BP share price plummets as judge raises Deepwater Horizon fine to $18bn September 4, 2014 BP's share price dived more than five per cent in late afternoon trading, after a US district court ruling made it liable for a fine of up to $18bn (£11bn) in relation to the Gulf of Mexico disaster in 2010. The court found BP acted with "gross negligence" and "wilful misconduct" when the Deepwater Horizon [...]
Bank of England’s Spencer Dale heads to BP after 25-year stint August 4, 2014 The Bank of England announced yesterday that Spencer Dale, the Bank’s financial stability chief and former chief economist, will step down from the central bank after a quarter of a century to become chief economist at oil giant BP. Dale, who has worked at the Bank in a variety of roles since finishing university in [...]
BP share price drops after strong start July 29, 2014 Despite beating earnings expectations, BP has seen its share price slide this morning; possibly due to fears it is exposed to the fallout from the Yukos case. Russia has been ordered to pay $50bn (£29bn) to shareholders of the now defunct company after the Kremlin seized and broke up the company dishing out its assets. BP [...]
BP share price expected to rise as company beats earnings expectations July 29, 2014 BP has seen its underlying earnings up 34 per cent on last year, thanks in part to a payout from an oil deal with Rosneft. Underlying earnings for the second quarter came in at $3.6bn, 34 per cent higher than last year and up from the $3.4bn that an analyst poll by Bloomberg had suggested. UPDATE: BP [...]
China and BP sign £11.8bn gas trade deal June 17, 2014 BP yesterday confirmed a £11.78bn deal to supply the China National Offshore Oil Corporation (CNOOC) with 20 years’ worth of liquified natural gas (LNG). BP chief executive Bob Dudley said it was “a fair price for them and a fair price for us” in a deal that coincides with the state visit to the UK [...]
Shell and BP to announce big trade deals with China June 16, 2014 SHELL and BP, the UK’s two biggest oil companies, are expected to announce trade deals with China today, on the second day of Premier Li Keqiang’s visit to Britain. The deals will form part of what is expected to be an £18bn package being brokered between firms in the two nations by the Chinese and [...]
BP sticks by Rosneft as Russia crisis hits profit April 29, 2014 OIL GIANT BP yesterday reiterated its commitment to Rosneft, despite the US putting sanctions on its head earlier this week. The FTSE 100 firm owns an almost 20 per cent stake in the Russian oil producer, whose chief executive Igor Sechin is one of president Vladimir Putin’s oldest allies. Russia has been at loggerheads with [...]
BP ups dividend despite profit drop April 29, 2014 As it continues to press on with its turnaround programme, BP has reported that profit fell 24 per cent to $3.2bn (£1.9bn) in the first quarter – that's slightly ahead of the $3.1bn consensus forecast, though, and on the back of weaker production. It’s upping its quarterly dividend by 8.3 per cent to 9.75 cents per ordinary [...]
Former BP man to keep watch on major government projects February 3, 2014 A FORMER BP executive has been drafted in to lead the government group keeping tabs on High Speed 2 and other big building work. John Manzoni, most recently head of Talisman Energy, will take over the Major Projects Authority and its mandate to tackle poor project management in the public sector. The MPA, set up [...]
BP starts oil production at West Chirag platform off Azerbaijan January 29, 2014 FTSE 100-quoted BP yesterday said that oil production has started at the West Chirag platform of the Azeri-Chirag-Gunashli (ACG) development in the Azerbaijan sector of the Caspian Sea. Start-up of the platform completes the $6bn (£3.6bn) Chirag Oil Project, which was given the go-ahead in 2010. Over $4bn has been spent on the project, with [...]