BP posts $5.7bn annual loss after coronavirus decimates oil market February 2, 2021 Oil supermajor BP swung to a $5.7bn ($4.2bn) reported loss in 2020 as the coronavirus pandemic sent oil demand plummeting. The combination of lower oil and gas prices, significant exploration write-offs and refining margins and depressed demand sent the firm deep into the red after 2019’s $10bn profit. The firm also undershot analyst expectations for [...]
BP sells stake in giant Omani gas project for $2.6bn February 1, 2021 BP has this morning sold a 20 per cent stake in a giant gas field in central Oman to Thailand’s national oil company for $2.6bn (£1.9bn). The oil giant will remain the operator of Block 61, the largest “tight gas” development in the Middle East, with a 40 per cent stake. It said that it [...]
The week ahead, 1-5 February: FTSE heavyweights front up to third lockdown January 31, 2021 After a turbulent opening to 2021, with new Covid-19 lockdowns around the world, spats over “vaccine nationalism”, and chaos on both Wall Street and Pennsylvania Avenue, a slew of FTSE heavyweights are set to update the market in what will be a crunch week for London’s indices. Despite a strong opening week, the FTSE 100 [...]
BP takes majority stake in carbon offset firm as green push continues December 16, 2020 BP has today taken a majority stake in carbon offset firm Finite Carbon as it continues with plans to transition to a low-emission business model. The oil giant is one of several commodities firms buying into the carbon offset sector, banking on the rising price of emissions credits to offset falling oil prices. Finite Carbon, [...]
BP to sell London headquarters to Hong Kong investment firm for £250m November 20, 2020 BP has announced the sale of its London headquarters to Hong Kong investment firm Lifestyle International for £250m. The oil giant, which is aiming to sell $25bn of assets by 2025, will lease the 1 St James’s Square property back for two years. BP, led by chief executive Bernard Looney, has already divested or agreed [...]
BP swings back to profit but coronavirus weighs on demand October 27, 2020 BP returned to a small profit in the third quarter, but warned the pace of recovery from Covid-19 remains uncertain as the pandemic weighs on fuel demand and refining profits. The oil major reported a profit of $86m (£66m) profit for the three months to 30 September, beating analysts’ expectations of a $120m loss. The [...]
BP takes first step into offshore wind with $1.1bn Equinor deal September 10, 2020 BP will make its first foray into offshore wind power after it today announced a $1.1bn (£845m) deal with Norwegian energy giant Equinor to buy 50 per cent of its US offshore operations. The acquisition is the latest step in the oil giant’s push into becoming a “integrated energy company”. It plans to develop 50 [...]
BP looks to a low carbon future after coronavirus oil carnage August 4, 2020 It’s not every day that an oil giant gets a slap on the back from Greenpeace. But that’s exactly what BP achieved this morning when it slipped out plans to produce 40 per cent less oil by the end of this decade. Alongside its second quarter results – which made ugly reading for investors, as [...]
BP halves dividend after record $6.7bn loss in coronavirus quarter August 4, 2020 BP halved its dividend, its first cut in a decade, after booking a record $6.7bn (£5.13bn) loss in a second quarter devastated by the impact of coronavirus. The figures BP fell to a $6.7bn loss on its preferred underlying replacement cost metric for the three months to 30 June. However, analysts had expected a $6.8bn [...]
BP set to axe 10,000 jobs due to coronavirus June 8, 2020 Oil giant BP will cut 10,000 jobs as a result of the coronavirus crisis, chief executive Bernard Looney announced today. Reuters first reported that Looney told employees of the cuts, which account for 15 per cent of BP’s workforce, in a global conference call this morning. In a company-wide email seen by CityAM, Looney [...]