BP to kick off share buyback plans as profit climbs on rising oil prices April 27, 2021 BP this morning said it would kick off £500m worth of share buybacks in the second quarter after its profit beat expectations in the first three months of the year. The oil giant said that reported profit for the first quarter came in at $4.7bn, up from $1.4bn in the last period of 2020. Underlying [...]
BP Q1 results: What to expect April 26, 2021 BP will tomorrow kick off a big week for the FTSE 100’s oil giants when it reports its first quarter results, with the firm seeking to bounce back from 2020’s $5.7bn (£4.1bn) loss. With oil prices now hovering back around pre-pandemic levels due to a combination of Opec-led production cuts and optimism over the global [...]
Chinese police arrest two BP venture staff in fuel trade probe April 20, 2021 Chinese police have arrested two senior staff members of a BP joint venture, in connection with an investigation into suspected illicit fuel trading. The detentions, along with several more arrests in Guangdong, came after the province launched an investigation into suspected illicit trading of light cycle oil (LCO) between 2018 and 2020. The Guandong police, [...]
FTSE 100 jumps on post-lockdown hopes but Wall Street flat April 6, 2021 London’s FTSE 100 climbed by 1.4 per cent today as prospects of a planned re-emergence from lockdown next week boosted shares. The capital’s premier index currently stands at 6,840, its highest levels since 11 January. Across the Atlantic, however, the mood was more subdued, with Wall Street’s main markets flat at the open this afternoon. [...]
BP to hit $35bn net debt target a year early after flurry of disposals April 6, 2021 BP expects to reach its $35bn net debt target in the first quarter of 2021, the oil major said this morning. The forecast follows earlier-than-expected proceeds from disposals and a “very strong quarter”. The company, which had a debt pile of $39bn at the end of 2020, had previously expected to reduce its debt to [...]
Shell suggests linking director’s pay with climate performance March 29, 2021 British-Dutch energy giant Shell has suggested linking its director’s pay with the groups’ climate performance today, as climate resolution edges to the top of industry discussion. The move would signal a shift in priorities in the energy sector, as directors currently receive bonuses that are tied to natural gas production volumes. Shareholders are set to vote [...]
BP tells shareholders to vote against climate resolution at AGM March 26, 2021 BP has today told its shareholders to vote against a climate resolution at its upcoming AGM that would demand the company bring its decarbonisation plans closer in line with the 2015 Paris agreement. The oil giant, which has set itself the target of being a net zero firm by 2050, said that the resolution would [...]
BP boss Bernard Looney takes home £1.7m after bonuses axed March 22, 2021 BP’s boss Bernard Looney was paid £1.7m for his first year in charge of the oil giant as the firm axed all of its bonuses due to the coronavirus pandemic. The Irishman, who took over the firm at the beginning of 2020, could have been in line for £11m in remuneration, but the crisis put [...]
BP plans UK’s largest hydrogen plant in Teesside March 18, 2021 Energy giant BP today said it aims to build Britain’s largest hydrogen plant by 2030 as part of the UK’s push to boost fuel use and cut greenhouse gas emissions. The Teesside plant in northern England will have capacity of up to 1GW of so-called blue hydrogen, a fifth of Britain’s 5GW target for the [...]
BP makes almost $4bn from energy trading as oil demand wanes March 11, 2021 BP’s trading division is said to have made almost $4bn (£2.8bn) last year as the oil major weathered the impact of the pandemic on oil demand. The blue-chip giant’s trading profit was only just short of the record amount of slightly over $4bn it made in 2019, according to internal documents seen by Reuters. Trading [...]