April. This leadership change is seen as a move to stabilize BP and refocus on its traditional strengths amid recent underperformance and strategic reset efforts.