BP
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)
British Petroleum (BP) released its Q4 2023 results on Tuesday. The company announced a $13.8 billion (€12.85 billion) underlying replacement cost profit, also considered a proxy for net profit, for the full year 2023. This figure was supported by industry refining margins being considerably lower, as well as gas trading picking up steam. Although 2023's full-year profit was about half that of 2022's $27.7 billion (€25.8 billion), when energy prices spiked due to the Russia-Ukraine war, it was still the second highest number in about a decade. However, it also missed analyst expectations of $1...
Euronews (English)
Profit dropped significantly in the fourth quarter of 2023 for British energy giant BP Plc compared to the same period of the previous year. BP reported on Tuesday that its fourth-quarter replacement cost (RC) profit plunged to $1.53 billion from last year's $11.87 billion. Underlying RC profit was $2.99 billion, down from $4.81 billion a year ago. Underlying RC profit per ordinary share was 17.77 cents, compared to 26.44 cents in the prior year. Underlying RC profit per ADS was $1.07, compared to $1.59 in the prior year. Profit for the period attributable to BP shareholders plunged to $371 mi...
DPA International
Profit dropped significantly in the fourth quarter of 2023 for British energy giant BP Plc compared to the same period of the previous year. BP reported on Tuesday that its fourth-quarter replacement cost (RC) profit plunged to $1.53 billion from last year's $11.87 billion. Underlying RC profit was $2.99 billion, down from $4.81 billion a year ago. Underlying RC profit per ordinary share was 17.77 cents, compared to 26.44 cents in the prior year. Underlying RC profit per ADS was $1.07, compared to $1.59 in the prior year. Profit for the period attributable to BP shareholders plunged to $371 mi...
DPA Breaking News
Profit dropped significantly in the fourth quarter of 2023 for British energy giant BP Plc compared to the same period of the previous year. BP reported on Tuesday that its fourth-quarter replacement cost (RC) profit plunged to $1.53 billion from last year's $11.87 billion. Underlying RC profit was $2.99 billion, down from $4.81 billion a year ago. Underlying RC profit per ordinary share was 17.77 cents, compared to 26.44 cents in the prior year. Underlying RC profit per ADS was $1.07, compared to $1.59 in the prior year. Profit for the period attributable to BP shareholders plunged to $371 mi...
DPA
Norwegian energy firm Equinor announced on Friday that it has entered into an agreement with Britain's BP to swap ownership of wind projects in the United States. Under the deal, BP will take ownership of Equinor's 50% stake in the Beacon Wind US offshore wind projects, located in federal waters between Cape Cod, Massachusetts, and Long Island, New York. Beacon Wind 1 and 2 have the combined potential to deliver renewable energy to over 2 million consumers in the north-eastern US. Meanwhile, Equinor will take ownership of BP's 50% stake in the Empire Wind US offshore wind projects, located 24-...
DPA Breaking News
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
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