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A general view of the BP logo and petrol station forecourt sign on January 22, 2024 in Southend, United Kingdom. British oil major BP on Thursday trimmed its executive team down to 10 members and announced William Lin as the new head of the firm's oil and low carbon energy business. BP said it was simplifying its organizational structure to help "grow the value" of the business. "These changes will help us do just that, reducing complexity within bp, allowing our team to focus on delivering our priorities and growing the value of bp," he added. The energy major said the financial reporting structure of the firm remains unchanged and that it will continue to have three businesses: production and operations, gas and low carbon energy and customers and products — enabled by trading and shipping.
Persons: William Lin, Lin, Isabel Dotzenrath, Emeka Emembolu, Ann Russell, Murray Auchincloss, BP's Organizations: United Kingdom ., IEC, London Locations: Southend, United Kingdom, Leigh
BP's EV charging arm cuts jobs, reduces global ambitions: Reuters
  + stars: | 2024-04-15 | by ( ) www.cnbc.com   time to read: +2 min
EV charging, however, remains one of BP's key growth engines. The changes at BP Pulse are "a step towards ensuring that we can execute our goals with even greater precision and effectiveness". BP Pulse has also stepped away from several bets it made since launching its energy transition strategy under previous group CEO Bernard Looney in 2020. BP last May also shut down its home EV charging business. The company says it expects returns from its EV charging and convenience stores operations to exceed 15% and create $1.5 billion in earnings before interest, taxes, depreciation, and amortization by 2025.
Persons: Murray, Tesla, Bernard Looney, Auchincloss Organizations: BP, Reuters, EV Locations: United States, Britain, Germany, China
A robust oil outlook on stronger-than-expected demand this year should provide a "hot summer" for energy stocks, according to Morgan Stanley. The investment bank has upgraded the energy sector to "attractive" as crude oil demand forecasts have improved on better-than-expected growth in the major economies. Morgan Stanley's top picks to play the oil rally are BP , TotalEnergies and Repsol . Strong demand combined with geopolitical risk should support Brent prices of $94 a barrel by the end of the summer, according to Rats and his colleagues. BP YTD mountain BP shares year to date BP stands out with a compelling distribution yield of nearly 11%, according to Morgan Stanley analysts.
Persons: Morgan Stanley, Morgan Stanley's, Martijn, Brent, Morgan Organizations: BP Locations: Ukraine
Five recession indicators that were flashing a warning sign about the economy have since retreated. AdvertisementVarious economic indicators that suggested a recession was imminent not too long ago have since retreated, according to Ned Davis Research. That means investors probably don't have to worry about an economic recession occurring any time soon. AdvertisementThese are the five recession indicators that are no longer flashing red as the resilient US economy continues to power forward. In February, the LEI ticked up 0.1% and the Conference Board no longer expects a recession," Kalish said.
Persons: Ned Davis, Joseph Kalish, Kalish, Board's LEI, LEI Organizations: Ned Davis Research, NDR, Gross, GDI, Conference Board
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWhen I approached Sen. Ted Cruz at the Capitol this week, he appeared upbeat, quipping that he was "living the dream" when I opened our conversation. iHeartMedia, which signed on as a corporate partner to the podcast in late 2022, has confirmed that the payments to the super PAC were derived from advertising revenue generated by podcast. The Campaign Legal Center and End Citizens United have also filed a complaint with the Federal Election Commission accusing Cruz of violating campaign finance laws. "When you write a positive story on something I've accomplished here, on legislation I've passed, then I'll answer your questions," Cruz replied.
Persons: , Sen, Ted Cruz, Cruz, iHeartMedia, Colin Allred, Allred, He's, Ron Johnson, JD Vance, Markwayne Mullin, I've Organizations: Service, Capitol, Texas Republican, Business, Democrat, Houston Chronicle, Democratic Rep, Legal, Citizens, Federal, BP, Capitol Hill, FEC, Sens Locations: Houston, BP America, Texas, Wisconsin, Ohio, Oklahoma
Goldman Sachs reiterates Alphabet as buy Goldman said it's sticking with its buy rating following the company's Google Cloud Next event. "We are initiating coverage of Airbnb (ABNB) with a BUY rating and a $190 per share price target." "Following a period of restriction, we are moving to an Overweight rating and a December 2024 price target of $140." "Given the increase in stock price, we believe valuation levels have disconnected from the fundamental outlook." Piper Sandler reiterates Meta as overweight Piper raised its price target on the stock to $600 per share from $525. "
Persons: Evercore, it's bullish, Goldman Sachs, Goldman, Berenberg, TD Cowen, Visa, Oppenheimer, it's, Snowflake, Raymond James, Simona Jankowski, Wells, Morgan Stanley, Moffett, We've, Marsh, Bernstein, Kenvue, underperform Bernstein, Johnson, Needham, Airbnb, CVX, TTE, Piper Sandler, Meta, Piper, Wells Fargo Organizations: JPMorgan, Apple, Mastercard, Barclays, Nasdaq, Nvidia, UBS, Gartner, IT, Deutsche Bank, ATI, Deutsche, Disney, Microsoft, TEAM, " Bank of America, Nike, of America, Citi, Robinhood, MMC, Qualcomm, Johnson, Consumer, Scotiabank, Hamilton Insurance, Costco, ~$ Locations: Albemarle, Chevron
Also registered in Liverpool in 1912 was the birth of John Tinniswood, who has just become the world's oldest man. Guinness World Records declared him the world's oldest man earlier this month, after the titleholder, Venezuelan Juan Vicente Pérez Mora, died at the age of 114 and 311 days. AdvertisementThe staff at his residential home describe Tinniswood as a "big chatterbox," according to Guinness World Records. Tinniswood is unphased by his new title, and told the Guinness World Records it "doesn't make any difference to me at all. AdvertisementBut no matter what you're doing, "always do the best you can, whether you're learning something or whether you're teaching someone," he told Guinness World Records.
Persons: , John Tinniswood, Tinniswood, Venezuelan Juan Vicente Pérez Mora, Blodwen, it's, you've, Elizabeth Francis Organizations: Service, Guinness World Records, Business, British Army Pay Corps, Royal Mail, Shell, BP, Guinness, Records, BBC, BBC News Locations: Liverpool, Southport, Venezuelan
US Steel's plant in Gary, Indiana, aims to deploy carbon capture to reduce its carbon footprint by 2026. Climate groups and some scientists say carbon capture is unproven and will worsen global warming. If completed, the project would be the first commercial carbon capture at a steel plant. A 3D rendering of where CarbonFree's carbon capture technology will attach to US Steel's mill. "It's not a viable pathway to decarbonize GaryWorks," Inskeep said of carbon capture.
Persons: Erika Chan, It's, CarbonFree, Martin Keighley, Keighley, , Ben Inskeep, Inskeep, GaryWorks, We've, hasn't, Chan, Joe Biden Organizations: Service, US Steel, Keighley, Citizens Action Coalition of Indiana, Steel, Cleveland Cliffs, Department of Energy, Nippon Steel, The United Steelworkers Locations: Gary , Indiana, Lake Michigan, GaryWorks, Indiana, Gary, East Arkansas, Cleveland, Ohio, Pennsylvania
A large suburban Philadelphia county has joined dozens of other local governments around the country in suing the oil industry, asserting that major oil producers systematically deceived the public about their role in accelerating global warming. The county wants oil producers to pay to mitigate the damage caused by climate change. The county's 31 municipalities will spend $955 million through 2040 to address climate change impacts, the group forecast last year. It said climate change policy is the responsibility of Congress, not local governments and courts. Circuit Court of Appeals dismissed a lawsuit by New York City against five oil companies to recoup damages caused by global warming.
Persons: Gene DiGirolamo, Theodore J, Boutrous Jr, ” Ryan Meyers Organizations: D.C, Center, Climate Integrity, BP, Chevron, ConocoPhillips, ExxonMobil, Philips, Shell, American Petroleum Institute, U.S, Circuit, New Locations: Philadelphia, Bucks, California , Colorado, Hawaii , Illinois, Maryland , New Jersey , New York , Oregon, South Carolina, Puerto Rico, Washington, Bucks County, Pennsylvania, New York City
It's all set up beautifully, and we can show you where to watch an Ireland vs. Scotland live stream for free today. ITV has you covered with today's free Ireland vs. Scotland live stream. You can also use it for more international viewing, such as:How to watch Ireland vs. Scotland live stream free from anywhereYou can watch Ireland vs. Scotland for free via the UK's ITVX streaming service. Sign in/create a free login and watch Ireland vs. Scotland. How to watch Ireland vs. Scotland live stream in the USANBC is the exclusive broadcast partner for the Six Nations in the United States.
Persons: ExpressVPN, Peacock, Stan Organizations: Business, Nations, Scotland, England, France, ITV1, BBC1, ITV, Ireland, Six Nations, USA NBC, BBC, Six, Australia Australian, Sports Locations: Ireland, Scotland, France, UK, USA, United States
British oil giant Shell on Thursday announced plans to moderate its near-term carbon emissions cuts, while maintaining its pledge to become a net-zero company by the middle of the century. Shell said it had also dropped its goal of a 45% reduction by 2035, citing "uncertainty in the pace of change in the energy transition." The net carbon intensity targets are measured against a baseline of emissions in 2016. We have updated our net carbon intensity target to reflect that change." Shell's update comes as European energy majors continue to tweak their plans in the transition to clean-energy technologies.
Persons: Shell, Wael Sawan Organizations: BP
Fossil fuels are the main driver of the human-caused climate crisis, and science shows deep, sustained reductions to emissions are required this decade. In an annual update on its energy transition strategy on Thursday, Shell said it will target a 15-20% reduction in net carbon intensity of its energy products by 2030 compared with 2016 intensity levels. Measuring emissions by intensity means a company can technically increase its fossil fuel output and overall emissions while using offsets or adding renewable energy or biofuels to its product mix. The company retired a previous target to reduce its carbon intensity by 45% by 2035. Shell also maintained its target to halve emissions from its own operations, known as Scope 1 and 2 emissions, by 2030, saying it had already achieved more than 60% of that target.
Persons: Shell, Wael Sawan’s, , , Backtrack, Mark van Baal, ” Shell Organizations: CNN Locations: , Paris, Singapore, Germany
New York (CNN) — Is the artificial intelligence boom on Wall Street a bubble primed to burst or the real deal? That’s the question investors have wrestled with since the Magnificent Seven tech stocks began turbocharging a powerful market rally last year. “A new bubble within a bubble like this, even one limited to a handful of stocks, is totally unprecedented,” he wrote in a Monday blog post. “The long-run prospects for the broad US stock market here look as poor as almost any other time in history,” he wrote. Still, the notorious market bear sees some areas of opportunity in the stock market.
Persons: , Jeremy Grantham, , Grantham, Granthan, , Hanna Ziady, Abu, Adnoc, NewMed Energy’s, Gan, Marc Stewart, Wayne Chang, ByteDance, ” Wang Wenbin, Wang Organizations: CNN Business, Bell, CNN, ” Tech, Monster, Nvidia, Boston, Federal Reserve, ChatGPT, BP, UAE, United Arab Emirates, NewMed Energy, Energy, Starbucks, McDonald’s, KFC, CNN Wednesday Locations: New York, Grantham, Israel, Gaza, Tel Aviv, China, America, American, Beijing
BP, Adnoc cancel Israel deal correction
  + stars: | 2024-03-13 | by ( ) www.cnbc.com   time to read: 1 min
In the Oct. 7 terror attack, 253 people were taken hostage, of which 123 have been freed. An earlier version misstated the figures.
Microsoft is rolling out an unorthodox pricing model for its new security chatbot that becomes available to the public on April 1. Microsoft considered input from early customers as well as the costs of tapping OpenAI's LLMs that process users' prompts, Vasu Jakkal, a corporate vice president at Microsoft, told CNBC. Microsoft charges for use of its Azure OpenAI Service based on the number of tokens a client uses. BP is an early customer of the new security service. Copilot for Security can answer questions by drawing on information from Microsoft's own security products and third-party providers.
Persons: Satya Nadella, Nadella, Andrew Conway, Conway, Vasu Jakkal, Chip Calhoun, Copilot, UnitedHealth Organizations: Microsoft, Security, Gaming, Activision Blizzard, Windows, Dynamics, CNBC, OpenAI, BP Locations: Seoul, Charlotte, Russian
London CNN —BP and an oil company owned by the United Arab Emirates have shelved talks to buy a 50% stake in Israel’s leading natural gas producer, judging the $2 billion deal too risky as the war in Gaza rages. “There can be no certainty that discussions will resume or that an agreement will be reached in the future, nor as to the terms of an agreement should one be reached,” NewMed Energy said. But the war has strained those ties, and the UAE has repeatedly called for an “immediate ceasefire” in Gaza. Separately, BP was one of six companies awarded licenses by Israel’s energy ministry in October to explore for natural gas off the country’s Mediterranean cost. Last month, they announced a joint venture to develop natural gas assets in Egypt.
Persons: Abu, Adnoc, NewMed Energy’s, Delek Organizations: London CNN, BP, United Arab Emirates, Energy, Starbucks, McDonald’s, KFC, NewMed Energy, Reuters, NewMed, Chevron Locations: Gaza, Tel Aviv, Israel, UAE, Egypt
DUBAI, United Arab Emirates — Plans for a 50% stake purchase by energy major BP and Abu Dhabi National Oil Company (Adnoc) in Israeli gas producer NewMed are on hold because of regional turbulence, NewMed said Wednesday. The three companies "have agreed, due to the uncertainty created by the external environment, to suspend discussions in relation to the proposed transaction," a NewMed statement said. The statement also said that BP and Adnoc "reiterated [their] interest in the proposed transaction," indicating that the deal was not permanently off the table. At the time, BP and Adnoc said that the deal would result in a joint venture from the two companies to focus on "gas development in international areas of mutual interest including the East Mediterranean." The two companies last month announced a separate gas joint venture in Egypt.
Persons: NewMed, Adnoc Organizations: Abu, Abu Dhabi National Oil Company, Tel, BP, CNBC Locations: Nasholim, DUBAI, United Arab Emirates, Abu Dhabi, Tel Aviv, Egypt
Gas prices have surged to four-month highs. Don’t panic
  + stars: | 2024-03-11 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
A gas price spike might be the last thing President Joe Biden needs to convince skeptical voters about his economic agenda. But experts say there is no reason to panic about gas prices, at least not yet. Gas prices always rise at this time of the year. Of course, there’s always the potential for unexpected events that could spike gas prices. If anything, De Haan said the earlier-than-expected jump in gas prices this year could cause prices to peak sooner than usual.
Persons: it’s, That’s, Joe Biden, Bespoke’s Paul Hickey, ” Hickey, , , Patrick De Haan, Andy Lipow, Lipow, there’s, GasBuddy’s De Haan, De Haan Organizations: New, New York CNN, AAA, Federal, Investment, CNN, Whiting, BP Locations: New York, Indiana —, Michigan, Illinois, OPEC, Saudi Arabia, Russia, Saudi Aramco, Ukraine
Trillions of tons of lightweight, energy-dense hydrogen gas may be hidden deep underground. Those natural reservoirs, known as geologic hydrogen, could be a fruitful carbon-free fuel source. Oil and gas giants BP and Chevron have joined a consortium to study geologic hydrogen. That's when an oil and gas company assessed a mine that had exploded in Mali and found it was full of hydrogen gas. In the US, two long stretches of this rock are a promising place to look for hydrogen reserves, and efforts are already underway.
Persons: Bill Gates, Geoffrey Ellis, Joe Biden's, didn't, Ellis, John Barrasso, Evelyn N, Wang, Pete Johnson Organizations: Service, United Airlines, BP, Chevron, US, Energy, Natural Resources, Business, Research Projects Agency, ARPA Locations: Alberta, Canada, Mali, Kansas, Ontario, Michigan, New Jersey, Georgia, France, Australia, Brazil, Colombia, Albania, Albania's, Tirana, GENT
UBS upgrades Norfolk Southern to buy from neutral UBS said it sees margin improvement for the railroad. Goldman Sachs initiates Super Micro as neutral Goldman said the stock is an "AI winner" but that valuation is full right now. UBS reiterates Eli Lilly as buy UBS raised its price target on the stock to $910 per share from $810. UBS reiterates Nvidia as buy UBS said it's sticking with its buy rating after a series of investor meetings with the company." Argus upgrades New York Times to buy from neutral Argus said it sees revenue growth for the newspaper company. "
Persons: Morgan Stanley, Disney, Piper Sandler, Piper, Guggenheim, Baird, SQSP, Goldman Sachs, Goldman, Bernstein, Tesla, underperform Bernstein, Eli Lilly, Wells, Melius, Citi downgrades Ferrari, Jefferies, Evercore, it's, Rosenblatt, Snowflake, Slootman's Organizations: BROS, Guggenheim, GSK, UBS, Norfolk Southern, Micro, JPMorgan, Nvidia, Kyverna Therapeutics, FLT, UDR, Conservative, America Health, RBC, Apple, Citi, Ferrari, Jefferies, BP, Barclays, Barclays downgrades, ISI, Toast Inc, Bank of America, Ball Corp, of America, Broadcom, New York Times Locations: Norfolk, China, New
The Vanguard Energy Fund originated in 1984 and until Levering arrived, it had focused for more than three-decades on oil, gas and coal investments. "My view was that's fossil fuel energy — that's not energy," Levering told CNBC in an interview. Levering took over the Vanguard fund in 2020 as the Covid-19 pandemic had effectively shut down the global economy. Levering said the Vanguard Energy Fund is structured to remain resilient and deliver returns through its hybrid approach, regardless of the macroeconomic turns the world takes. European oil majors The Vanguard Energy Fund remains heavily weighted toward oil and gas companies.
Persons: Tom Levering, Levering Organizations: Vanguard Energy Fund, CNBC, Vanguard, Wellington Management, U.S, Congress, Invesco, Utilities, Duke Energy, Shell, BP Locations: Covid, Russia, Ukraine, French, Southern
Mark Zuckerberg and his wife Priscilla are attending the lavish Ambani pre-wedding party in India. The Meta CEO appears to be in full vacation mode after being pictured with a floral garland. The event for Anant Ambani and Radhika Merchant is due to feature a performance by Rihanna. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . He appears to be in full vacation mode after flying in with his wife for the Ambani family's extravagant three-day affair.
Persons: Mark Zuckerberg, Priscilla, Ambani, Anant Ambani, Radhika Merchant, Rihanna, , Mukesh Ambani, Anant, He's, Viren Merchant, Isha Ambani, Anand Piramal, Priyanka Chopra, Nick Jonas, Hillary Clinton, Arianna Huffington, Mukesh, Nita, Bill Gates, Ivanka Trump, Zuckerberg, he'd, Larry Fink, Murray Auchincloss, Sundar Pichai, Jay Y, Lee, Rihanna hasn't, Abu Organizations: Service, Encore Healthcare, The, Samsung Electronics, Reuters, India Today, Prix Locations: India, Gujarat, The Times
Shares of oil giants and European infrastructure companies can act as a hedge against inflation while also delivering strong annual growth, according to fund manager Freddie Lait. Lait manages two funds — the Latitude Horizon Fund and the Latitude Global Fund — with more than $750 million of assets collectively and holds all three stocks in both funds. BP SHEL 1Y line The fund manager explained that with oil currently around $85 per barrel, and his assumption of $70-75 long-term, his oil and gas stock picks can generate nearly double-digit annual returns for shareholders. 'Phenomenally interesting' stock Beyond energy names, Lait said his favorite inflation-linked stock is Vinci which he described as "phenomenally interesting." The company operates a mix of toll roads and civil engineering projects with long-term inflation adjustment mechanisms.
Persons: Freddie Lait, Lait, Vinci, Goldman Sachs Organizations: Latitude Investment Management, Shell, CNBC Pro, International Energy Agency, London Gatwick, Atlantic City International, Vinci Locations: Saudi Arabia's, Aramco, Burbank, United States
New York CNN —A Texas man is facing insider trading charges and jail time after he used information gleaned from eavesdropping on his wife’s work-from-home calls, netting him $1.76 million from an upcoming oil industry acquisition. Loudon purchased 46,450 shares of TravelCenters stock after learning of the impending merger, according to an SEC filing. When the share price popped 71% following the announcement, he sold all of his shares, raking in more than $1.76 million. The SEC’s complaint, filed in the US District Court for the Southern District of Texas, charges Loudon with violating the antifraud components of federal securities laws. She reported the trading to her supervisor and was later terminated from the company, according to the filing.
Persons: New York CNN —, Tyler Loudon, , Loudon, , Eric Werner, “ Mr, Peter Zeidenberg, Roth Organizations: New, New York CNN, The Securities, Exchange Commission, SEC, Fort, Court, Southern, Southern District of, US, Office, CNN Locations: New York, Texas, Houston, Fort Worth, Southern District, Southern District of Texas
The SEC said that Loudon's wife acknowledged occasionally discussing the acquisition with her husband in "normal" married-couple types of conversations. But over the next few months, Loudon, without telling his wife, accumulated 46,450 shares of TravelCenters, according to the U.S. attorney's office. But in March, the Financial Industry Regulatory Authority requested from BP a list of people who were "in the know" about the TravelCenters acquisition before it happened. "Loudon's wife responded that they would." Loudon's wife reported her husband's insider trading to her BP supervisor but she was later fired from the company.
Persons: Tyler Loudon, Alamdar Hamdani, Loudon, Mr, Peter Zeidenberg, Loudon's, Roth, TravelCenters Organizations: BP, Southern District of Texas, Securities and Exchange Commission, CNBC, Authorities, TravelCenters, SEC, Roth IRA, Financial Industry, Authority Locations: Southend, United Kingdom, America, Houston, Southern District, Loudon, Rome, TravelCenters
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