BP
British oil and gas company BP's first quarter profits were below expectations, as underlying profit came in at $2.7 billion (€2.5 billion), compared with $3 billion for the previous quarter. This was partially due to falling gas prices and an unplanned outage in the company's Whiting refinery in the US, partially offset by strong oil trading. Production of oil and gas was up by 2.1% from a year earlier to 2.4 million barrels-of-oil equivalent per day. BP's net debt increased to $24 billion (€22.3bn) from $20.9 billion in the last quarter. The London-based firm held its dividend at 7.27 cents ...
Euronews (English)
BP has reported a significant 40% drop in its first-quarter earnings, with profits falling to $2.7 billion, underperforming against analysts’ expectations due to lower energy prices and operational setbacks, including a U.S. refinery outage. Lagging behind amid industry challengesBP’s latest financial results mark it as the last of the leading Western oil giants to disclose its earnings for the first quarter. In contrast, Shell posted a robust net profit of $7.7 billion last week, benefiting from disruptions to Red Sea shipping and Russian refining that boosted oil trading activities. Meanwhil...
Invezz
BP has recently received interest for a multi-billion pound takeover from the Abu Dhabi National Oil Company (Adnoc). However, talks were stalled at the initial stage, due to Adnoc having concerns about how BP would fit within its overall strategy. The complicated political and legal aspect of the deal was also a concern, due to Adnoc being the UAE’s state oil company and BP having significant economic importance to the UK. The two companies have long been associates in the Middle East and have even launched a major Egyptian gas field joint venture back in February. Before the current Israel-H...
Euronews (English)
Oil and gas giant Shell has become the latest blue-chip stock to announce it is thinking about leaving London and moving to list in New York. The reason is mainly due to the company feeling under-appreciated by investors and other stakeholders in London. Increased criticism from climate activists, who have very vocally protested against Shell's continued oil and gas projects and investments, has also contributed to this. Similarly, investors have also been more unhappy lately about the company not focusing enough on renewable energy and transitioning its existing fossil fuel systems to greener...
Euronews (English)
Research has revealed the largest legal settlements in history and how much these enormous payouts would be worth in today’s economy. The Top Ten Largest Lgal SettlementsAmong the settlements was the infamous case that saw Volkswagen exposed for deceiving customers by rigging 11 million vehicles to cheat emissions tests. At the time of settlement, the German car manufacturers were ordered to pay $14.7 billion to settle civil charges, as well as reimbursements to those deceived customers. Since the settlement, inflation has dictated that the value of this payout sits at a hefty $18.6 billion, a...
ValueWalk
London (AFP) - BP has agreed to buy US renewable gas producer Archaea for $4.1 billion to help the British oil giant reach net zero carbon emissions by 2050, the pair said Monday. The London-listed energy major is flush with cash after recent surges in oil prices that have triggered calls for the cash-strapped UK government to massively enlarge a windfall tax on British energy giants. Chief executive Bernard Looney said in a statement Monday that the acquisition of Archaea would create "a real leader in the biogas sector, and support our net zero ambition". Houston-based Archaea produces renew...
AFP
BP plc (LON:BP)’s total second quarter revenue was 85% higher than last year to $69.5bn, driven by growth across all segments. That includes the benefit of higher energy prices. Underlying profit rose from $2.8bn to $8.5bn. The group announce a dividend of 6.006 cents per share, 10% higher than last year. During the quarter, $2.3bn of share buybacks were executed and the $2.5bn buyback programme is now complete. A new, $3.5bn buyback is expected to complete prior to the announcement of third quarter results. Q2 2022 hedge fund letters, conferences and more The shares rose 3.6% following the an...
ValueWalk
“$20.4 billion is an eye-watering quarterly loss for BP plc (LON:BP) but it’s far from unexpected. The market had already factored in a huge hit due to its Russia exit and now the company has unveiled the price to pay is a big and bold $25.5 billion. That’s the amount it has set aside in pre-tax charges and the cost of extricating itself from Rosneft. Q1 2022 hedge fund letters, conferences and more But surprising on the upside is the boost to underlying profits which came in at $6.2 billion, sharply higher than the consensus expected of around $4.5 billion. The company has been raking in cash...
ValueWalk
Sanctions imposed by the world’s leading economies on Russia amid the Ukraine invasion are triggering an exodus of some of the biggest energy companies. The latest name on the list is Shell PLC (LON:SHEL), which announced it would quit operations in the country, following the steps of BP plc (NYSE:BP). Q4 2021 hedge fund letters, conferences and more Shell’s ExitAs reported by Fox Business, the announcement means the energy giant is canceling its relationship with Russian colossus Gazprom PAO (MCX:GAZP), which owns 50% of the Sakhalin 2 LNG plant —in which Shell holds a 27.5% stake. Shell is a...
ValueWalk
BP plc (LON:BP) reported third quarter revenues of $37.9bn, up 44.2% year-on-year driven by higher oil & gas prices. Q3 2021 hedge fund letters, conferences and more Write-downs in the value of derivatives used to hedge against an oil price fall meant reported profits fell to a $2.9bn loss. However, excluding that underlying profits came in at $3.3bn, up from $86m last year. The group announced a third quarter dividend of 5.46 cents per share, a 4% increase year-on-year. The group also announced plans to buy back $1.25bn of shares before the end of the year, following a $1.4bn buyback announce...
ValueWalk
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