Government commissions “urgent review” into North Sea oil after BP job cuts January 15, 2015 The fall in oil prices may be good for consumers at the pumps, but the oil industry is suffering. Malcolm Webb, the head of lobby group oil and Gas UK, called for a 50 per cent cut in North Sea taxes after BP announced it would be cutting 300 jobs in Aberdeen, and the energy [...]
BP axes 300 North Sea oil jobs January 15, 2015 Oil giant BP has told staff today that it is shedding 300 positions at its North Sea operation. BP will cut 200 jobs and 100 contractor roles. The briefing, which was be held in Aberdeen, comes after the FTSE 100 company announced in December that it would look to restructure in the wake of the [...]
BP loses court appeal over 2010 Gulf of Mexico oil spill compensation claims December 8, 2014 Oil giant BP had its legal challenge of a settlement deal over the 2010 Gulf of Mexico oil spill turned down by the US Supreme Court yesterday. The company’s share price dropped by 1.7 per cent to 417.3p after the ruling. BP agreed to the deal in 2012 which looks to pay compensation to firms [...]
BP could cut jobs to cope with falling oil prices December 7, 2014 Oil giant BP is being cut down to size by tumbling oil prices, according to reports. The Sunday Times has reported that the company is to axe middle managers and freeze projects, just days ahead of a day-long presentation to the City next Wednesday in which BP is expected to lay out its exploration [...]
Church of England urges Shell and BP to act over climate change through shareholder resolution December 4, 2014 The Church of England has submitted a shareholder resolution to Shell and BP, urging them to take more responsibility for their contribution towards climate change. The Church, which has a £9bn investment portfolio, challenged the companies to cut their carbon footprint. It wants to see the businesses run in a way that will aid the [...]
Ex-BP boss Lord John Browne gets a helping hand with Facebook from COO Sheryl Sandberg November 30, 2014 If you're going to get help with your new Facebook page, it doesn't get any better than having Sheryl Sandberg, the COO of the social network giving you a hand. That, of course, is unrealistic for most of us – but not Lord John Browne it seems. The former BP boss-turned-LGBT activist tweeted yesterday, [...]
Shell, BP and Petrofac shares close down as Opec decides not to cut oil production November 27, 2014 FTSE 100 oil producers plummeted this afternoon as the Opec group of oil-producing companies, who met today in Vienna, announced its decision not to curb oil production, despite falling prices. Tullow Oil and BG Group were among the biggest fallers, closing down 7.76 per cent and 6.15 per cent respectively, while Petrofac closed down 5.95 per [...]
BP slumps to a loss as Russian arm struggles October 28, 2014 UK OIL company BP yesterday reported a loss of $335m (£207m) during the third quarter of 2014, down from a $1bn profit in the same period of last year. The firm’s Rosneft business in Russia took a major hit, with profit plunging to $107m, compared with $792m. BP said that this result was “principally affected [...]
BP share price rises as earnings beat expecations, despite falling 18 per cent October 28, 2014 Shares in oil giant BP opened 1.9 per cent higher this morning as it reported above-expectation revenues, despite a fall in both oil production and earnings as outside pressures weighed on results. A combination of ongoing legal proceedings in the US, Russian sanctions and falling oil prices affected the figures. On the whole, these effects [...]
BP goes on the front foot in US court battle October 5, 2014 OIL FIRM BP is to go on the offensive against a court ruling that it had been “grossly negligent” and “reckless” in the 2010 Gulf of Mexico oil spill case. BP has applied to the Eastern District of Louisiana court for either a new trial or a revised judgment. The oil giant has alleged that [...]