|Bid||514.30 x 0|
|Ask||514.40 x 0|
|Day's range||514.20 - 532.60|
|52-week range||5.08 - 603.20|
|Beta (3Y monthly)||1.36|
|PE ratio (TTM)||11.74|
|Earnings date||29 Oct 2019|
|Forward dividend & yield||0.33 (6.36%)|
|1y target est||7.99|
Ion Energy Group Consultant Kyle Cooper told Yahoo Finance’s YFi PM that markets assumed Saudi Arabia's oil facilities were well-protected.
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.
Vietnam will abolish an import tax on crude oil from November, the government said on Tuesday, as the Southeast Asian country becomes more reliant on imported crude for its refineries. The 5% import tax will be abolished from Nov. 1, the Vietnam government said on its website. Vietnam has two operational oil refineries with combined processing capacity of 330,000 barrels of crude oil per day.
Egypt's Baltim South West offshore gas field backed by BP and Eni has started production of 100 million cubic feet of gas a day, the oil ministry said on Tuesday. Output will rise to 500 million cubic feet of gas by the second quarter of 2020 when five wells are expected to be online, it said in a statement. The Nile Delta field holds a potential 1 trillion cubic feet (tcf) of gas, Eni has said.
JPMorgan has upgraded its outlook for Europe's top oil and gas companies, forecasting sharp growth in shareholder returns while striking a downbeat note on the pace of a transition to low-carbon energy. JPMorgan's bullish tone comes amid calls from some investors and activists for reduced investment in oil and gas companies due to a gradual shift towards cleaner, renewable energy. The brokerage Redburn downgraded the sector earlier this month, citing increased risks from a global transition to renewables.
Britain's blue-chip index dropped on Monday as non-oil stocks took a hit from mounting geopolitical risks and growth concerns after crude prices rose due to the attacks on Saudi Arabian production facilities. The FTSE 100 slipped 0.6% overall, but a 4% gain in BP and 2% in Shell kept a lid on losses. The FTSE 250 was down 0.7%.
The valuations of integrated energy stocks ExxonMobil, Chevron, Shell, and BP have been slammed in Q3, led by volatile equity markets and oil prices.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. 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.
London's blue-chip index ended in the black on Thursday as trade concerns were soothed by a two-week U.S. tariff reprieve on Chinese imports and Morrisons jumped on upbeat profit and forecast. The FTSE 100 index was in and out of negative territory through the session but ended 0.1% higher, boosted by a 1% rise in tobacco giant BAT after layoff plans that offset losses in oil majors BP and Shell. The main index earlier touched a more than one-month high, helped by gains in global miners such as BHP and Anglo American after U.S. President Donald Trump agreed to delay increasing tariffs on $250 billion worth of Chinese imports.
Peter Stephens thinks the return potential of these two FTSE 100 (INDEXFTSE: UKX) shares is worth their additional risks compared to a Cash ISA.
BP is introducing continuous monitoring of methane leaks at new oil and gas projects using drones and surveillance cameras, in a bid to cut emissions of the potent greenhouse gas to near zero. The technology, which could encompass BP's entire output within a decade or so, comes as the oil and gas industry faces mounting pressure from investors and activists to cut heat-trapping emissions to meet 2015 Paris Climate Agreement goals. In what it said was an industry first, London-based BP said methane detecting and measurement technologies will be deployed at all its new projects globally to cut the volume of methane production it loses as emissions to below its current target of 0.2%.
South Africa's national oil company, PetroSA, expects its flagship Mossel Bay gas-to-liquid (GTL) refinery to run out of domestic supplies by the end of next year, a presentation to parliament showed on Tuesday. "Reserves are close to depletion and are expected to run out by December 2020 and there is still no sustainable techno-economic long-term solution for the gas-to-liquid refinery," a presentation by the Central Energy Fund said.
Major oil companies have approved $50 billion of projects since last year that will not be economically viable if governments implement the Paris Agreement on climate change, think-tank Carbon Tracker said in a report published on Friday. The analysis found that investment plans by Royal Dutch Shell, BP and ExxonMobil among other companies will not be compatible with the 2015 Paris Agreement, which aims to limit global warming to 1.5 degrees Celsius.
Oil major BP plans to sell more U.S. crude to Asia as its shale oil production grows, seeking to capitalise on growth in the world's key demand region. The strategy, outlined in a Reuters interview with company executives, follows BP's move to acquire giant miner BHP's assets in the United States' prolific Permian shale basin last year, expected to give its portfolio a boost in light-sweet crude production. "This (Asia) is a key growth region" for energy demand, said Sharon Weintraub, BP's chief executive officer of supply and trading for the eastern hemisphere.