BP - BP p.l.c.

NYSE - NYSE Delayed Price. Currency in USD
-0.52 (-1.26%)
At close: 4:00PM EDT

40.58 -0.11 (-0.27%)
Pre-Market: 6:20AM EDT

Stock chart is not supported by your current browser
Previous Close41.21
Bid40.47 x 2900
Ask40.55 x 3200
Day's Range40.62 - 41.08
52 Week Range36.28 - 47.16
Avg. Volume4,919,959
Market Cap138.963B
Beta (3Y Monthly)0.56
PE Ratio (TTM)13.90
EPS (TTM)2.93
Earnings DateN/A
Forward Dividend & Yield2.46 (6.05%)
Ex-Dividend Date2019-05-09
1y Target Est50.03
Trade prices are not sourced from all markets
  • Louisiana businesses brace for Tropical Storm Barry
    Yahoo Finance Video4 days ago

    Louisiana businesses brace for Tropical Storm Barry

    Tropical Storm Barry is expected to bring heavy rain and cause dangerous flooding across southeastern Louisiana.

  • Oil outlook amid Gulf of Mexico storm, Iran tensions
    Yahoo Finance Video4 days ago

    Oil outlook amid Gulf of Mexico storm, Iran tensions

    Oil is settling in for a weekly gain. This comes on new data from the U.S. Interior Department, which is reporting that oil production from the Gulf of Mexico has been cut by 59% due to tropical storm Barry. Yahoo Finance's Seana Smith is joined by Mark Sebastian, founder of Option Pit, to discuss.

  • Oil Price Spurts as Tensions Intensify in the Strait of Hormuz
    Zacks4 days ago

    Oil Price Spurts as Tensions Intensify in the Strait of Hormuz

    The Strait of Hormuz, where the BP-operated oil tanker was "harassed," is touted as the most important global passageway for transporting crude.

  • 5 ETFs & Stocks Riding High on Oil Rebound
    Zacks4 days ago

    5 ETFs & Stocks Riding High on Oil Rebound

    Oil prices strongly rebounded from a bear territory hit in early June, with U.S. crude comfortably trading above $60.

  • Will Shell’s Q2 Earnings Outperform Peers?
    Market Realist4 days ago

    Will Shell’s Q2 Earnings Outperform Peers?

    Shell’s Q2 earnings are expected to rise year-over-year.

  • Exxon Stock Is the Best Long-Term Oil Dependency Bet
    InvestorPlace4 days ago

    Exxon Stock Is the Best Long-Term Oil Dependency Bet

    The past several months have proven tough on Exxon Mobil (NYSE:XOM) shareholders. Indeed, Exxon stock has proven tough to own for the past several years.Source: Shutterstock While rivals like Chevron (NYSE:CVX) and BP (NYSE:BP) have, for the most part, fought their way back from their 2015 funk, Exxon Mobil hasn't been able to do the same.It's upcoming Q2 report isn't expected to be a barn-burner either, with weakness from its gas and chemical business expected to offset renewed strength from its downstream arm.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Best Stocks for 2019: A Volatile First Half So far, Exxon has been the disappointment investors and analysts alike expected it to be when it took a more aggressive path coming out of 2015's oil rout.That is, rather than act conservatively and defensively, Exxon Mobil is ramping up its bets on hydrocarbons. Next year's capital expenditures are budgeted 16% higher than this year's as part of an eye-popping plan to double 2017's income of $15 million by 2025.There may be a method to the madness, however, that current and would be XOM stock owners have to embrace. Exxon Stock in the Long TermMost oil companies, and other types of companies for the matter, seek a balance of short-term and long-term success. Exxon Mobil is far more concerned about the latter, and much less concerned about the former.The company has never explicitly said this. Rather, one must read between the lines.Exxon repeatedly has featured outlooks like this one, presented at the recent JP Morgan Energy Conference. In it the company claims that 2025 is a key milestone in terms of results. Simultaneously, Exxon is imagining what the oil market will look like not in 2020, but in 2040.Rivals are doing the same, to be fair, albeit nowhere near to the same extent.And, contrary to many hopes and dreams for a carbon-free world by then, we're likely to be burning more gas and oil then rather than less. The IEA report Exxon is relying on suggests we'll need, globally, on the order of 110 million barrels of oil per day within two decades. That's up from around 90 million barrels now.As for natural gas, the same forecasters anticipate the world will need around 450 billion cubic feet per day. We're presently using roughly 350 billion barrels per day.We're also depleting known gas and oil reserves in the meantime, forcing us to continue the hunt for more.That's where Exxon Mobil's capital expenditure plan, as big it feels, is actually dwarfed. The $150 billion or so the company will have laid out on new projects and improvements to existing properties is only a fraction of the $21 trillion the IEA says will need to be invested in order to meet that demand. Bottom Line on Exxon StockIt's worth noting that not every observer expects the consumption of oil to continue growing through 2040 and perhaps beyond. Bank of America analysts expect demand to peak in 2030 and then slide lower at a brisk clip after that.The paradigm shift's cause? The adoption of electric cars could force the energy market past its tipping point.If B of A is right, then Exxon Mobil's spending is largely for naught and XOM stock itself could face even greater pressure than it's faced in recent years.That's an oversized 'if' though. As uncertain as oil's future may be, the plausible supply of lithium needed to make the batteries that power EVs is even more obscured.Like any other commodity, the greater the demand for lithium on a so-far-strained supply, the more possible it becomes that electric vehicles become unaffordable.At the very least, all the infrastructure needed to refine oil and fill up vehicles with gasoline already exists.Whatever the reason, Exxon Mobil is in many regards going for broke. It's only given biologically-made fuels a modest look, while other names in the business appear to assume alternatives to drilling are the inevitable future.While Exxon's rivals are cautious about taking on new drilling prospects, Exxon is forging ahead as if little will change over the course of the coming two decades. It's made a huge bet on conventional oil and gas drilling in Guyuna.If the foreseeable future is indeed one that still relies on oil, Exxon Mobil will be at least five years ahead of its rivals.That's another big 'if' though.The only real certainty here is that investors won't be getting clear answers about the wisdom of the decision for at least a few more years. That makes XOM stock a tough name to bet on in the meantime, though perhaps the only game in town if the bets pay off.Either way, Exxon has to be viewed through a long-term lens.As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about him at his website jamesbrumley.com, or follow him on Twitter, at @jbrumley. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Sell for an Economic Slowdown * 7 Marijuana Penny Stocks That I May Buy * 7 of The Best Schwab ETFs for Low Fees The post Exxon Stock Is the Best Long-Term Oil Dependency Bet appeared first on InvestorPlace.

  • Shell Stock, WTI, and SPY Ahead of Q2 Earnings
    Market Realist4 days ago

    Shell Stock, WTI, and SPY Ahead of Q2 Earnings

    Royal Dutch Shell (RDS.A) is scheduled to announce its second-quarter results on August 1. Since June 10, Shell stock has risen.

  • 10 Best Dividend Stocks to Buy for the Rest of 2019 and Beyond
    InvestorPlace5 days ago

    10 Best Dividend Stocks to Buy for the Rest of 2019 and Beyond

    It's not terribly easy out there for income investors at the moment. Dividend stocks to buy are tough to find. Equity markets are at all-time highs, meaning valuations are stretched -- and dividend yields are lower. Treasury yields have fallen amid expectations for a Fed rate cut: getting income from bonds is no easy task, either.Many longtime dividend growth stalwarts -- think McDonald's (NYSE:MCD) or Procter & Gamble (NYSE:PG) -- trade at all time highs. Those that aren't seem to be struggling, with the likes of General Electric (NYSE:GE), Kraft Heinz (NASDAQ:KHC), and Anheuser-Busch (NYSE:BUD) all cutting their dividends in recent years. Finding the middle ground -- an attractive valuation combined with a solid business -- is exceedingly difficult right now.Given lower commissions, investors can sell off small parts of their holdings for income -- most of which should have appreciated nicely in this decade-long bull market. But income investors usually are looking for "set it and forget it" dividend stocks to buy, not constant portfolio trading.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Stocks to Sell for an Economic Slowdown These 10 stocks don't quite qualify as "set it and forget it" plays. All have some degree of risk. But the risks seem worth taking for the potential rewards, which include near-term income, longer-term growth, and potential capital appreciation. As such, investors should take at least a long look at these 10 dividend plays. Broadcom (AVGO)Dividend Yield: 3.8%Broadcom (NASDAQ:AVGO) requires quite a bit of trust in management. The semiconductor giant has been built through acquisitions. As of late, AVGO has started moving away from chips and into software.Last year, the company acquired CA Technologies, an enterprise software play with a big presence in mainframe applications. Broadcom is now reportedly in talks to take over security play Symantec (NASDAQ:SYMC).Investors haven't particularly liked either deal. AVGO stock fell on the news of the CA deal. It has slipped again as reports of the Symantec acquisition leaked. But CEO Hock Tan certainly deserves the benefit of the doubt at this point. And the decline after the CA announcement, in particular, proved a buying opportunity: before the recent pullback, AVGO shares had risen some 50% in roughly a year.AVGO may not provide that type of return over the next year -- but there's still a nice bull case here on another merger-related dip. AVGO yields 3.8%. The Symantec deal will add to the company's significant free cash flow, which keeps that yield secure. Diversification in the existing chip business limits the cyclical impact on earnings -- and AVGO shares. Investors do have to trust Hock Tan at this point -- but history shows they probably should. Kellogg (K)Dividend Yield: 4%On its face, Kellogg (NYSE:K) seems like a safe value play for income investors. Shares of the iconic American company trade for just 13x 2020 EPS estimates. Kellogg's dividend yields just over 4%. K historically has been a defensive stock, providing protection if the broader economy stumbles.But K stock is actually dangerous at this point. It's one of many consumer stocks struggling to adapt to a new reality, as I detailed last year. Grocers like Kroger (NYSE:KR) are looking to private-label and own brands to protect their thin margins. Cereal demand is falling. As a result, Kellogg's earnings are heading in the wrong direction.Revenue is guided to increase just 1-2% this year excluding the impact of currency and the company's divestiture of several smaller brands. Adjusted operating income, on the same basis, is expected to be roughly flat. Guidance suggests overall non-GAAP earnings per share will decline more than 10% year-over-year.In other words, Kellogg isn't a defensive stock at this point. It's a turnaround play. And like with KHC and BUD, that creates downside risk if the turnaround stumbles.For investors who understand the risks, however, K stock is intriguing. As Barron's detailed just last week, the company's Morningstar Farms business seems notably undervalued. It's larger by revenue than Beyond Meat (NASDAQ:BYND), which has soared to a $10 billion market cap. Kellogg (including debt) is valued at just $28 billion; a sale or IPO of Morningstar could unlock significant value. * 7 Retail Stocks to Buy for the Second Half of 2019 Again, this is not the traditional, low-risk, dividend stock it used to be. But if Kellogg can jumpstart growth and monetize Morningstar, K stock could have enormous upside ahead. Gap (GPS)Dividend Yield: 5.4%The case for Gap (NYSE:GPS), particularly with the stock threatening a seven-year low, is that investors are missing the real story here. As I wrote back in November, Gap stock isn't about its Gap brand; it's about Old Navy, which likely generates somewhere in the range of three-quarters of operating profit.With Gap planning to spin off Old Navy later this year, that value might be unlocked. In the meantime, GPS stock yields 5.4%, a figure that might rise after the split.There are risks here, to be sure. Luke Lango called GPS stock one of the six worst in the S&P 500 in the first half -- and he's not wrong. GPS shares have plunged.Old Navy's sales performance in the last two quarters have not been particularly impressive. Sales for the Gap brand continue to decline. In fact, analysts asked repeatedly on the Q1 conference call if the spin-off would still move forward: there's a risk that Gap and Banana Republic might not be enough to support a standalone company, even with growth from athleisure concept Athleta.Even a weaker-than-expected Old Navy still likely supports the entire valuation of GPS stock at the moment. The balance sheet is in good shape, and free cash flow continues to be impressive. Income investors can get yield now -- and if all goes well, by next year own growth at Old Navy and income from the company's other brands. SL Green (SLG)Dividend Yield: 4.2%REITs (real estate investment trusts) like SL Green (NYSE:SLG) long have been income investors favorites. REITs allow for diversified exposure to real estate. They offer tax benefits as well: as long as they pay out 90% of taxable income, they pay no tax at the corporate level.In an environment where 10-year Treasury bonds are yielding barely 2%, however, investors looking for dividend stocks to buy have the same difficulty in REITs as in the rest of the market. High-yield REITs generally have some flaws; most notably, even the best retail REITs like Simon Property Group (NYSE:SPG) and Macerich (NYSE:MAC) have struggled amid long-term concerns about demand. The more attractive plays, meanwhile, have been bid up as investors look for lower-risk yield.SL Green might be a nice middle ground. The stock has struggled for years now; in fact, it touched a five-year low late last year. Worries about the health of New York City real estate seem to be the culprit. Weakness in the company's suburban assets hasn't helped, either. * 10 Best Stocks for 2019: A Volatile First Half But SL Green largely has exited the suburban business, refocusing on Manhattan. The dividend continues to rise. And longer-term, NYC still seems an attractive real estate market. With a 4.2% dividend, SLG provides attractive income. At 12x FFO (funds from operations, a typical REIT metric), it could provide upside as well if sentiment toward Manhattan real estate improves. Avista (AVA)Dividend Yield: 3.48%Utility stocks like Avista (NYSE:AVA) are another common area of focus for income investors. And like REITs, valuation is a question mark: the Utilities SPDR (NYSEARCA:XLU) is up 16% over the past year, a big move for a traditionally low-volatility sector.But AVA looks like one of the more attractive picks in the industry at the moment. The stock plunged late last year after a potential acquisition by Canada's Hydro One (OTCMKTS:HRNNF) was called off. Slowly but surely, however, dip-buyers have entered -- and there could be more buying ahead.Avista provides a solid 3.48% dividend yield. Its markets in Washington State, Idaho, and Montana are seeing strong population growth. Valuation is reasonable, and AVA still sits back at 2016 levels.It's likely the Hydro One deal -- announced in 2017 -- led to some dislocation among Hydro One's investor base. If that's the case, there's an opportunity for AVA to catch up to the rest of its sector as income investors return to the story. International Game Technology (IGT)Dividend Yield: 6%The risks facing International Game Technology (NYSE:IGT) are almost self-evident. Gaming stocks traditionally struggle in recessions. Suppliers like IGT generally aren't hit quite as hard, and the company's lottery business should provide support if the economy turns. But there is a decent amount of cyclical risk here.A good chunk of the company's profit comes from Italy, where economic growth has been stagnant and political risk seems high. The U.S. slot business has lost market share to smaller operators like Aristocrat Leisure (OTCMKTS:ARLUF) and PlayAGS (NYSE:AGS). On top of all that, IGT has nearly $7 billion in debt. The 6% yield here is attractive -- but on its own not reason enough to buy IGT stock.That said, there are reasons to buy, and in fact I personally own IGT shares. Free cash flow should ramp in the next two years, as the company moves past upfront payments required to maintain its concessions in Italy. The lottery business throws off cash as well. Debt should come down, and the U.S. slot business is showing signs of improvement. * 7 A-Rated Stocks to Buy for the Rest of 2019 The rewards here are enormous as well. As I wrote last month, Wall Street sees huge upside for IGT. The average target price near $21 is 56% higher than IGT's current price. If IGT can get the U.S. business back on track and use the cash flow from Italy to pay down debt, its stock could have a big move ahead. State Street (STT)Dividend Yield: 4%State Street (NYSE:STT) is a clear "value trap or value play?" argument at the moment. For the last 18 months, investors have made their thoughts clear: STT stock has dropped by roughly 50%.And State Street is fighting headwinds. The company rolled out the first ETF -- the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) -- but has since been passed by Vanguard and BlackRock (NYSE:BLK) in that key business. The same shift to passive investing driving ETF growth has pressured the company's asset management business. In Q1, fee revenue declined 4% year-over-year; earnings per share declined 27%.Cost-cutting simply hasn't done quite enough to protect margins, leading to the recent pressure on STT stock. But at this point, there's a question as to whether the sell-off simply has gone too far. STT stock is quite cheap, at less than 8x 2020 EPS estimates. Price-to-book has dipped below 1x for the first time in over five years.Meanwhile, a recent dividend hike moves the yield near 4%, and STT will repurchase $2 billion worth of stock as well. State Street has to find a way to manage pressure on its custody and management businesses -- but if it can, there's potential for a big reversal in STT stock. CVS Health (CVS)Dividend Yield: 3.6%Source: Shutterstock CVS Health (NYSE:CVS) has had a rough go of it in recent years. In March, CVS stock touched its lowest level in almost six years, and it has re-tested those lows several times since. The acquisition of Aetna is under review even after it closed. Lower reimbursement rates and reduced savings on generic drugs are pressuring the entire pharmacy sector: rivals Walgreens (NASDAQ:WBA) and Rite Aid (NYSE:RAD) are struggling as well.But as I wrote this week, to at least some extent all of those headwinds seem priced in. CVS stock trades at historically low multiples. There are still benefits to come from the company's efforts to change healthcare, and the integration of Aetna with its existing pharmacy business. * 7 Retail Stocks to Buy That Are Down in 2019 The headwinds are real, and the sell-off in CVS stock does make some sense. But this remains an attractive business that is now priced for steady declines going forward. It will take little in the way of an upside surprise for CVS to outperform expectations -- and for CVS stock to claw back at least some of its recent losses. BP (BP)Dividend Yield: 6%For BP (NYSE:BP), the case is reasonably simple. BP is the integrated energy company with the best dividend yield, which currently nears 6%. With liabilities relating to the Deepwater Horizon tragedy finally behind the company, cash flow and earnings will improve as BP gets back to "normal."That's a case I've made for some eighteen months now -- and it still holds. Oil price movements might seem a risk -- but BP's downstream businesses benefit from lower crude prices, which mitigates that effect somewhat. In this market, BP stock might even be considered among the safer plays out there, as counterintuitive as that sounds. For a 6% yield the modest risks here seem worth taking. Bristol-Myers Squibb (BMY)Dividend Yield: 3.6%Pharmaceutical companies, too, used to be a safe haven for income investors. They generally offered dividend yields of at least 2% -- and protection from market and economic downturns. That's no longer the case, however -- which highlights the potential risk in Bristol-Myers Squibb (NYSE:BMY).U.S. companies, in particular, have struggled to find blockbusters. As a result, patent expirations on key product lead companies to search for growth however it can be found. For Bristol-Myers Squibb, products like Orencia (which treats rheumatoid arthritis) and blood thinner Eliquis are losing their protection shortly. And so the company went and acquired biotechnology major Celgene (NASDAQ:CELG).Unfortunately for BMY stock, investors hated the deal. BMY shares dropped 13%. They liked it less when Bristol-Myers announced last month that it would divest psoriasis treatment Otezla as required by regulators. BMY once again threatened a six-year low.But at this point, BMY is starting to look attractive. Even if the company overpaid for Celgene, to some extent that's baked into the stock price. The dividend yield now sits at 3.6% -- and could rise once the acquisition is completed. A 10x forward P/E multiple will come down as well.Pharma stocks are riskier than they used to be -- especially for those using debt to drive growth. Mallinckrodt (NYSE:MNK) is a good example of how pharmaceutical M&A can go terribly wrong. But Bristol-Myers Squibb's diversified base and long history suggest the downside shouldn't be that steep. And as Celgene comes on board and growth returns, investors might again start focusing on the potential rewards.As of this writing, Vince Martin is long shares of Gap Inc. and International Game Technology. He has no positions in any other securities mentioned. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Sell for an Economic Slowdown * 7 Marijuana Penny Stocks That I May Buy * 7 of The Best Schwab ETFs for Low Fees The post 10 Best Dividend Stocks to Buy for the Rest of 2019 and Beyond appeared first on InvestorPlace.

  • Bloomberg5 days ago

    Warship Escorting BP's Oil Tanker Is U.K.'s Only One in Area

    (Bloomberg) -- The HMS Montrose, the naval vessel that protected a BP Plc oil tanker as it passed through the Strait of Hormuz, is the U.K.’s only warship in the area, according to Britain’s Ministry of Defence. It has several other naval vessels in the Gulf, it said.The U.K. government said the Montrose had to warn three Iranian vessels to stay away from the tanker, the British Heritage. The oil carrier didn’t load a planned cargo of Iraqi crude and instead left the region empty, according to a person familiar with the matter. BP was concerned it could be a target for Iran after British Royal Marines helped to seize a tanker transporting the Persian Gulf country’s crude in the Mediterranean Sea. The master and chief officer of that ship have been arrested, Gibraltar’s government said Thursday.Here are responses from the MoD to questions from Bloomberg:Question: For how long has HMS Montrose been in the area? Answer: HMS Montrose has been in the Gulf since late 2018.Q: Was it there to escort vessels through Strait of Hormuz? A: HMS Montrose was in the area providing a maritime security role.Q: Was it an Iran Revolutionary Guard Corps vessels? Or some other Iranian entity? A: IRGC vessels.Q: Where did the confrontation happen? (nearest city on the Iranian side/landfall?) A: The incident involving HMS Montrose took place in international waters.(Updates with information about arrest of tanker officials in 2nd paragraph.)To contact the reporter on this story: Verity Ratcliffe in Dubai at vratcliffe1@bloomberg.netTo contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net, Brian WingfieldFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Barrons.com5 days ago

    Oil Is Spiking as Supplies Drop and Tension Rises With Iran

    Supply drops and Mideast tension could keep oil prices on the upswing, although demand worries from a global economic slowdown are likely to cap oil’s rise.

  • WTI Hits $60/Barrel Mark as Tropical Storm Barry Approaches
    Zacks5 days ago

    WTI Hits $60/Barrel Mark as Tropical Storm Barry Approaches

    As Tropical Storm Barry is threatening GoM output, almost 950,000 BPD of production can go offline.

  • Financial Times5 days ago

    BP/Iran: tanker flanker

    BP’s predecessor was the Anglo-Persian Oil Company. Persia, after its own rebranding as the Islamic Republic of Iran, still matters a lot to the oil major. have been threatening BP-owned tankers passing through the Strait of Hormuz, the pinch point for Gulf oil shipping.

  • BP (BP) Outpaces Stock Market Gains: What You Should Know
    Zacks6 days ago

    BP (BP) Outpaces Stock Market Gains: What You Should Know

    In the latest trading session, BP (BP) closed at $41.22, marking a +0.66% move from the previous day.

  • Gulf of Mexico oil and gas producers evacuate ahead of storm (updated)
    American City Business Journals6 days ago

    Gulf of Mexico oil and gas producers evacuate ahead of storm (updated)

    About 53 percent of oil production and 45 percent of natural gas production in the Gulf of Mexico has been shut down.

  • How Will BP’s Q2 Results Measure Up Against the Competition?
    Market Realist6 days ago

    How Will BP’s Q2 Results Measure Up Against the Competition?

    BP (BP) plans to post its second-quarter earnings results on July 30. Let's see how its performance is expected to turn out.

  • What to Expect from BP’s Second-Quarter Results
    Market Realist6 days ago

    What to Expect from BP’s Second-Quarter Results

    BP’s earnings are expected to rise marginally in the second quarter driven by higher downstream earnings partly offset by lower upstream earnings.

  • Bloomberg6 days ago

    Bunge Is in Talks With BP to Join Brazil Sugar-Ethanol Assets

    (Bloomberg) -- U.S. agribusiness giant Bunge Ltd. is in talks with British oil major BP Plc to form a sugar and ethanol joint venture in Brazil, according to people familiar with the matter.The companies are in discussions to combine operations in the South American nation, one of the largest producers of both sugar cane and sugar-based ethanol, said the people, who asked not to be identified because the information is private. Bunge and BP are currently valuing their sugar and ethanol assets to agree on the size of each company’s stake, and Bunge has hired Brazilian bank Itau Unibanco Holding SA as an adviser, the people said.No final agreement has been reached and the talks could fail to produce a deal.Joining forces with Bunge, the ‘B’ in the quartet of storied ABCD traders of agricultural commodities, would triple BP’s sugar-cane crushing capacity in Brazil, where ethanol is either blended into gasoline or used solely to power flexible-fuel cars. Forming a venture would allow U.S.-based Bunge to separate a struggling business in a tie-up similar to when Royal Dutch Shell Plc and Brazilian sugar and ethanol producer Cosan Ltd. created Raizen in 2010.Spokesmen for Bunge and BP declined to comment.Sugar traders have been struggling to make money as bumper crops from Thailand to India depressed prices and curbed volatility. Bunge, which sold its sugar trading business to Singapore-based trader Wilmar International, had been exploring options for its Brazilian milling business. The company said last year it would delay an initial public offering of the unit due to market conditions.BP started producing ethanol in Brazil in 2008 and its three mills currently have capacity to crush 10 million metric tons of cane a year. Bunge has eight mills with capacity to process 22 million tons.\--With assistance from Mario Parker, Kelly Gilblom and Alfred Cang.To contact the reporters on this story: Fabiana Batista in Sao Paulo at fbatista6@bloomberg.net;Isis Almeida in Chicago at ialmeida3@bloomberg.net;Vinícius Andrade in São Paulo at vandrade3@bloomberg.netTo contact the editors responsible for this story: Tina Davis at tinadavis@bloomberg.net, Pratish NarayananFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times6 days ago

    BP says Senegal conducting ‘investigations’ into gas deal

    Energy major BP’s chief executive said the Senegalese authorities have begun “investigations” into the government’s award of lucrative offshore gas licences. Aliou Sall, the brother of Senegal’s president, resigned from a government post after allegations he received secret payments from a company that secured the original licences. The deal has been a source of controversy in Senegal since the gas awards were first made seven years ago.

  • Bloomberg8 days ago

    BP Oil Tanker Shelters in Persian Gulf on Fear of Iran Retaliation

    (Bloomberg) -- An oil tanker run by BP Plc is being kept inside the Persian Gulf in fear it could be seized by Iran in a tit-for-tat response to the arrest by Gibraltar last week of a vessel hauling the Islamic Republic’s crude.The British Heritage, able to haul about 1 million barrels of oil, was sailing toward Iraq’s Basrah terminal in the south of country when it made an abrupt u-turn on July 6. It’s now off Saudi Arabia’s coast and a person with knowledge of the matter says BP’s concern is that it could become a target if Iran seeks to retaliate for the seizure near Gibraltar -- by British Royal Marines -- of the tanker Grace 1 on July 4.BP’s decision shows how rising tensions between Iran and the west are having an impact on the oil tanker industry that’s vital to the global trade in crude. Tehran’s foreign ministry said the arrest of Grace 1 was an act of piracy and a former leader of Iran’s Revolutionary Guard said on Twitter the Islamic Republic should take a British tanker in response. The U.S. accused Iran of recent attacks on tankers just outside the Persian Gulf.“It’s a psychological game that’s being played,” said Olivier Jakob, managing director of energy consultant Petromatrix GmbH. “Nobody wants to be that one whose vessel is seized in a ‘tit-for-tat’.”The overall oil market impact will probably be limited because Iran is unlikely to escalate the conflict beyond seizing one vessel in retaliation, he said, adding that companies will work hard to avoid being targeted.The ship, registered in the Isle of Man and flying under the British flag, had been chartered by Royal Dutch Shell Plc to transport crude from Basrah to northwest Europe, tracking data and shipbrokers said. It didn’t collect that cargo and the booking was canceled.British Heritage won’t be able to exit the Strait of Hormuz, the chokepoint through which about a third of global seaborne oil moves, without sailing close to Iran’s coast, thereby placing it at greater risk.Legal IssuesTensions between Iran and the U.K. may remain high until the legal issues surrounding the arrest in Gibraltar are smoothed out, Jakob said. That could take months, according to Anna Bradshaw, a partner at the law firm Peters & Peters, who specializes in sanctions.Tensions have escalated since the U.S. resumed sanctions on Iran, prompting the country to say it would enrich uranium in defiance of a global pact that was meant to stop that from happening.Iran may choose to enrich uranium at a higher purity level as its next step in a new policy that’s gradually undoing the restrictions imposed by a 2015 nuclear pact with world powers, the official Islamic Republic News Agency reported on Monday, citing Behrouz Kamalvandi, the spokesman for the Atomic Energy Organization of Iran.The escalation has heightened the risks for shipping companies exporting crude from the Persian Gulf. Insurance costs for both tankers and their cargoes soared in the aftermath of the attacks, while some wary owners are now choosing to refuel elsewhere.(Updates with analyst comment from fourth paragraph.)\--With assistance from Ladane Nasseri, Alex Longley, Anthony DiPaola and Sarah Chen.To contact the reporters on this story: Kelly Gilblom in London at kgilblom@bloomberg.net;Serene Cheong in Singapore at scheong20@bloomberg.netTo contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Alaric NightingaleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Key Reasons Why You Should Steer Clear of BP Stock Right Away
    Zacks11 days ago

    Key Reasons Why You Should Steer Clear of BP Stock Right Away

    Limited financial flexibility and a weak oil pricing scenario act as headwinds for BP stock.

  • Will Suncor Trend ahead of Its Peers in Its Q2 Earnings?
    Market Realist11 days ago

    Will Suncor Trend ahead of Its Peers in Its Q2 Earnings?

    Suncor Energy (SU) plans to post its second-quarter earnings results on July 24. How will it compare to estimates?