BP and Eni mull merging Angola operations May 19, 2021 BP and Eni are mulling merging their oil and gas operations in Angola into a new joint venture, a move that would create one of Africa’s largest energy businesses. The two firms have entered into a memorandum of understanding (MoU) on a potential merger, it was announced today. In a statement, BP said that production [...]
80 per cent of BP shareholders reject climate proposals to reduce emissions May 12, 2021 Shareholders have voted against a plan that would have forced BP to strengthen its climate commitments. More than 79 per cent of investors voted against a resolution proposed by shareholder group Follow This, which pushes oil companies to reduce their emissions. BP said that 20.6 per cent of votes were in favour of the plan. [...]
City fund managers discuss post-pandemic opportunities, with NatWest, Lloyds and BP topping the list April 28, 2021 As the economy slowly recovers from what has been a dramatic year, and investors gradually dare to think again about growth and investment, City A.M. checked in with a number of prominent Square Mile-based fund mangers to find out where they spot opportunities as London’s investment community starts to shake off the pandemic. Banking, energy [...]
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 [...]