|Bid||37.79 x 3100|
|Ask||37.80 x 4000|
|Day's Range||37.71 - 38.17|
|52 Week Range||35.73 - 45.38|
|Beta (5Y Monthly)||0.56|
|PE Ratio (TTM)||26.92|
|Forward Dividend & Yield||2.46 (6.42%)|
|Ex-Dividend Date||Nov 05, 2019|
|1y Target Est||N/A|
With estimated reserves of 9 billion barrels, the giant Kirkuk oil field could produce more than a fifth of Iraq's current output. But not, it's reported, with help from BP. Sources tell Reuters it has pulled out of a $100 million exploration contract, after that expired with no agreement on the field's expansion. Iraq and BP first started collaborating on Kirkuk in 2013 and in May 2018 signed agreements to triple output there. The oilfield had been restored to Baghdad's control the year before, after Iraqi government forces dislodged Kurdish fighters from the area. The BP decision comes as Western energy companies reassess their operations in the region. After months of anti-government protests, video Reuters filmed on Tuesday (January 21) shows Iraqi security forces dispersing demonstrators in the southern city of Basra. And, any potential conflict between the U.S. and Iran could see Iraq on the frontline. The reports say BP informed local authorities last month it was pulling staff out of the oilfield. A decision taken, it's said, after some, quote, "not encouraging" results of a field study it carried out.
(Bloomberg) -- Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24.The bosses of some of the world’s biggest oil companies discussed adopting much more ambitious carbon targets at a closed-door meeting in Davos, a sign of how much pressure they’re under from activists and investors to address climate change.The meeting, part of a World Economic Forum dominated by climate issues, included a debate on widening the industry’s target to include reductions in emissions from the fuels they sell, not just the greenhouse gases produced by their own operations, people familiar with the matter said on Wednesday.The talks between the chief executive officers of companies including Royal Dutch Shell Plc, Chevron Corp., Total SA, Saudi Aramco, Equinor ASA and BP Plc showed general agreement on the need to move toward this broader definition, known as Scope 3, the people said, asking not to be named because the session was closed to the press. The executives didn’t take any final decisions.Shell and Aramco declined to comment. Media representatives for Chevron, Total and BP weren’t immediately able to respond to requests for comment. Equinor confirmed its CEO Eldar Saetre attended the meeting.Climate FocusTargeting Scope 3 emissions would be a big shift for an industry that produces the bulk of the world’s planet-warming emissions, once that could eventually require them to sell far less oil and gas. The simple fact that the industry’s top executives were considering it underscored how climate concerns suddenly came into focus in Davos this year.For the first time, environmental risks occupied the WEF’s top five long-term concerns. Business leaders from BlackRock Inc. CEO Larry Fink to Allianz SE boss Oliver Baete used their platform at the event to focus on sustainable investment. The two highest-profile attendees at the forum -- President Donald Trump and climate activist Greta Thunberg -- made headlines as they staked out opposing positions on the issue.The oil and gas executives debated a document produced by the WEF on “neutralizing emissions at the pump,” a reference to the gasoline and diesel sold to customers. There’s an urgent need to shift the industry’s target from production to emissions from end users, said one person.Several companies have already set targets for Scope 1 and 2 greenhouse gases, which come directly from pumping and refining hydrocarbons. Yet these account for less than 10% of total emissions from the life cycle of oil and gas. Some of their pledges have also focused on curbing emissions intensity -- the amount of carbon dioxide released per unit of energy -- which wouldn’t necessarily lead to a reduction in the volume of greenhouse gases produced if a company’s output is growing.Among major energy groups, only Shell, Total and Madrid-based Repsol SA have publicly announced that they are either targeting or monitoring Scope 3 emissions.The Spanish company made the boldest move, promising net-zero emissions in 2050 by diverting investment into wind and solar power. Shell has taken more modest steps, pledging to offset the greenhouse gases produced by fuel sold to drivers on their loyalty-card programs in the U.K. and Netherlands.Eni SpA Chairman Emma Marcegaglia said in a Bloomberg TV interview that the company is committed to becoming carbon neutral on a Scope 1 and 2 basis by 2030. The Italian oil and gas giant is in discussions about Scope 3 emissions, but needs more guidance from the government on how to do so, she said.Other companies, notably U.S. majors Exxon Mobil Corp. and Chevron have so far resisted specific pledges to cut total emissions, with the latter focusing instead on the carbon intensity of the energy it produces. BP CEO Bob Dudley, who retires later this year, has agreed aims for Scope 1 and 2 gases but in the past opposed a Scope 3 target.“We need to reduce our carbon intensity, everyone in the industry agrees on that,” Dudley said in an interview in Davos. However, he cautioned that shareholders and companies were using multiple definitions of Scope 3 emissions. “We need to get a common definition” so the industry “can work together in a powerful way.”(Updates with Aramco comment in fourth paragraph)\--With assistance from Laura Hurst, Francois de Beaupuy, Matthew Martin, Francine Lacqua and Mikael Holter.To contact the reporter on this story: Javier Blas in Davos at email@example.comTo contact the editors responsible for this story: James Herron at firstname.lastname@example.org, Rakteem KatakeyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Incoming Chief Executive Bernard Looney plans to expand the company's climate targets and is considering overhauling the structure of the oil and gas major in one of the biggest shake-ups in its 111-year history. The 49-year-old Irishman plans to adopt broader carbon emissions reduction goals that will likely include emissions from fuels and products sold to customers rather than just the far lower emissions from BP's own operations, according to four sources with knowledge of internal discussions with the new CEO. The aim is to catch up with, and possibly outdo, rivals such as Royal Dutch Shell and Repsol as investor pressure over climate change mounts, said the sources who declined to be named as the plans have not yet been made public.
Premier Oil (PMOIY) recently said that it will spend $625 million to acquire the Andrew and Shearwater assets from BP plc, plus another $246 million to buy a separate set of North Sea properties.
LONDON/BAGHDAD (Reuters) - BP has pulled out of Iraq's giant Kirkuk oilfield after its $100 million exploration contract expired with no agreement on the field's expansion, dealing a fresh blow to Iraq's hopes to increase its oil output, three sources told Reuters. The move comes as Western energy companies reassess their operations in Iraq amid political turmoil following months of anti-government protests and a flare-up in tensions between the United States and Iran in the country. A senior source at Iraq's North Oil Company (NOC), which overseas the Kirkuk operations, confirmed BP's withdrawal.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.BP Plc handed more power to a new generation of executives, announcing that Chief Financial Officer Brian Gilvary will join his boss Bob Dudley in retiring this year.Murray Auchincloss, currently the finance chief of BP’s oil and gas production division, will succeed Gilvary. The energy giant already announced last year that Bernard Looney, who runs that unit, will become chief executive officer at the end of March.In a world that’s increasingly wary of fossil fuels, BP’s new top executives will have to prove the company can keep up with the times. The London-based company has a highly profitable oil and gas business that pioneered exports from the Middle East, opened up giant fields in Alaska and the U.K. North Sea, and has paid billions of dollars to shareholders.Looney and Auchincloss will be expected to keep that business performing well, while also addressing increasing investor pressure to curb greenhouse gas emissions and lay the groundwork for the long transition away from fossil fuels to clean energy.With Auchincloss’s “international financial and commercial experience and a deep understanding of the whole group, he will play an important role as BP continues to develop in a fast-changing energy market,” Chairman Helge Lund said.Gilvary, 57, will step down at the end of June following a 34-year career with BP, Europe’s third-biggest oil company said Tuesday. Auchincloss, will become group CFO and join the board on July 1.Auchincloss has served as CFO for BP’s Upstream unit since 2015. He was head of the group CEO’s office from 2010 to 2013, working directly with Dudley. From 2005 to 2007 he was CFO for BP’s North Sea business.“It seems a natural transition,” RBC analyst Biraj Borkhataria said. “It bucks the recent trend of new management coming from the downstream businesses, however neither appointments are a surprise,” he said, referring to BP’s new CEO and CFO.Gilvary became finance chief and joined the board in January 2012. Since then, he has managed issues including the resolution of litigation after the 2010 Gulf of Mexico oil spill that nearly bankrupted the company. He was also in the thick of reshaping BP following crude’s price crash that began in 2014.Gilvary and Auchincloss will work together between now and the end of June to ensure an “orderly transition,” BP said in the statement.(Updates with analyst’s comments in the eighth paragraph.)To contact the reporters on this story: Amanda Jordan in London at email@example.com;Laura Hurst in London at firstname.lastname@example.orgTo contact the editors responsible for this story: James Herron at email@example.com, Rakteem KatakeyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
BP's finance chief Brian Gilvary is to step down in June after eight years in the role and will be replaced by a close ally of Bernard Looney who takes over as chief executive next month. Murray Auchincloss, currently finance head of BP's upstream division, will become BP's chief financial officer on July 1, the company said on Tuesday. Gilvary has been credited with overseeing BP's financial recovery following the 2010 deadly Gulf of Mexico oil spill which has cost the company more than $65 billion in fines, indemnities and clean up costs.
BP’s chief financial officer Brian Gilvary will retire from the oil and gas major in June, despite saying he would be “sticking around” as the group begins life under a new chief executive next month. Mr Gilvary, 57, was a contender for the chief executive role before the appointment of Bernard Looney, currently head of BP’s exploration and production business, was announced in October. Murray Auchincloss, 49, who as chief financial officer of BP’s upstream business has worked closely with Mr Looney, will take over from Mr Gilvary in June — marking a new generation of BP employees at the top of the company.
Description: Tensions in Iraq seemed to have cooled in recent days, but many oil majors still face difficult decisions regarding their short and mid-term plans in the conflict stricken nation
In a newly released interview, longtime environmental advocate and lawyer Robert Kennedy Jr. sounds the alarm about the climate crisis.
Apache (APA) shares rocket following a discovery offshore Suriname block 58. BP plc (BP) agrees to divest certain North Sea assets for $625 million.
The energy industry's biggest players and a newcomer are showing interest in the Eagle Ford Shale's DeWitt County, placing the condensate-heavy location on the top of this week's drilling permit roundup.
BlackRock, the world’s largest asset manager with more than $6.8 trillion under its control, becomes the latest signatory to the influential Climate Action 100+. It’s a pact that is increasingly pushing, although with spotty results so far, many of the world’s largest greenhouse gas emitters take action on man-made climate change.
Today we are going to look at BP p.l.c. (LON:BP.) to see whether it might be an attractive investment prospect. In...
The Zacks Analyst Blog Highlights: Occidental Petroleum, Chevron, BP, Callon Petroleum, and WPX Energy
Shares of newly-listed Saudi Arabian Oil Co., or Saudi Aramco, have suffered on fears of all-out war between the United States and Iran, but there are unique features that should prevent an outright selloff. That's according to IPO Edge Editor-in-Chief John Jannarone, who spoke to Cheddar TV in an interview available here. Jannarone explained that […]
With WTI crude, the domestic benchmark, bouncing back above $60 per barrel on multiple tailwinds, the investor hunger for M&A deals in the energy space is likely to remain strong.
Saudi Aramco shares have tumbled 10% from their peak levels less than a month after IPO, however, it still looks too expensive compared to peers. Last week the U.S. ordered a drone strike which killed Iran’s most prominent general Qassem Soleimani and caused crude oil futures (UK:BRN00) to briefly top $70 over fears of supply issues. The oil price gain boosted Aramco’s western peers, with Royal Dutch Shell (UK:RDSA) up 3.4% over the first six days of the year, BP (UK:BP) gaining 5.5%, and Exxon Mobil (XOM) rowing 1.6%.