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☆ Texas man eavesdropping on wife’s phone calls faces criminal charges — and divorce — after $1.76 million insider trading plot
▼ + stars: | 2024-02-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

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

☆ Don’t look now but gas prices are rising fast
▼ + stars: | 2024-02-16 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Gas prices always rise as winter winds down because demand increases and gas stations must switch over to more expensive summer fuel. No matter the cause, rising gas prices are bad news for consumers already frustrated by the cost of living. And they undercut the election year message of a White House that previously pointed to cheap gas prices as evidence that Bidenomics is working. First, oil prices — the main driver of retail gas prices — tend to increase during this time of the year. For instance, without the usual backstop, last summer’s historic heatwave that knocked some refineries offline unexpectedly lifted gas prices across the country.

Persons: New York CNN —, ”, Patrick De Haan, doesn’t, De Haan, That’s, Andy Lipow, It’s, BP’s Whiting, Whiting, Lipow, ” Lipow Organizations: New, New York CNN, AAA, ’, Lipow Oil Associates, ”, BP, heatwave Locations: New York, Washington, Southern California, Indiana, Midwest, Ohio, Illinois, Colorado , Utah, Arizona, New Mexico, Colorado, That’s, Israel, Iran, Saudi Arabia

☆ BP to Increase Oil Output, New Chief Says
▼ + stars: | 2024-02-06 | by ( Stanley Reed | ) www.nytimes.com time to read: 1 min

BP’s new chief executive, Murray Auchincloss, promised a flexible approach to the shift away from fossil fuels as the oil giant reported a $3 billion profit in its latest quarter on Tuesday. BP has a plan to become what Mr. Auchincloss called an integrated energy company. But in the meantime, “we see growing demand for energy right now across the globe,” he said. “It is not slowing down.”BP is “going to invest in today’s energy system, to help make sure that prices don’t get out of control,” Mr. Auchincloss said. “So that’s investing into oil and gas,” he added, while also putting money into alternative energy sources like biofuels and hydrogen.

Persons: BP’s, Murray Auchincloss, Auchincloss, “, Mr Organizations: BP Locations: London

☆ Oil investors are ‘really responding’ to shareholder returns, Energy Intelligence says
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil investors are ‘really responding’ to shareholder returns, Energy Intelligence saysNoah Brenner, executive editor at Energy Intelligence, discusses BP’s latest quarterly earnings and reflects on the outlook for the British oil giant.

Persons: Noah Brenner Organizations: Email, Energy Intelligence

Auchincloss, a 53-year-old Canadian who was BP’s chief financial officer for more than three years, took on the top job in September after Looney's surprise resignation. Auchincloss joined BP when it took over oil firm Amoco in 1998. “Since September, BP’s board has undertaken a thorough and highly competitive process to identify BP’s next CEO, considering a number of high-caliber candidates in detail,” BP chairman Helge Lund said. He was denied 32.4 million-pound ($41 million) worth of salary, pension, bonus payments and shares, after BP said he had committed “serious misconduct” by misleading the board. BP has had four different bosses over the past 15 years.

Persons: Murray Auchincloss, Bernard Looney, Looney's, Auchincloss, BP’s, ”, Helge Lund, Lund, ” Auchincloss, Charlie Kronick, ” Kronick, ” Looney, Bob Dudley Organizations: BP, Amoco, RBC Capital Markets, Greenpeace Locations: “, Gulf of Mexico

☆ Wind Power Write-Downs Cast Shadow Over Industry Outlook
▼ + stars: | 2023-11-01 | by ( Giulia Petroni | ) www.wsj.com time to read: +5 min

Wind-power developer Orsted scrapped projects in New Jersey citing supply-chain problems and high interest rates. Orsted , BP and Equinor have collectively written off $4.8 billion against U.S. offshore wind projects in recent days. Equinor, BP’s partner on the Empire Wind and Beacon Wind projects, booked an impairment of around $300 million on its U.S. portfolio. Utility Dominion Energy on Tuesday received a key federal approval for its 2.6-gigawatt offshore wind project in Virginia. And Orsted confirmed its final investment decision into Revolution Wind, an offshore 704-megawatt project in Connecticut and Rhode Island.

Persons: Wayne Parry, Orsted, Mads Nipper, henning bagger, ”, Phil Murphy ’, Martin Tessier, Stifel ’, —, Engie, Vattenfall, Russ Mould, AJ Bell, Dominic, Giulia Petroni Organizations: Associated, U.S, Agence France, Republicans, Democratic Gov, ”, BP, Iberdrola, Shell, Business, Siemens Energy, Dominion Energy, giulia.petroni@wsj.com Locations: New Jersey, U.S, Danish, New York, Connecticut, Massachusetts, Swedish, Norfolk, Virginia, Rhode Island, Asia Pacific, Europe

☆ BP buys $100 million worth of Tesla chargers
▼ + stars: | 2023-10-26 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +1 min

CNN —Oil and gas company BP has agreed to purchase $100 million worth of electric vehicle chargers from Tesla. This marks the first time Tesla has ever sold chargers to another company, according to an announcement from BP. BP will begin installing the chargers next year, but no specific number of chargers was mentioned in the announcement. These chargers won’t look like other Tesla chargers, though. BP Pulse, BP’s EV charging business, operates 27,000 charging points currently and has announced plans for rapid expansion.

Persons: Tesla Organizations: CNN —, BP, Tesla, CCS, Amoco, Hertz, EV Locations: America

☆ Europe’s oil majors are stuck as M&A party-poopers
▼ + stars: | 2023-10-26 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Oil pump jack is seen in front of displayed U.S. dollar banknote and decreasing stock graph in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Oct 26 (Reuters Breakingviews) - Back in June the boss of $220 billion UK oil major Shell (SHEL.L), Wael Sawan, told investors mergers and acquisitions were not his priority. The decision of $430 billion Exxon Mobil (XOM.N) and $295 billion Chevron (CVX.N) to acquire $60 billion Pioneer Natural Resources (PXD.N) and $53 billion Hess (HES.N) respectively ought to change the game. But it would remain a stretch for either to ape their U.S. peers and buy a big oil group. Hess investors will receive 1.025 shares of Chevron for each share held, worth $171 per share based on the closing price on Oct. 20.

Persons: Dado Ruvic, Wael Sawan, Hess, Murray Auchincloss, Patrick Pouyanné, ’, Shell, Neste, Warren Buffett’s, Pouyanné, George Hay, Streisand Neto Organizations: REUTERS, Reuters, Exxon Mobil, Chevron, Natural Resources, Exxon, Shell, Occidental Petroleum, Exxon Mobil’s, Thomson Locations: Finnish, Denmark, U.S, Occidental

☆ Israel’s fossil fuel boon becomes less clear-cut
▼ + stars: | 2023-10-19 | by ( Yawen Chen | ) www.reuters.com time to read: +5 min

LONDON, Oct 19 (Reuters Breakingviews) - Israel’s growing gas sector has a significance that extends east and west. Analysts at Israel’s Bank Leumi had estimated that exports would jump to at least 11 bcm this year. Israel’s 1,087 bcm of gas reserves in 2022 yielded 21 bcm of production, of which 9 bcm was exported, with a doubling of exports to Israel’s main market, Egypt. Still, Israel’s gas sector has gone from a helping hand to a potential headache. Follow @ywchen1 on XCONTEXT NEWSDutch TTF Natural Gas Futures, Europe’s benchmark gas index, were trading at 48 euros per megawatt hour as of 0823 GMT on Oct. 19.

Persons: –, Yair Lapid, Israel’s Bank Leumi, It’s, NewMed, Abraham, Gaza’s, Isabel Dotzenrath, George Hay, Streisand Neto Organizations: Reuters, United, United Arab Emirates, Israel’s Bank, LNG, Abu, Abu Dhabi National Oil Company, NewMed Energy, Abraham Accords, BP, Natural Gas Futures, Intercontinental Exchange, Chevron, Mediterranean Gas, Oil, Energy, Thomson Locations: United Arab, Israel, Europe, Russia, Egypt, Brussels, Abu Dhabi, Ahli, ’, Jihad, Gaza, Jordan, Denver

☆ BP succession fail puts spotlight on its board
▼ + stars: | 2023-09-14 | by ( George Hay | ) www.reuters.com time to read: +4 min

But the surprise departure of former leader Bernard Looney the previous day reflects poorly on the company’s board. Looney’s resignation, after failing to fully disclose details of past relationships with colleagues, appears to have caught BP by surprise. That’s embarrassing for the board, whose responsibilities include planning for succession in case something happens to the CEO. Auchincloss told staff in a brief town hall meeting on Sept. 13 that the company’s aims were unchanged. And our focus remains on performance – quarter by quarter,” Auchincloss, who was previously chief financial officer, told staff, according to a company spokesperson.

Persons: Dado Ruvic, Murray Auchincloss, Helge Lund, Bernard Looney, Debra Crew, Ivan Menezes, Looney, John Browne’s, Browne, Tony Hayward, Hayward, Lund, Bernard Looney’s, Auchincloss, hasn’t, ” Auchincloss, Peter Thal Larsen, Oliver Taslic Organizations: REUTERS, Reuters, Interim, Diageo, BP, Irish, Thomson Locations: British

☆ BP CEO exit raises strategy and board questions: podcast
▼ + stars: | 2023-09-14 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Sept 14 (Reuters Breakingviews) - Bernard Looney resigned after he failed to disclose past relationships with staff. In this Viewsroom podcast, Breakingviews columnists debate what that means for the oil giant’s commitment to net zero, and whether BP’s board did all it could have done. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Bernard Looney, Oliver Taslic Organizations: Reuters, Thomson

☆ CEOs are having their worst year in decades
▼ + stars: | 2023-09-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Oil prices hit 10-month highGlobal oil prices climbed above $92 a barrel on Tuesday for the first time in nearly 10 months, reports my colleague Matt Egan. Takeaways from Apple’s iPhone 15 eventTuesday was a big day for Apple as the tech titan unveiled its iPhone 15 lineup along with other major updates during its September keynote event. Among the highlights: The iPhone 15 Pro and iPhone 15 Pro Max now feature a titanium casing, allowing the design to be slimmer and thinner than before. The iPhone 15 comes in 5 colors (white, black, pink, green and yellow) and in two sizes: A 6.1-inch screen for the iPhone 15 and 6.7 inches for iPhone 15 Pro. The iPhone 15 will start at $799, and iPhone 15 Pro will start at $999.

Persons: New York CNN — It’s, ”, Bernard Looney, Looney, Stewart Glendinning, Timothy Baxter, Baxter’s, Baxter, Macy’s, Rosalind Brewer, Neil Saunders, hasn’t, Matt Egan, Brent, Matt Smith, “, Clare Duffy, Samantha Murphy Kelly, Max Organizations: CNN Business, Bell, New York CNN, Ferguson Partners, BP, Express, Tyson Foods, Walgreens Boots Alliance, Walgreens, “, Americas, AAA, Apple Locations: New York, —, Libya, “ Libya, Kpler, Russia, Saudi Arabia

LONDON (AP) — Global energy giant BP, one of Britain’s biggest and most recognizable companies, is scurrying to find a new chief executive after CEO Bernard Looney became the latest corporate leader to step down amid questions about his personal conduct. BP conducted an internal review last year after receiving allegations about personal relationships between Looney and other company employees. “The company has strong values and the board expects everyone at the company to behave in accordance with those values,” BP said. Looney had spent his entire career at BP after joining the company as an engineer in 1991. Soon after becoming CEO, Looney set a goal of achieving net zero emissions by 2050 — in line with goals then adopted by the U.K. government.

Persons: Bernard Looney, Looney, Murray Auchincloss, ”, “, Bob Dudley, Harvey Weinstein, Jess Staley, Jeffrey Epstein, Jeff Shell Organizations: —, BP, London Stock Exchange, Greenpeace, Barclays, . Locations: Ukraine

BP’s (BP.L) chief executive resigned late on Tuesday after the UK oil giant’s board found he had not been sufficiently transparent about past relationships with company colleagues. While his exit appears unrelated to strategy, it puts Chair Helge Lund and the rest of BP’s board on the spot over the $112 billion group’s future direction. On the face of it, BP’s strategy should be unaffected by Looney’s missteps. While Looney subsequently revised the reduction in hydrocarbons to 25%, BP remained more committed to the energy transition than European rival Shell (SHEL.L) or U.S. giants Exxon Mobil (XOM.N) and Chevron (CVX.N). Reuters Graphics Reuters GraphicsLund and board colleagues may be minded to do the same.

Persons: Bernard Looney, Helge Lund, Looney’s missteps, Looney, Wael Sawan, Norway’s Equinor, Murray Auchincloss, Peter Thal Larsen, Sharon Lam Organizations: Reuters, BP, Shell, Exxon Mobil, Chevron, Exxon, New Shell, Reuters Graphics, Graphics Lund, International Energy Agency, Thomson Locations: Ukraine, Germany, U.S

☆ BP’s Chief, Bernard Looney, Resigns Over Relationships
▼ + stars: | 2023-09-12 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: 1 min

BP, the London-based oil giant, said on Tuesday that its chief executive, Bernard Looney, had resigned after acknowledging that he had not been “fully transparent” in disclosing his past personal relationships with colleagues. In a 2022 investigation, Mr. Looney acknowledged “a small number of historical relationships with colleagues” before becoming chief executive two years earlier, and BP concluded that he had not breached its code of conduct, the company said. But the company said it had recently received information that prompted another investigation, leading to Mr. Looney’s decision to resign. “He did not provide details of all relationships and accepts he was obligated to make more complete disclosure,” BP said. The company said Murray Auchincloss, the chief financial officer, would replace Mr. Looney on an interim basis.

Persons: Bernard Looney, Looney, ”, “, Murray Auchincloss Organizations: BP Locations: London

☆ Fast, cheap and deadly
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +18 min

Fast, cheap and deadly How fentanyl replaced heroin and hooked AmericaLeer en EspañolReuters obtained and analyzed ten year’s worth of data on drugs seized by U.S. Customs and Border Protection (CBP) agents at ports of entry along the southern border. It shows: Fentanyl seizures by weight more than tripled in the last quarter of 2022 compared to a year earlier. Pills were mentioned in nearly half of fentanyl border seizure incidents in 2022, up from just 6% five years earlier. A fifth of fentanyl seizures take place on pedestrians, the Reuters analysis shows. Over the same period, heroin seizures fell more than 80% from over 2,000 kg, according to the Reuters analysis.

Persons: Bryce Pardo, Troy Miller, Joe Biden, Andres Manuel Lopez Obrador, ”, Chris Urben, Urben, Joaquin ‘ El Chapo ’ Guzman, “, CBP’s Miller, Jonathan Caulkins, James Mandryck, Oxycontin, Lopez Obrador, narcotrafficking, Lopez, Rosa Rodriguez, Cecilia Farfan, Mendez, Freed, Pardo, Romain Le Cour, Cour, Carlos Perez, Perez Organizations: Reuters, U.S . Customs, Border Protection, U.S . Centers for Disease Control, United Nations Office, Drugs, DEA, CBP, U.S, Nardello, Carnegie Mellon University, U.S . Postal Service, Chinese Foreign Ministry, Mexico's, North, Forensic Laboratory, University of California, Global, Transnational, U.S . Congress ’ Commission, New Generation, Center for Research Locations: Mexican, U.S, Mexico, Sinaloa, El Paso, Arizona’s Nogales, United States, offscreen, sierra, China, Beijing, Washington, University of California San Diego ., ”, New, New Generation Jalisco, Mexico City

☆ As Climate Change Worsens, Big Oil’s Support for Clean Energy Is Lacking - The New York Times
▼ + stars: | 2023-08-07 | by ( Jason Bordoff | ) www.nytimes.com time to read: +1 min

If you’ve been listening to the world’s major energy companies over the past few years, you probably think the clean energy transition is well on its way. The company also raised its dividend, diverting money that could be used to develop clean energy. BP’s share prices surged earlier this year when the company walked back its plan to reduce oil and gas output. The industry can point to efforts to reduce emissions and pursue green energy technologies. But those efforts pale in comparison with what they are doing to maintain and enhance oil and gas production.

Persons: Shell Organizations: International Energy Agency

☆ BP Reports Sharply Lower Earnings as Oil Prices Slide
▼ + stars: | 2023-08-01 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +2 min

Behind the NumbersThe sharp drop was largely because of lower prices for the oil and natural gas that the company produces and sells. Energy prices soared last spring after Russia’s invasion of Ukraine, generating huge profits for oil companies. Since then, all major energy companies have been hit by lower prices, but BP’s earnings fell more proportionally than those of other large oil companies like Chevron and Shell. In a reminder of how important dividend payments from large energy companies are to investors, BP said it would increase its distribution by 10 percent, to about 7.3 cents a share, despite the earnings drop. Mr. Looney suggested the price was lower than it might seem because it will be gradually paid over nearly 20 years.

Persons: Bernard Looney, There’s, Mr, Looney, ”, ‘ Organizations: Energy, Chevron, Shell, BP, Oil, Brent Locations: Ukraine, London, Germany, China, United States

☆ BP appeal requires more than short-term sweeteners
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 1 (Reuters Breakingviews) - Bernard Looney is throwing cash at BP’s (BP.L) shortcomings. In the three months to the end of June the $109 billion European oil major missed expectations by a wide margin, with net income falling 70% to $2.6 billion year-on-year. Wael Sawan, his counterpart at rival Shell (SHEL.L) who only took the helm this year, has refocused his company on “molecules” – from oil and gas to low-carbon hydrogen and biofuels. But Shell has done better, and Bernstein analysts recently estimated BP was trading at a yawning 87% discount to the sum of its parts. The risk for Looney is that if investors want to own one European oil major, it won’t be his.

Persons: Bernard Looney, Looney, Wael Sawan, Shell, Bernstein, won’t, Yawen Chen, Steve Cohen, ’, George Hay, Pranav Kiran Organizations: Reuters, Shell, outperforming, Exxon Mobil, Chevron, BP, Twitter, Sequoia, Thomson Locations: outperforming U.S, India

☆ BP’s German wind option risks multiple blowbacks
▼ + stars: | 2023-07-13 | by ( George Hay | ) www.reuters.com time to read: +5 min

But Germany also aims to raise as much cash as possible from selling wind power development rights. But wind projects around the world have been hit by turbine makers like Siemens Gamesa and Vestas (VWS.CO)hiking prices in 2022 by 30%. Shaking down the private sector is fine, but not if you’re left with no wind projects. Reuters Graphics Reuters GraphicsFollow @gfhay on TwitterCONTEXT NEWSOil majors BP and TotalEnergies have won a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion). BP’s initial payments totaling 678 million euros, equivalent to 10% of the bid amount, will be paid by July 2024.

Persons: Bernard Looney, TotalEnergies, Looney, TotalEnergies ’, Patrick Pouyanné, Bernstein, you’re, BP, Aimee Donnellan, Pranav Kiran, Streisand Neto Organizations: Reuters, BP, Bernstein Research, Siemens, Reuters Graphics Reuters, TotalEnergies, Federal, Thomson Locations: Germany, Berlin, U.S, Heligoland, Baltic, Ruegen, Europe, TotalEnergies

☆ Shell and BP’s Hidden Spark
▼ + stars: | 2023-05-08 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Shell, like BP, produced more oil and gas to offset lower energy prices. Photo: Peter Boer/Bloomberg NewsEurope’s cheap oil stocks are straining to catch up with more highly valued American ones. Shell and BP continued to make bumper profits in the first quarter of the year. They produced more oil and gas to offset lower energy prices, but their commodity traders also played a role. While neither company splits out profits from trading, BP said its gas trading result was “exceptional” in the quarter.

☆ How Vodafone-Three can woo competition regulators
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 4 (Reuters Breakingviews) - Vodafone (VOD.L) hopes that three will be its magic number. A merger of Vodafone’s domestic unit with Three UK, the Hong Kong conglomerate’s British business, would shrink the number of mobile operators to three from four. Mobile operators throughout Europe have long lamented antitrust authorities’ preference for keeping at least four players in a market to ensure price competition. Yet Vodafone’s case would be easier to defend if UK operators hadn’t hiked their tariffs in unison by about 11% last spring, a move they seem likely to repeat again this year. That would place the competition watchdog with a tougher choice: slick 5G networks, or four low-priced operators.

☆ Shopify offloads its logistics baggage
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

TORONTO, May 4 (Reuters Breakingviews) - Shopify (SHOP.TO) is finding that simpler is better after all. Investors welcomed the move: Shares of the company led by Tobias Lütke shot up over 20% in morning trade. Shopify wanted to build out its own logistics business, and now it's leaving that job to Flexport instead. That said, Shopify already uses partnerships with other companies to expand in hard-to-crack areas like fintech, including with payments giant Stripe and buy-now-pay-later company Affirm (AFRM.O). Although Shopify said on Thursday that first-quarter revenue rose 25% year-on-year, beating analyst expectations, Shopify's small-business customers are under pressure from rising interest rates.

☆ BNP only partly earns title of Europe’s JPMorgan
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 3 (Reuters Breakingviews) - Bank investors and analysts often like to say that BNP Paribas (BNPP.PA) is the closest Europe has to a JPMorgan (JPM.N), the goliath of U.S. banking that just bought First Republic Bank (FRC.N). Compare that with Deutsche Bank (DBKGn.DE), whose deposits fell by 4.7% over the same period. JPMorgan will earn a 19% return on tangible equity this year, using Visible Alpha consensus data, which is good even for a U.S. bank. There’s no shame in losing to a bigger stateside rival on returns, but BNP also risks falling behind regional peers. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ UniCredit’s M&A hunt has more glitter than gold
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

The resulting improved valuations should in theory put the veteran dealmaker in a strong position to pounce on a rival. As Orcel pushed up earnings, UniCredit shares have recovered and their ratio with BPM is now back to where it was before the conflict. Still, the two lenders have diverged operationally: after a better-than-expected quarter UniCredit is now forecasting net earnings of over 6.5 billion euros in 2023, almost double the 3.9 billion euros it delivered in 2021. At 3 euros, its projected earnings per share this year are more than four times the 0.7 euros seen in 2021, Refinitiv data shows. (By Lisa Jucca)(Corrects to change “5.5 billion euros” to “over 6.5 billion euros” in paragraph three.)

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