BP doubles cash flows amidst soaring prices, lifts dividend and plans US$3.5bn of new share buy-backs
BP said it continues to "perform while transforming", though the US$19bn of first-half cash flow came from oil and gas business
Company
BP PLC
LON:BP
BP is one of the world's largest oil and gas companies with operations in more than 100 countries across six continents. The company's main businesses are exploration and production of oil and gas; refining, manufacturing and marketing of oil products and petrochemicals; transportation and marketing of natural gas; and BP Alternative Energy, a growing business in renewable and low-carbon power and next generation energy technologies.
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FTSE 100 closes a touch lower as US stocks mixed on China sabre-rattling concerns over Taiwan
At the close, the UK blue-chip index was down 4.31 points, or 0.1% at 7,409.11, below the session peak of 7,433.34 but above the day’s low of 7,386.76
BP, Iberdrola commit €1bn to EV charging, partner on green hydrogen
They are the latest big caps to invest in green hydrogen production since Amazon backed two electrolyser developers from its Climate Pledge Fund
Experts doubt latest renewable energy CfDs will further cut costs
Macroeconomic factors will have a knock-on effect on the cost savings that CfD auctions are able to deliver
BP, BHP, Exxon 'under-reporting CO2 emissions'
Research by MSCI suggested Saudi Aramco, Coal India and PetroChina have the largest carbon dioxide footprint, followed by Exxon Mobil Corporation, BP, BHP and Shell
Chancellor’s pledge to back oil and gas investment highlights duality of government policy
With a tax 'super deduction' on offer for oil and gas companies, the windfall tax on profits is looking increasingly like a Trojan horse
BP takes controlling stake in renewables ‘mega-project’ in Australia’s Pilbara region
It is planned to become a 26 GW solar and wind project that also yields some 1.6mln tonnes of green hydrogen and 9mln tonnes of green ammonia.
Is the oil and gas sector set for a wave of private equity deals?
Private money might have an easier time in what's an increasingly challenging sector.
Serica Energy rallies after retail investors get cold feet over energy windfall tax
Retail investors have been baling out of BP and Shell since the windfall tax on energy companies was introduced, while Serica Energy seemed to get the harshest treatment of all from the market
BP promises North Sea investment amid fresh calls for windfall tax
“We’re backing Britain,” chief exec Bernard Looney said, as BP went to lengths to detail UK investments as news of burgeoning cash profits stirred fresh calls for a ‘windfall’ tax.
BT Group, Lucid Motors and AMC Entertainment among most shorted stocks in UK and US
Shell also moved from being stop of the sell list in early February to the top 10 for the most popular long-trades list this week
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Spring statement: 5p off fuel and other small cuts, but no windfall tax on oil companies
The Office for Budget Responsibility is now forecasting growth this year for the UK economy of 3.8%, down from the 6% estimated in the autumn
FTSE 100 closes in the green as equities find the strength to move higher
A "risk-on mood" dominated the day in financial markets, and equities have found the strength to move higher once more
BP 'cash machine' pays out for its chief executive
The fact remains that BP still makes most of its money from oil and gas.
BP will honour its Russian oil contracts
The company said it will not be making any new deals for energy supplies
BP’s higher cash flows offset “any hypothetical risk” to Rosneft dividend - analysts
“Our bullish commodity price deck suggests the company is likely to generate significant free cash flow in the coming years," RBC said in a note.
BP shares slump as Russia's invasion of Ukraine sparks Rosneft sanction fears
BP's 20% stake in Russian oil company Rosneft could be frozen after Russian President Putin sends in troops to Ukraine
BP ends sponsorship of National Portrait Gallery after activist pressure
The partnership, which lasted over 30 years, came under pressure in 2019 from artists and activists
What happens to BP’s Rosneft interests if Russia shares are sanctioned?
Some investors will wonder what will become of BP’s stake in one of Russia’s largest oil companies – others paying less attention, might be startled to remember that it has such exposure to the Russia-Ukraine crisis.
Britain must keep drilling for gas in North Sea, energy minister says
The government wants to maintain “robust domestic production” from the North Sea for energy security reasons, energy minister Greg Hands said in an interview with the Times
BP promises to over invest in Britain as shouts for windfall tax continue
BP said it will invest ‘more than double the profit it generates in the UK’ until the middle of the decade.
BP reveals bumper financials as oil prices soar
BP's cash flows close to tripled in the fourth quarter of 2021, even before the crude oil price pressed on above US$90 a barrel in recent weeks.
Builders and building materials
FTSE 100 ends lower as investors shun risk amid rising inflation
Meanwhile, US stocks jumped higher as investors digested another batch of corporate earnings and awaited key inflation data later this week
BP tipped to reveal bumper cash profits thanks to high oil prices
BP is the next so-called oil supermajor to report results amidst rising fuel prices and the drive of ESG.
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Exxon to Accelerate Buybacks After Biggest Profit Since 2014
Chevron Corp. reported record free cash flow late last week. Shell Plc, BP Plc and TotalEnergies SE are scheduled to post fourth-quarter earnings during the next two weeks. The boost in cash flow will allow Exxon to increase the pace of a $
Government closes energy company hedging loophole
The government has closed a loophole that prevents energy company owners from effectively asset-stripping an energy provider before leaving the provider to collapse into administration
BP and Shell snap up licences in Scottish offshore wind auction
The ScotWind leasing round was the first Scottish offshore auction for more than a decade.
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FTSE 100 ends lower as US stocks take a dive on weak payrolls report
At the close, the UK blue-chip index was 6.89 points, or 0.1% lower at 7,122.32, above the session low of 7,109.72, but well below the day's peak of 7,196.05
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FTSE 100 closes with strong recovery as omicron impact continues to be assessed
At the close on December 1, the UK blue-chip index was 109.23 points, or 1.6% higher at 7,168.68, not far below the day's peak of 7,182.01
BP to build green-hydrogen hub in the North-East
It is hoped the site will deliver 500Mwe of hydrogen by 2030
Is the sky high oil price making it difficult for ESG investors to stay away from fossil fuels?
Brent has been changing hands for over US$82 per barrel since mid-October as the debate on how to tackle climate change gets more heated up
BP profits come from fossil fuels – can they be replaced by renewables?
The energy giant is planning to divest US$25bn worth of oil and gas projects while at the same time increasing its renewables pipeline
BP shows how to make a convenient loss
To the environmentalists, it can say it made a loss of US$2.5bn and yet still added a further 2GW to the renewables pipeline while to the City it can point to another US$1.25bn of share buybacks
BP boasts strong underlying results as hedging obscures profit
“This has been another good quarter for bp - our businesses are generating strong underlying earnings and cash flow," said Bernard Looney.
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FTSE 100 loses ground at the close dragged down by big miners
The UK blue chip index still marginally in the red but US investors in positive mood ahead of central bank decisions
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Carbon capture projects led by BP, Shell and Drax get green light for government funding
The funding announcement came alongside the government's unveiling of the UK's net zero plan
Gas crisis: Four more energy suppliers expected to fold
So far, over 1.7mln UK customers have been moved to other suppliers after nine firms collapsed
Foreign tanker drivers shun chance to work in UK as petrol crisis rumbles on
London and the South-East remain the worst affected areas with around 20% of petrol stations said to be empty
Army drivers to focus on London and South-East petrol stations
Problems were "virtually at an end" in Scotland, the North and the Midlands said the retailers association
BP and ministers report petrol shortage crisis might be easing
The Petrol Retailers Association today reported that 26% of its members were out of fuel on Friday, a slight improvement on Thursday.
UK government mulls easing visa limits to end shortages crisis
A statement from Transport Secretary Grant Shapps urging people not to panic-buy only made the situation worse
BP shuts fuel stations due to lorry drivers shortage
At least 50 of the 1,200 BP-branded fuel pumps in the UK are closed
Gas crisis: UK mulls windfall tax on energy groups as gas producers to see soaring profits
Upstream energy companies are likely to see their earnings rocketing alongside the price of gas
BP solar venture Lightsource bp gets funding to develop 25GW by 2025
The solar power company expects to create over 500 new jobs over the next four years
Un-sustainable: 'blue' hydrogen proves more damaging than burning coal or natural gas
Blue hydrogen is made by splitting natural gas into hydrogen and carbon dioxide, with the greenhouse gas emissions supposedly absorbed using carbon capture processes
BP dividend raise is welcome surprise says UBS
The Swiss bank has an upbeat view on the transitioning oil major.
BP’s carbon offset programme hit by US forest fires - reports
The optics are far from ideal as forests commoditised as 'carbon offsets' burn in fires triggered by rising temperatures.
BP lifts dividend whilst transition efforts continue
"We continue to perform while transforming BP, generating value for our shareholders today while we transition the company for the future,” Bernard Looney said
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Footsie frenzy as BP, StanChart and Greggs report on Tuesday
Other results are expected from AG Barr, Joules and Standard
BT, Royal Mail and other FTSE giants call on more government support for electric vehicle switchover
Recommendations from the group “could unlock private sector investment of £50bn in infrastructure and fleets over next five years” they suggest
Tuesday to show how Games Workshop and Moonpig are navigating reopening trend
Others reporting on Tuesday include Reckitt Benckiser, Croda, Greencore Group, Kitwave, Mitie and Virgin Money UK
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Argo, Lloyds, Gamestop, Tesla and NIO top UK investors' share picks in 2021
Among investment trust choices, tech-focused Scottish Mortgage Investment Trust remained a favourite, with Pacific Horizon also very popular
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BP downgraded as outlook pessimism will be hard to shift says HSBC
The broker can’t see the market’s perception of the problems changing quickly
BP boosts renewables business with US solar acquisition
The deal to acquire development projects adds 9GW of future solar power capacity, with first projects set to reach investment decisions by 2025.
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FTSE 100 ends in positive territory; Wall Street reacts to strong jobs data
The UK blue chip index moved higher while Wall Street benefits from better than expected US jobless claims and Bitcoin recovers
Barclays says BP is the “most misunderstood’ large oil company
Analysts at the bank see significant upside to BP's current share price.
BP’s first quarter impresses as financials point in the right direction amidst transition
The financials showed BP is back on track following last year's volatility.
BP's transition and HSBC's outlook for China and Hong Kong to set tone on Tuesday
Final results are also due from Premier Inn owner Whitbread, though they are unlikely to make for positive reading
BP is coining it and has scope to hike the dividend
Today's trading update dropped heavy hints about a share buyback programme but nothing about restoring the dividend to pre-pandemic levels. Which would shareholders prefer?
BP set to meet quarterly target of US$35bn net debt, to return surplus cash via buybacks
The oiler plans to return at least 60% of surplus cash flow to shareholders through share buybacks
ESG investing: how to spot greenwashing
Executives have long figured out the importance of setting up environmental goals to reduce financial risk, but they need to be detailed
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FTSE 100 closes a shade lower as US markets also lag
The UK index of leading shares finished down around four points, or 0.07%, to stand at 6,736
BP unveils plan for huge new hydrogen plant on Teeside
The plant will produce up to 1Gw of ‘blue hydrogen’
Oil demand could peak early if governments implement clean energy strategies, says IEA
Global demand was forecast to rise by 3.5mln barrels per day by 2025 but it should decline by 3mln instead to meet the Paris Agreement goals
Scottish seabed windfarm auction delayed as oil groups send prices soaring
Crown Estate Scotland’s auction was scheduled to start on 24 March but now faces a six-week review
BP's entry into UK offshore wind sector points to higher electricity costs
“BP talks about the shift to renewables as “low regret, but low risk”, a phrase that we think is really too dismissive of the risk"
BP balancing act – are Looney's net zero ambitions compatible with profitable oil business?
Chief executive Bernard Looney in August launched a new and radical vision of BP's future.
BP flags US$20bn loss for 2020, eyes demand recovery as coronavirus vaccine programmes advance
“2020 will forever be remembered for the pain and sadness caused by COVID-19,” said chief executive Bernard Looney
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FTSE 100 moves ahead at a solid pace, Wall Street breaks into a run
Two days into February and we appear to be driving without a reverse gear
BP’s fourth quarter results to show a big business in transition
By investing in renewables, hydrogen and biofuels it plans to a be a diversified energy company for the future - but its the oil firm that releases fourth quarter results on Tuesday.
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BP to bring focus onto oil, with Amazon.com and Big Tech under microscope later
Other reports on Tuesday are expected from Glencore, SSE and Virgin Money UK
BP cuts stake in Oman gas project as push into renewables continues
The UK oil and gas giant has sold a 20% stake in Oman’s Block 61 to Thailand’s PTTEP Group for US$2.6bn.
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FTSE 100 closes ahead as Reddit investors set sights on silver
The Footsie was not so much going for gold today as going for silver
BP’s exploration headcount is shrinking rapidly - reports
BP has been in transition following the appointment of Bernard Looney last February.
Something better change
John Harrington gives his crystal ball a shake while whistling the Christmas carol "O Christmas Tree" to himself.
Hardware & electrical equipment
England begins journey on electric switchover with first dedicated EV filling station
The government has pledged £1.3bn to accelerate the rollout of charging points for electric vehicles in homes, streets and on motorways
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FTSE 100 ends on firm footing; Wall Street enjoys a bounce on election day
"The polls certainly seem to indicate that the race for the White House is almost a foregone conclusion but if I've learned anything about Trump, it's that he won't take defeat lightly," said OANDA's Craig Erlam
Proactive weekly oil & gas highlights: Shell, BP, Diversified Gas & Oil, Chariot Oil & Gas, Mosman Oil and Gas …
There was a steady stream of news from London's oilers again this week, albeit with the big caps in the spotlight
BP scrapes back into profit as it focuses on new strategy
As part of its strategy overhaul, BP has cut 10,000 staff, of which 2,800 have left already it said
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FTSE 100 closes south of 5,800, Wall Street takes a beating as election nears
The Footsie's decline has been gradual but persistent throughout the day
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FTSE 100 finishes higher on Thursday as stimulus talk boosts sentiment
Britain's top share index closed the afternoon session up around 12 points at 5,789
BP unlocks £400mln with forecourt deal, shares continue to languish
The oil and gas major's shares are traded down at their lows.
Oil prices remain rangebound as pandemic uncertainty continues to paralyse market
Oil prices were lower this week despite last week’s reassuring words from OPEC and friends
BP sees challenges and opportunities as it pushes energy transition plans
“The global energy system is likely to undergo a fundamental restructuring in order to decarbonize," BP said.
BP steps into offshore wind business with US$1.1bn US deal
“This is an important early step in the delivery of our new strategy"
BP to sell stranded oil and gas assets amid push to renewables - reports
BP on Tuesday unveiled plans to pivot to becoming an integrated energy company
What BP’s results tell us about the group’s lower carbon future
Halving the dividend as a long-term measure is only the tip of the iceberg, BP Plc's new strategy aims to reimagine the company.
BP's cut means half the FTSE 100 dividends hit by coronavirus
The total payout for the second quarter so far is the lowest since 2010
BP ‘resets’ dividend by 50% as it promises to cut oil production by 40% and massively increase investment in renewables
A 5.25 cents per share quarterly dividend is set to be the new normal for BP which aims to transition into an integrated energy company.
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FTSE 100 finishes little changed as traders lack sentiment driver
The UK index of premier shares closed up around three points, or 0.05% at 6,036
BP’s dividend and what else to watch for on Tuesday
Among the other announcements, numbers from Diageo and easyJet will also be of interest
BP sells petrochemicals arm to INEOS for US$5bn
It is the oil giant's second major sales to INEOS, the vehicle of reportedly Britain’s richest man, Jim Ratcliffe
UBS says extent of BP write-offs look disproportionate
The Swiss bank is now forecasting a dividend cut, potentially in the second quarter.
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Global Thematic Diary June 12th 2020
After the recovery from the 23rd March lows (supreme irony: the very date that many countries went into social and economic “lockdown”) and the -6% mini-crash last Thursday, we see stock markets as being in a redistribution phase as “shareh
Cancelled and cut FTSE 100 dividends now total over £26bn, with £25bn still to be decided in 2020
So far, the blue-chip index has seen around 42% of the total payouts for the 2020 calendar year cut or cancelled amid pandemic disruption
BP set for massive write offs as coronavirus aftermath predicted to accelerate global low-carbon transition
Economies will be "rebuilt better" in the wake of the pandemic, according to BP
BP to slash 10,000 jobs to save US$2.5bn amid oil price slump
In April, the firm reported a record US$4bn quarterly loss but maintained the dividend at 10.5 cents per share
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Wednesday to bring results from British Land and Britvic
Investors will also be treated to trading updates from St James's Place Capital and Provident Financial as well as BP's AGM
BP provides relief for hard-pressed dividend seekers
In 2019, the US$6.5bn paid by BP represented some 8.6% of the FTSE 100’s dividend returns.
BP falls to ‘historic’ US$4bn quarterly loss on coronavirus and crude demand drop but keeps dividend
The oil major retained its quarterly dividend in the face of starkly grim trading, not least a US$3.7bn drop in the value of crude held in storage