Exclusive: BP poised to sell ‘stranded assets’ even if oil prices rally
BP ( BP.L ) is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants Continue Reading
BP lays out plan to slash oil and gas production to meet climate goals
BP just came up with a plan for tackling climate change that even Greenpeace is cautiously praising. As my colleague Steven Mufson reports, the British oil and gas giant on Continue Reading
BP lays out rapid cuts in oil and gas production to reach net-zero carbon emissions
With climate change bearing down on the planet and the novel coronavirus upending the fossil fuel business, one of the world’s biggest oil and gas companies on Tuesday mapped out how Continue Reading
BP halves dividend after record loss, speeds up reinvention
BP ( BP.L ) cut its dividend for the first time in a decade after a record $6.7 billion second quarter loss when the coronavirus crisis hammered fuel demand and Continue Reading
BP Reports $17.7 Billion Loss, Cuts Dividend
The British energy giant aims to increase its low carbon investments to $5 billion a year by 2030, from around $500 million, at the same time as seeing its oil Continue Reading
BP’s oil, gas output to fall 40% by 2030 amid transition to carbon energy company
BP expects its oil and gas production to fall by at least 1 million b/d of oil equivalent or 40% over the next decade, as it transitions to a lower-carbon Continue Reading
BP Exits Petrochemicals Business in $5 Billion Deal
LONDON—Energy giant BP PLC has agreed to sell its petrochemicals business to a British chemicals company for $5 billion, marking the largest deal by an oil major since the coronavirus Continue Reading
Is BP Finally Moving Beyond Petroleum?
Kneeling in prayer for a sin he doesn’t regret, Shakespeare’s Claudius, Hamlet’s fratricidal uncle, ruefully admits: “My words fly up, my thoughts remain below, / Words without thoughts never to Continue Reading
Why The $17.5 Billion Write-Down Is Just The Beginning For BP
BP, the British oil company, announced this week it would reduce the value of its oil and gas assets by $17.5 billion. Even though this represents a large potential asset Continue Reading
BP: Global Energy Demand Growth Already Slowed Before The Pandemic
Global growth in primary energy consumption slowed down to 1.3 percent last year from 2.8 percent demand growth in 2018, with renewables a major growth driver in 2019, BP said Continue Reading
BP Writes Off Billions as Covid Redraws Rules of Oil Demand
BP Plc will make the biggest writedown on the value of its business since the Deepwater Horizon disaster a decade ago, as the coronavirus pandemic hurts long-term oil demand and Continue Reading
BP Takes $17.5 Billion Write-Down, Expects Oil Price to Stay Low
BP PLC is writing down as much as $17.5 billion of its assets and might leave some of its oil and gas in the ground because of lower energy prices Continue Reading
BP Takes $17.5 Billion Write-Down, Expects Oil Price to Stay Low
BP PLC is writing down up to $17.5 billion of its assets and might leave some of its oil and gas in the ground because of lower energy prices and Continue Reading
Oil Crash Forces BP To Slash 10,000 Jobs
Supermajor BP will cut 10,000 jobs, or around 15 percent of its workforce, as it looks to cut costs amid the oil price crash resulting from the coronavirus pandemic, chief Continue Reading
BP chief sees risk of oil demand passing peak as pandemic hits
BP’s new chief executive said the coronavirus hit to crude consumption was likely to endure beyond the pandemic – and may even have ushered in “peak oil” demand. Bernard Looney, who Continue Reading
BP hikes debt, keeps dividend as coronavirus hammers profits
BP’s ( BP.L ) first-quarter profit tumbled by two thirds and its debt climbed to its highest in at least five years as the coronavirus crisis hammered oil demand, but Continue Reading
Royal Dutch Shell Sets Border Carbon CO2 Emissions Goal
Royal Dutch Shell Plc plans to eliminate all net emissions from its own operations and the bulk of greenhouse gases from fuel it sells to customers by 2050. The energy giant Continue Reading
BP targets upstream, shale segments with 25% slash in capex
Plans to ‘weather’ crisis with strong cash position Q1 upstream production down 4-6% from Q4 2019 Immediate cut seen in US shale output BP is cutting its planned capital expenditure Continue Reading
U.S. oil boom vs Europe’s renewables focus? Big Oil’s gap widens — in words
Exxon and Chevron boasted to investors this week about booming U.S. oil production, illustrating how the gap has widened – at least in words – between top American oil and Continue Reading
BP’s Net-Zero Pledge: A Sign of a Growing Divide Between European and U.S. Oil Companies? Or Another Marketing Ploy?
In the last month, BP said it had “set a new ambition” to get to net-zero emissions by 2050, and the company withdrew from three oil industry trade groups that Continue Reading
BP Quits Oil Lobby Groups Over Climate Policy Differences
BP will leave three U.S. energy trade associations, including the main refining lobby group, the American Fuel and Petrochemical Manufacturers (AFPM), due to differences over climate policies, the UK-based oil Continue Reading
BP’s low-carbon transformation may be slow to take off
The oil and gas majors are under huge pressure to show they are contributing to reducing carbon emissions. New BP CEO Bernard Looney says he “gets it,” and has set Continue Reading
Big Oil is finally talking about scope 3 emissions. What the heck is scope 3?
Last month, when global elites gathered in Davos, Switzerland for the World Economic Forum, climate change took center stage . While it’s unclear whether attendees came away with any concrete Continue Reading
BP oil and gas output expected to decline in energy transition: CEO Looney
BP’s oil and gas output is expected to decline “gradually over time” as it pursues a goal of becoming carbon neutral in its business overall and in the carbon content Continue Reading
BP warns coronavirus could hit global oil demand growth by 40%
BP said the deadly coronavirus outbreak could cut global oil demand growth by 40 percent this year, putting pressure on Opec producers and Russia to curb supplies to keep prices Continue Reading
BP sees short-term oil demand hit of up to 500,000 b/d from coronavirus
BP is expecting the China-focused coronavirus outbreak to reduce global oil demand by up to 500,000 b/d in early 2020 but remains upbeat that improving economic sentiment will support the Continue Reading
BP Posts Small Quarterly Loss, Raises Dividend
BP said it planned to divest $15 billion of assets by mid-2021, having previously targeted $10 billion in asset sales by the end of 2020. The company has already unloaded Continue Reading
Bernard Looney, a polished oilman at BP
Bernard Looney, the incoming chief executive of BP, has spent the past few months letting critics tell him how terrible his company is. Concerned that the energy major had become too Continue Reading