|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||4.97 - 5.15|
|52 Week Range||4.97 - 7.66|
|Beta (5Y Monthly)||0.54|
|PE Ratio (TTM)||25.58|
|Forward Dividend & Yield||0.42 (7.99%)|
|Ex-Dividend Date||Feb 12, 2020|
|1y Target Est||N/A|
Corporate capital is flooding in at a time when deal activity and valuations may be peaking. What investors need to know.
Coronavirus went global this past week, despite glimmers of hope that the worst might be over in China. It’s a wake-up call for investors—and also an opportunity.
Australia’s industrial relations watchdog has ordered BP to reinstate and compensate a worker sacked for posting on Facebook a parody video of the second world war film Downfall, which the company alleged compared the UK oil company’s senior management to Nazis. The Fair Work Commission’s ruling on Friday is the latest in a series of employment law cases involving social media use in Australia, which have alarmed trade unions and raised tricky questions for companies’ interpretations on whether online behaviour is offensive. of the unnamed technician’s unfair dismissals claim, which concluded BP was justified in sacking them for posting a satirical video titled “Hitler parody EA Negotiations” on a private Facebook group.
Norway's sovereign wealth fund, the world's largest, made a 19.9% return on investment last year, earning a record 1.69 trillion Norwegian crowns ($180.49 billion), it said on Thursday. The $1.1 trillion fund's return for the year was stronger than that of its benchmark index, it added.
BP PLC is cutting ties with three trade groups over climate policies, a move announced Wednesday that follows the energy giant’s vow earlier this month to reach net-zero carbon emissions by 2050.
The outbreak put off oil price recovery that likely would've happened this year, retiring CEO Mark Papa says.
BP will leave the main U.S. refining lobby and two other trade groups as new Chief Executive Bernard Looney spurs some of the oil sector's most ambitious targets for curbing carbon emissions. The decision follows a review of its membership in over 30 associations around the world, which Looney said in a post on Instagram was aimed at boosting people's trust in the oil and gas company. "BP will pursue opportunities to work with organisations who share our ambitious and progressive approach to the energy transition," Looney said in a statement.
BP will cut ties with three US industry lobby groups over disagreements with their climate policies. The UK oil and gas major named the American Fuel and Petrochemical Manufacturers, the Western States Petroleum Association and the Western Energy Alliance as groups it will be leaving. The move comes after BP carried out a review of its membership of 30 important global trade associations, assessing their lobbying activities and positions on climate policies against its own.
PetroChina on Wednesday bought a spot liquefied natural gas (LNG) cargo for delivery in April from commodity trader Vitol through the S&P Global Platts' pricing process also known as market-on-close (MOC). The cargo, which traded at $3.05 per million British thermal units (mmBtu), is for delivery over April 20 to 22 into the Japan, Korea, Taiwan, China region and is to be loaded from Das Island, Abu Dhabi, Platts said. Both the buyer and seller may opt for alternate discharge or loading ports respectively, provided they give 30 days notice before initial delivery, the pricing agency added.
Catholic religious order Jesuits in Britain will ditch fossil fuel companies from its $500 million equity portfolio by the end of the year, it said on Wednesday, citing corporate failure to respond quickly to the threat of climate change. "However, the severity of the climate emergency has made it crystal clear that action is needed more than words if climate action is to be effective," Power said.
(Bloomberg) -- After months of planning, BP’s new CEO Bernard Looney made his big green pitch: Europe’s second-largest oil company will cut its emissions to net zero by 2050, he said earlier this month. Many thought that made BP the world’s first supermajor to take responsibility for all its emissions.It did not do that.Every company has three types of emissions. BP’s so-called Scope 1 emissions are those directly produced by the company, such as natural gas used to heat BP buildings. “Scope 2” emissions are created by another entity, for example a coal power plant powering BP refineries. Finally, “Scope 3” emissions are all those that can be directly tied to the company, including emissions customers generate when using BP fuels.BP is only going to cut some, not all, of its Scope 3 emissions. Sensing some confusion at that concept at his presentation on Feb. 12, Looney took to a drawing board to explain. “I’ve probably drawn this 50 times,” he said.BP’s Scope 1 and 2 emissions are about 55 million metric tons each year, he explained, drawing a small horizontal bar. Then he drew two much bigger bars—and called both Scope 3. One was about 360 million metric tons and another “around” 1 billion metric tons.You won’t find the larger number in BP’s annual reports, which for 2018 put the company’s Scope 3 emissions at 437 million metric tons. But it is a number that the CEO is confident enough to mention at his big climate announcement.The 360 million metric tons was the amount of Scope 3 emissions BP would reduce to net zero; those were emissions from the oil and gas the company extracts itself, Looney said. The higher figure, 1 billion metric tons, includes refinery outputs for crude that BP buys from other producers and additional energy products that BP markets, such as power or gas supply agreements, a spokesman later explained. The company plans to cut its carbon intensity by 50%.BP does not officially report that higher figure, because, the spokesman said, calculations get “more complex” as you move downstream. That’s why Looney added “around”, he said. Still confused? You’re not alone. The energy industry has no standard definition of Scope 3 emissions. That means every company is free to choose how they define it, and comparisons of those figures can be like comparing apples to oranges. Crucially, because most emissions reporting is voluntary, many of the largest oil companies, including ExxonMobil and Saudi Aramco, choose not to report Scope 3 emissions at all.Industry groups have made some attempts at standardization but none have succeeded. A spokesman for the Oil and Gas Climate Initiative, which counts 13 large oil companies as its members, said it has created an “internal benchmark” but there is “no established joint methodology.” Without strict regulation on standards and requirement to report Scope 3 emissions, we are likely to remain confused.Looney’s reasoning for choosing to cut only 360 million out of 1 billion metric tons is that, if the companies BP buys its crude from also take responsibility to cut their respective Scope 3 emissions for the oil they extract, then all involved could avoid double-counting. In effect, we’d all be heading toward a net-zero world.“In 2050, the world ain’t going to be arguing about Scope 3 or not,” Looney said. “We are going to be arguing about whether we’ve reduced our emissions or not.”But “oil companies cannot avoid the Scope 3 debate,” said Rory Sullivan of the Grantham Research Institute on Climate Change and the Environment. First, what you can’t (or won’t) count, you won’t cut. Second, as the oil and gas industry looks to renew its social license to operate, it needs to be seen to be taking responsibility for its actions. However you count them, Scope 3 forms the majority of an oil company’s total emissions.It’s easy for Looney to swat away definitional arguments. He won’t be BP’s CEO in 2050. What we can be sure about is that the climate debate will rage more strongly in the decades ahead, and someone will have to take responsibility for all Scope 3 emissions. The question is whether it will be the oil industry that pays the price for it—or all of us.Akshat Rathi writes the Net Zero newsletter on the intersection of climate science and emission-free tech. You can email him with feedback. To contact the author of this story: Akshat Rathi in London at firstname.lastname@example.orgTo contact the editor responsible for this story: Adam Blenford at email@example.com, Emily BiusoFor 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.
European stocks slipped on Friday, as worries about the coronavirus spreading beyond China offset indications the economy is improving.
The following are the top stories on the business pages of British newspapers. - Anglo American has insisted that its 405 million pound ($521.68 million) bid for Sirius Minerals is "fair and reasonable" after hedge fund Odey Asset Management joined small shareholders in pushing for a higher offer. - Royal Dutch Shell will not "get into an arms race" with BP over carbon targets, a senior executive has said, in a sign that Europe's biggest oil group will not rush to match its rival's "net zero" pledge.
The chief executive of Pioneer Natural Resources, Scott Sheffield, on Thursday called on energy investors to sell shares or pull funding from companies that have rates of natural gas flaring. The practice of burning off natural gas produced alongside more profitable oil has become a top issue for investors, who are focused on sustainability measures and already are frustrated by a decade of poor financial returns in oil and gas. The idea, Sheffield said during an earnings call, came out of a late January workshop in Austin, Texas, coordinated between Columbia University and the University of Texas at Austin, which brought together producers, pipeline companies, policymakers, non-governmental organizations, academics and analysts to talk about Permian Basin flaring.
Electric vehicles have charged up investments around the world, but Australia is revelling in a slew of deals involving old-school petrol stations, with a bidding battle developing for one of its top fuel retailers, Caltex Australia. A shake-up in the structure of the fuel industry over the past decade, sparked by refinery closures and oil major retreats, has produced deals worth $33 billion including offers for Caltex, according to Refinitiv data.
(Bloomberg) -- BP Plc and Royal Dutch Shell Plc are exploring adding more ethanol in gasoline in top corn state Iowa to take advantage of how cheap the biofuel has become.The oil majors are gauging driver interest at a small number of stations in 15% ethanol blends, up from the current state standard of 10%, after the Trump administration in May allowed an increase nationwide.Adding more ethanol to gasoline may help Midwest farmers who have been struggling to find markets for corn after biofuels demand plateaued last year. Ethanol futures slumped to the lowest in more than a decade in 2019, making it unprofitable to make the biofuel that accounts for about a third of demand for the U.S. corn crop. But cheap ethanol won’t save drivers much money: At current prices, filling up a Ford-F150 would only cost about a quarter less.The BP-branded Elliott Oil Co. has for about two weeks been selling some E15 in the small town of Osceola, CEO Andrew Woodard said. BP spokesman Michael Abendhoff said the company does not comment on marketing strategy.John Reese, downstream policy and advocacy manager in the Americas for Shell, said at the National Ethanol Conference in Houston that Shell offers higher ethanol blends, without offering specifics.Shell spokesman Ray Fisher said the company is working to add E15 in Iowa, Indiana and Illinois. “Prior to implementing E15, there is due diligence to ensure we can deliver a quality product and meet state regulations.”Benchmark Chicago cash ethanol traded at a one-year low in January, with the price decline generating interest in adding more to the mix. But that’s less than a penny per gallon below pump prices.Efforts to boost ethanol have an edge because the U.S. is sending only trace amounts of it to China, and Mexico is trending toward using less corn-based fuel, Corey Lavinsky, ethanol analyst at S&P Global Platts, said by email.There is also some political support. Iowa’s governor included an E15 tax credit extension and expansion in the state’s budget proposal.Iowa drivers like E15, and retailers have noticed, said Monte Shaw, executive director of the Iowa Renewable Fuels Association in West Des Moines, by telephone.“It’s happening because enough independents in Iowa, they know there’s no stigma, that Iowans will buy this stuff,” Shaw said.To contact the reporters on this story: Jeffrey Bair in Houston at firstname.lastname@example.org;Michael Hirtzer in Chicago at email@example.comTo contact the editors responsible for this story: David Marino at firstname.lastname@example.org, Jessica SummersFor 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.
The latest five-day oil rally has been brought to an end by market uncertainty surrounding OPEC+ production cuts and a recovery in Chinese demand
The following are the top stories on the business pages of British newspapers. Jupiter Fund Management Plc agreed to buy its smaller rival, Merian Global Investors, for as much as 419 million pounds ($544.62 million). The owner of Britain's largest and oldest train factory is to be sold off to the French company Alstom SA in a deal worth 6.25 billion pounds.
U.S. Secretary of State Mike Pompeo denounced corruption and touted American business on Monday during the second leg of an African tour in Angola, where the government is seeking to claw back billions of dollars looted from state coffers. Pompeo is aiming to promote U.S. investment as an alternative to Chinese loans while assuaging concerns over a planned U.S military withdrawal and the expansion of visa restrictions targeting four African countries.
British stocks edged higher on Monday, with companies sensitive to Chinese demand getting a boost from the country’s efforts to limit the economic fallout from the deadly coronavirus.
WTI crude is falling below $50 a barrel amid fears of the coronavirus impact on demand. Nasdaq's Tamar Essner joins Yahoo Finance's Seana Smith on The Ticker to discuss.
U.S. crude oil dropped below $50 on Wednesday as Asia, Europe and the Middle East reported new cases of the coronavirus. Bubba Trading Founder Todd Horwitz joins On The Move to discuss the low levels of crude oil and how coronavirus will continue to impact the commodities sector.