BP’s share price shows it’s weathering the oil price crisis – in charts April 28, 2015 BP has suffered under the pressure of falling oil prices, as the continued low cost of the black stuff reshapes the oil industry. The company’s results, released today, showed a 20 per cent drop in profits – which, amazingly, was still above market expectations. Analysts expected earnings could fall to $1.28bn (£840m), but in the event, they [...]
BP share price edges up as profits plummet 20 per cent, but still beat expectations April 28, 2015 BP's share price rose slightly this morning, even as the company's results suffered from the effects of low oil prices. The energy giant’s underlying replacement cost profit was down 20 per cent for the three months ending 31 March, compared with the same period a year earlier. That sounds like terrible news, but the company [...]
Lib Dems: Blocking a BP takeover would be a massive Tory U-turn April 27, 2015 The Liberal Democrats believe it would be a huge shift for any future Conservative government to try to block a foreign takeover of BP. The party points to last year’s coalition row over a potential takeover of pharmaceutical giant Astrazeneca by Pfizer. Then, Vince Cable wanted to bring in greater restrictions to protect research and [...]
BP appeases green groups at 2015 AGM: Investors put climate change on the agenda April 16, 2015 Oil firm BP gave shareholders a taste of how committed the company is to keeping costs to a minimum in the face of falling oil prices at its annual general meeting, held yesterday in London, after it laid on a feast of sandwiches and crisps instead of the usual hot food. When one shareholder asked [...]
FTSE 100 market report: Budget goodies lift oil majors March 18, 2015 Britain's blue-chip index was 0.1 per cent higher this lunchtime as investors digested the chancellor's budget. Chancellor George Osborne unveiled £1.3bn additional support for the struggling north sea oil and gas industry. He said the Office for Budget Responsibility predicts this will boost production by around 15 per cent. Crumbling oil prices have made a [...]
Tesco hires BP vice president Byron Grote March 4, 2015 BP director and vice president Byron Grote is joining Tesco's board as the troubled supermarket looks to bolster its financial experience. Grote, who has been at BP since it acquired Standard Oil of Ohio in 1987, joins the Tesco board on May 1 as a non-executive director. The grocer said he brought “extensive executive [...]
Oil giant BP predicts Opec comeback as Brent crude price rises February 17, 2015 Saudi Arabia and its fellow Opec members are set to make a massive comeback and regain control of the world’s crude oil market, and could be in their previous position of influence as early as next year. The prediction, published by oil giant BP yesterday, is based on growth in America’s production of shale gas [...]
BP’s four key predictions for how the world’s energy sector will change over the next 20 years February 17, 2015 While the falling price of oil continues to cause problems for the world's energy companies, worldwide energy demand will have picked up by 2035. Energy consumption is expected to rise by 37 per cent between 2013 and 2035, with an average annual increase of 1.4 per cent. This is one of the predictions [...]
Rocky market could prompt oil mega-mergers as price fall forces drastic decisions February 3, 2015 After six months of falling oil prices, analysts have pointed to a possible mega-merger between the majors. Chances of a shock deal have been heightened by firms slashing their spending in the face of oil prices that are expected to remain low for at least the next six months and possibly the next three years. [...]
BP share price rises, despite profit slumping as oil price slide takes its toll February 3, 2015 BP's share price opened up this morning after the oil and gas giant reported better than expected results for the year. The numbers The oil price fall has been taking its toll. Underlying profits in the final three months of 2014 were down 20 per cent on a year earlier at $2.2bn (£1.5bn). Including [...]