|Day's Range||0.1900 - 0.1900|
New questions are surfacing over whether or not Saudi Arabia can bounce back quickly from the oil field attacks. Mona Mahajan, Allianz Global Investors U.S. Strategist, joins Alexis Christoforous on 'The Ticker' to discuss.
Crude oil spikes after Saudi drone bombings over the weekend and questions pervade about how the U.S. should respond. Yahoo Finance's Julie Hyman, Adam Shapiro, Brian Sozzi, Scott Gamm and Bob McNally Rapidan Energy Group Founder and President discuss.
Oil prices soared Monday after a strike on Saudi Arabian oil facilities. While oil prices dipped in the days following the attack, overall oil prices are up considerably for the week. Fears of escalating geopolitical tensions and a potential supply disruption from one of the world's largest producers fuels a bullish case for oil prices.
A new factory in Houston will boost production of Modumetal's rust-busting coatings for fasteners used in the oil and gas sector. The companies are also eyeing expansion to the construction and automotive markets.
Ion Energy Group Consultant Kyle Cooper told Yahoo Finance’s YFi PM that markets assumed Saudi Arabia's oil facilities were well-protected.
Apple will launch a legal challenge on Tuesday to a European Commission order to pay 13 billion euros ($14.4 billion) in Irish back taxes in a landmark case in the EU's crackdown on tax avoidance by multinational companies. The iPhone maker is expected to send a six-man delegation headed by Chief Financial Officer Luca Maestri to the two-day court hearing at the Luxembourg-based General Court, the EU's second highest court. In August 2016, the Commission said tax rulings by Ireland in 1991 and in 2007 had artificially reduced Apple's tax burden for over two decades, effectively making it illegal state aid.
Iran denies any role in the attack on Saudi Arabia's oil infrastructure but analysts say evidence points to Iran and they are calling for a response that may include military action against Iran.
BPX Energy, the onshore oil and gas unit of London-based BP PLC (NYSE: BP), is set to undertake a $3.5 million remodel of three floors in a recognizable Energy Corridor office building.
Remember that 'gaps always fill,' and while I would avoid entering the name on Monday if you haven't already, here's how and why to look for a way in at the right time.
The drone attack on Saudi Arabia could have a far-reaching impact on oil prices as it eliminated roughly 5% of daily oil supply globally and it is not possible to mitigate these losses immediately.
The timing for higher oil prices couldn't be more convenient for BP. The company is divesting assets and is bringing online production from major projects.
In the daily bar chart of Action Alerts PLUS holding BP, below, we can see that the stock price was already moving up ahead of this supply shock. The daily On-Balance-Volume (OBV) line turned up from the middle of last month signaling a shift from aggressive selling to aggressive buying. In this weekly bar chart of BP, below, we can see that the $36 area has been a key level the past two years and each time it was reached it was a buying opportunity.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Midcoast Energy, LLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
The valuations of integrated energy stocks ExxonMobil, Chevron, Shell, and BP have been slammed in Q3, led by volatile equity markets and oil prices.
The U.S. topped Saudi Arabia in oil exports in June as Riyadh complies with the OPEC cuts, according to an industry report Wednesday.
While EIA reports the fourth straight weekly inventory decline, crude prices fall after OPEC cut its forecast for oil demand growth this year and next.
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Sign up here.BP Plc’s CEO plans to sell some oil projects and curb the development of others to align its business with the Paris accord, the latest sign climate concerns are starting to impact the investment decisions of the world’s largest fossil fuel producers.Senior BP executives met within the last few days to discuss how to cut carbon as it grapples with a shareholder resolution requiring the company to explain how its spending is aligned with Paris, Chief Executive Officer Bob Dudley said on a Wednesday conference call organized by JPMorgan Chase & Co.One proposal weighed up by BP’s management team was exiting the most carbon-intensive projects, though Dudley wouldn’t say which assets were targets because there are “governments and partners involved.”“We are certain we’ve got a path, it may not be linear, to being consistent with Paris goals,” Dudley said in conversation with JPMorgan’s head of European oil research Christyan Malek. “There are going to be projects that we don’t do, things that we might have done in the past. Certain kinds of oil, for example, that have a different carbon footprint.”His comments offer a response to increasingly severe criticism aimed at the entire oil industry over its contribution to man-made climate change. BP’s own shareholders sparred with company managers at its annual general meeting in May, before voting almost unanimously to require the company to issue a report about how each new investment is aligned with Paris. The report will be issued before its next AGM in May 2020.Still, the plan may prompt questions about how selling assets to another producer can help curb global emissions. For example, Dudley said on the call that the sale last month of BP’s oil and gas fields in Alaska helped it reduce its carbon footprint. But the buyer plans to invest more in the fields than BP would have, potentially increasing production and boosting emissions in the process.Dudley also pointed out the main driver of the Alaska sale was the fact those fields were struggling to compete for capital within BP because production there was unlikely to grow as much as at the company’s other projects. Dudley said he is driving down the entire company’s “break-even” point toward $50 a barrel, meaning projects will need to be cheap to stay within BP’s portfolio.Also read: BP Says Some of Its Oil ‘Won’t See the Light of Day’Dudley said he’s juggling with the challenge of investing in relatively low-return renewables businesses while maintaining the company’s large dividend. He took aim at those who didn’t acknowledge how beneficial it is when BP does invest in low-carbon technology, saying any assessment of its carbon footprint should probably include the emissions it avoids.“We’ll reduce the emissions from our operations, reduce the emissions from our products and come up with the new business models,” he said. “If you add all those figures up in reductions of greenhouse gas -- for example, we have a big solar business, a big biofuel, wind business -- you almost get no credit when you do those calculations.”While he has maintained the company’s business model already aligns with the Paris accord, he said having to issue a report to benchmark progress has caused BP to think further about its spending.Carbon TrackerA report by Carbon Tracker last week said BP’s most polluting investments are the Zinia 2 project in Angola and the Azeri-Chirag-Gunashli development in Azerbaijan, and that neither are compatible with the Paris goals.“Our strategy is to produce advantaged barrels, which involves considering factors like whether they are economic to produce, low risk to bring to market and lower carbon from an emissions standpoint,” a BP spokeswoman said in response to the Carbon Tracker assessment. These “could help to push other more costly and high-carbon barrels out of the mix, just as gas can help to push coal out of the power mix.”BP is also seeking to divest assets because its debt is too high, Dudley said on the call, constraining his spending power. It has announced about $7 billion of a $10 billion disposal program linked to the purchase of shale fields from BHP Group Ltd. last year. An earlier plan to meet that target by selling older onshore gas fields was complicated by the price of natural gas falling, he said.BP became the operator of the BHP fields in March, which has now caused other complications to the British company’s climate ambitions. Dudley said the level of flaring, the deliberate burning of methane at the place it’s produced, is “not right,” and he is working to reduce it. Earlier this week, the company announced it was adding new equipment to its projects to quantify and identify methane leaks.(Updates with comments on break-even price in seventh paragraph.)To contact the reporter on this story: Kelly Gilblom in London at email@example.comTo contact the editors responsible for this story: James Herron at firstname.lastname@example.org, Helen Robertson, Amanda JordanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.