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Companies Bp Plc FollowOSLO, April 22 (Reuters) - Norway's $1.4 trillion sovereign wealth fund, one of the world's largest investors, said on Saturday it will vote against a resolution calling on British oil major BP (BP.L) to adopt tougher greenhouse gas targets. The Norwegian fund, itself built on oil and gas revenue, owned 2.73% of BP's shares worth some $2.8 billion at the end of 2022. BP's board has recommended that shareholders vote against the resolution saying it was "unclear" what it wanted the company to do. Investor advisers ISS and Glass Lewis also recommended BP shareholders oppose the resolution, while Britain's Local Authority Pension Fund Forum (LAPFF) asked investors to back it. In February BP rowed back on plans to slash its 2019 oil and gas output levels by 40% by 2030, and now it envisages a 25% cut, angering climate activists.

Crude imports in March were 12.37 million bpd, while domestic output was 4.30 million bpd, giving a combined total of 16.67 million bpd. Subtracting the refinery throughput leaves 1.56 million bpd that likely flowed into either commercial or strategic inventories. The question for the oil market is what does it all mean for the outlook for crude oil demand in China? There is nothing inherently wrong with OPEC+'s forecast for global oil demand growth of 2.32 million bpd in 2023, or the 2 million bpd forecast from the International Energy Agency. By building stockpiles now, they can reduce crude imports later in the year if they deem prices to be too high.

☆ Britain eyes development roles in Japan offshore wind -official
▼ + stars: | 2023-04-16 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

The UK is one of the world's largest offshore wind markets, with more than 10 GW of installed capacity. Japan has launched a second major round of public auctions to select operators for four new areas capable of generating 1.8 GW of offshore wind power. It wants to install up to 10 GW of offshore wind capacity by 2030 and up to 45 GW by 2040. Shapps did not specifically mention the offshore wind power auctions but said there were "very broad areas of cooperation between UK and Japan" in offshore wind development. He also noted the targets set by G7 on solar and offshore wind generation were "overall" for the group.

For the first quarter, China's refined product exports were up 59.8% to 18.2 million tonnes, equivalent to about 1.62 million bpd. For the first quarter in 2022, refined fuel exports were 1.01 million bpd, meaning they have risen by 610,000 bpd in the same period this year. IMPACT OF FUEL EXPORTSThere are also several other questions for the market to ponder, such as do strong Chinese refined fuel exports, while increasing China's crude imports, actually result in lower demand elsewhere as China's products displace supplies from other exporters? It's likely that China's refined product exports will remain elevated in April as refiners use up their quotas and Beijing encourages exports as part of efforts to boost economic activity. Overall, the current picture in China is one of strong crude imports and even stronger refined product exports.

The blue-chip FTSE 100 (.FTSE) rose 0.5%, while the mid-cap FTSE 250 (.FTMC) lost 0.1% as of 0807 GMT. Oil and gas (.FTNMX601010) added 0.8% as crude prices gained against the dollar, lifting oil giants BP Plc (BP.L) and Shell Plc (SHEL.L) 0.6% and 1.0%, respectively. "The FTSE 100 is falling in line with the positive sentiment we saw at the start of the week, overlooking the China-Taiwan tensions," said Giles Coghlan, chief market analyst at HYCM. While concerns over a potential recession in the U.S. amid persistent inflation have weighed on sentiment recently, the FTSE 100 has been on a positive streak, helped by commodity stocks and defensives including pharmaceuticals. Shares of West Africa-focused oil producer Tullow Oil (TLW.L) slid 2.9% on Jefferies' downgrade to "underperform" from "hold."

☆ FTSE 100 up as oil stocks rise; Cineworld slumps
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.5%, FTSE 250 flatApril 3 (Reuters) - UK's FTSE 100 hit a three-week high on Monday, lifted by oil giants as crude prices rallied following a surprise output cut by OPEC+, while theatre chain Cineworld neared record lows as it failed to find a buyer for its U.S., UK and Ireland businesses. Energy heavyweights Shell Plc (SHEL.L) and BP Plc (BP.L) advanced over 4% each as crude oil prices jumped more than 5% following an unexpected output cut over the weekend by the Organization of the Petroleum Exporting Countries(OPEC) and its allies. The broader energy sector (.FTNMX601010) was up 4.3%, on course for its biggest daily gain in more than four months. The export-oriented FTSE 100 (.FTSE) rose 0.5%, kicking off the new quarter with gains, as the pound slipped. Reporting by Johann M Cherian in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ UK pension funds threaten to vote against BP and Shell directors over climate targets - FT
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +1 min

March 12 (Reuters) - Two of the UK's largest pension schemes will vote against the election of top directors at BP Plc (BP.L) and Shell Plc (SHEL.L) at their annual meetings unless both companies improve their commitments to tackling carbon emissions, the Financial Times reported on Sunday. Shell declined to comment, while BP, USS and Borders to Coast did not respond immediately to requests for comment. BP said previously it aimed to cut emissions from fuels sold to customers to 20% to 30% by 2030, less than an earlier target of a 35% to 40% reduction, and it planned to reduce its total emissions to net zero by 2050. Shell has pledged to be a net zero carbon company by 2050 and has said its overall carbon emissions peaked in 2018 at around 1.7 billion tonnes. ($1 = 0.8314 pounds)Reporting by Mrinmay Dey in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ CERAWEEK-BP says fuel efficiency has more impact on oil demand than EVs
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowHOUSTON, March 7 (Reuters) - Fuel efficiency in new light vehicles is having a bigger impact on fuel demand than rising sales of electric vehicles, BP Chief Executive Bernard Looney said at an energy conference on Tuesday. "That is locked in, and that's having a bigger impact on oil demand than electric vehicles," Looney said at the CERAWeek energy conference. Around 3 percent of the global vehicle fleet is EVs, he said. With more efficient vehicles and many more electric vehicles on the road, fuel demand could fall by 5 million to 10 million barrels per day by 2040, Looney said. The existing global light vehicle fleet consumes about 32 million bpd, he said.

☆ Chevron CEO does not rule out consolidation among oil majors
▼ + stars: | 2023-02-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, Feb 28 (Reuters) - Chevron Corp. (CVX.N) Chief Executive Michael Wirth on Tuesday said a consolidation between the five top Western oil producers remains a possibility but would face regulatory hurdles. Soaring stock prices and cash levels at oil-focused U.S. energy majors has driven Wall Street talk of potential deals for European oil producers. Citi analysts in January speculated Chevron or Exxon Mobil (XOM.N) could acquire BP PLC (BP.L), Shell PLC (SHEL.L) or TotalEnergies (TTEF.PA) due to valuation differences. "I never say never about anything," Wirth said in a media briefing following the company's annual business update for investors. Chevron is not in a hurry for M&A in oil or renewable energy and remains committed to keeping a tight rein on spending even during periods of high energy prices and cash abundance, he said.

☆ BP to buy TravelCenters for $1.3 bln in U.S. fuel retail drive
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

Feb 16 (Reuters) - BP Plc (BP.L) will buy truck fueling provider TravelCenters of America Inc (TA.O) for about $1.3 billion in cash, the companies said on Thursday, as the British energy giant seeks to expand its travel convenience and fuel supply footprint in the country. Shares of the U.S. truck stop operator surged about 71% to $84.3 in morning trading, hovering near BP's per share offer of $86. TravelCenters owns a network of about 281 highway sites across 44 states and offers services including diesel and gasoline fuel, truck maintenance and repair, restaurants, travel stores, and parking. BP has been pushing to boost its investments in convenience, bioenergy and EV charging. By 2030, the London-listed company aims for around half its annual investment to go into these transition growth engines.

☆ BP to buy TravelCenters of America for $1.3 billion
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

Feb 16 (Reuters) - TravelCenters of America Inc (TA.O) said on Thursday it would be acquired by BP Plc (BP.L) for about $1.3 billion in cash, as the British energy giant looks to expand its travel convenience and fuel supply footprint in the United States. BP has offered $86 per TravelCenters share held, which represents a 74% premium to the stock's last close on Wednesday. TravelCenters owns a network of about 281 highway sites across 44 states and offers services including diesel and gasoline fuel, truck maintenance and repair, restaurants, travel stores, and parking. Convenience is one of BP's five strategic transition growth engines. By 2030, the London-listed aims for around half its annual investment to go into these transition growth engines.

☆ The Fight to Define Green Hydrogen, With Billions of Dollars at Stake
▼ + stars: | 2023-02-12 | by ( Amrith Ramkumar | Katherine Blunt | ) www.wsj.com time to read: 1 min

Some of the world’s biggest companies are fighting over what qualifies as green energy. At stake are tax credits worth billions of dollars under the new U.S. climate law for one of the most-hyped clean-energy technologies. Industry leaders such as BP PLC and NextEra Energy Inc. are arguing against renewable-energy companies including Vestas Wind Systems A/S and Intersect Power LLC over tax credits for hydrogen, a fuel that when made from renewable energy could reduce carbon emissions from transportation and other industrial sectors by replacing oil and gas.

Companies Bp Azerbaijan FollowBp Plc FollowLONDON/BAKU, Feb 8 (Reuters) - BP Azerbaijan has declared force majeure on loadings of Azeri crude from the Turkish port of Ceyhan, after a series of earthquakes on Monday, the company said on Wednesday. The notice was issued to oil shippers following a temporary suspension of loading operations from the Ceyhan Marine Terminal (CMT), BP Azerbaijan spokeswoman Tamam Bayatly told Reuters by email. BP Azerbaijan operates the Azerbaijan and Georgia sections of the Baku-Tblisi-Ceyhan (BTC) pipeline. Azerbaijan uses the Turkish port of Ceyhan as its main crude export hub, with a flow of about 650,000 barrels per day (bpd). The Iraqi crude pipeline to Turkey's Ceyhan oil export hub resumed flows on Tuesday evening and a tanker docked to load Iraqi crude at Ceyhan earlier in the day.

Companies Bp Plc FollowLONDON, Feb 7 (Reuters) - BP (BP.L) reported on Tuesday a record profit of $28 billion in 2022, lifted by a surge in energy prices since Russia's invasion of Ukraine as the company increased its dividend by 10% in a sign of confidence in the market's continued strength. BP's fourth-quarter underlying replacement cost profit, the company's definition of net income, reached $4.8 billion, compared with forecasts of a $5 billion profit in a company-provided survey of analysts. That compared with $4 billion a year earlier and $8.2 billion in the third quarter of 2022. BP boosted its dividend by 10% to 6.006 cents per share. It halved its dividend to 5.25 cents in July 2020 for the first time in a decade in the wake of the pandemic.

☆ BP Slows Transition to Renewable Energy as Oil Bonanza Continues
▼ + stars: | 2023-02-07 | by ( Jenny Strasburg | ) www.wsj.com time to read: 1 min

LONDON— BP PLC said it would slow its transition to lower-carbon energy, as oil-and-gas production helped push the company to a record profit last year. BP’s results showed it joining its peers on both sides of the Atlantic in capitalizing on soaring energy prices. And its strategic shift highlighted how fossil fuels continue to be the profit drivers for the industry’s biggest players.

☆ BP Adds Nearly $28 Billion to Record Full-Year Profits of Oil Giants
▼ + stars: | 2023-02-07 | by ( Jenny Strasburg | ) www.wsj.com time to read: 1 min

LONDON— BP PLC became the latest oil giant to post a record annual profit last year, joining peers on both sides of the Atlantic in capitalizing on soaring energy prices. BP also said it would cut oil-and-gas production at a slower rate than it previously targeted. In a significant pullback from the company’s previous target under Chief Executive Bernard Looney , BP said Tuesday it now aims to reduce fossil-fuel production by 2030 by around 25% from 2019 levels. That compares with its previous aim to cut that output by 40% during the same period.

☆ BP’s CEO Plays Down Renewables Push
▼ + stars: | 2023-02-01 | by ( Jenny Strasburg | ) www.wsj.com time to read: 1 min

LONDON— BP PLC Chief Executive Bernard Looney plans to dial back elements of the oil giant’s high-profile push into renewable energy, he has said in recent discussions with people close to the company. Mr. Looney has said he is disappointed in the returns from some of the oil giant’s renewable investments and plans to pursue a narrower green-energy strategy, according to people familiar with the discussions. He has told some of the people that BP needs to do more to convince shareholders of its strategy to maximize profit in areas where it has a competitive advantage, including its legacy oil-and-gas operations.

☆ BP’s CEO Plays Down Renewables Push as Returns Lag
▼ + stars: | 2023-02-01 | by ( Jenny Strasburg | ) www.wsj.com time to read: 1 min

LONDON— BP PLC Chief Executive Bernard Looney plans to dial back elements of the oil giant’s high-profile push into renewable energy, according to people familiar with recent discussions. Mr. Looney has said he is disappointed in the returns from some of the oil giant’s renewable investments and plans to pursue a narrower green-energy strategy, the people said. He has told some people close to the company that BP needs to do more to convince shareholders of its strategy to maximize profits in areas where it has a competitive advantage, including its legacy oil-and-gas operations.

☆ Exxon smashes Western oil majors' profits with $56 billion in 2022
▼ + stars: | 2023-01-31 | by ( Sabrina Valle | ) www.reuters.com time to read: +5 min

"Overall earnings and cash flow were up pretty significantly year on year," Exxon Chief Financial Officer Kathryn Mikells told Reuters. "So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control." Exxon boasted that its cash flow from operations soared to $76.8 billion last year, up from $48.1 billion in 2021. Part of it is explained by rising costs in the Permian, with inflation in the double digits, amid "really, really hot" demand for equipments and services, he said. Exxon's results come ahead of what are expected to be strong earnings from Shell plc on Thursday and from BP plc and TotalEnergies next week.

☆ Exxon smashes Western oil majors' earnings record with $59 billion profit
▼ + stars: | 2023-01-31 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The scale has renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies. "So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control." Exxon said it incurred a $1.3 billion hit to its fourth quarter earnings from a European Union windfall tax that began in the final quarter and from asset impairments. Slapping new taxes on oil earnings "has the opposite effect of what you are trying to achieve," she said, adding it would discourage new oil and gas production. Adjusted fourth quarter per share profit was $3.09 per share, below the $3.32 per share forecast by Zacks Financial.

☆ Ukraine war to accelerate shift to clean energy, BP says
▼ + stars: | 2023-01-30 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

Companies Bp Plc FollowLONDON, Jan 30 (Reuters) - Russia's war in Ukraine is expected to weigh on long-term energy demand and accelerate the world's shift to renewables and low-carbon power as countries boost domestic energy supplies, BP (BP.L) said in a report on Monday. In its benchmark 2023 Energy Outlook, BP Plc said the Ukraine war will slow global economic activity by 2035 by around 3% compared with last year's forecast due to higher food and energy prices as well as reduced trade activity. Energy security - BP's 2023 Energy OutlookRussia is a major exporter of energy and other commodities. At the same time, a surge in global energy prices last year led governments to accelerate domestic energy production including nuclear, renewables, hydropower and coal. Oil demand - BP 2023 Energy OutlookFinal energy consumption - BP 2023 Energy OutlookReporting by Ron Bousso; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ The Disney Executive Who Made $119,505 a Day
▼ + stars: | 2023-01-18 | by ( Erich Schwartzel | ) www.wsj.com time to read: 1 min

Geoff Morrell, Disney’s former chief corporate-affairs officer, was an outsider, having worked for years in the Pentagon and at BP PLC. Even by show-business standards, former Walt Disney Co. executive Geoff Morrell netted a massive payday from his brief time in Hollywood. Mr. Morrell started working at Disney on Jan. 24, 2022, as the company’s chief corporate-affairs officer. He left less than four months later following a public-relations implosion that led to employee protests and pitted the company and then-CEO Bob Chapek against Florida Gov. Ron DeSantis .

☆ BP produced 20.4 mln tonnes of oil in Azerbaijan in 2022 - ministry
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: 1 min

Companies Bp Plc FollowBAKU, Jan 13 (Reuters) - BP (BP.L) produced 20.4 million tonnes of oil in Azerbaijan in 2022, the energy ministry said on Friday. Gas production from the Azeri-Chirag-Guneshli (ACG) field totalled 13.4 billion cubic metres (bcm), the energy ministry said, while 25.2 bcm was produced from the Shah Deniz gas project. Reporting by Nailia Bagirova Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Trinidad prepared to reject BP, Shell offshore exploration bids -sources
▼ + stars: | 2022-12-28 | by ( Curtis Williams | ) www.reuters.com time to read: +2 min

REUTERS/Ranu Abhelakh/File PhotoCompanies Bp Plc FollowShell PLC FollowPORT OF SPAIN, Dec 28 (Reuters) - Trinidad and Tobago is preparing to reject four offshore exploration bids by BP Plc (BP.L) and Shell Plc (SHEL.L), according to people familiar with the matter, because they failed to meet the government’s minimum requirements. If not, the blocks will not be awarded, officials at the Ministry of Energy and the Cabinet told Reuters. The Caribbean country urgently needs new gas supplies to boost its liquefied natural gas (LNG) production. The Energy Ministry objected to the offers' conditional commitment to drill new wells and what it described as a meager signing bonus. BP’s president for Trinidad and Tobago operations, David Campbell, had urged movement on the bids saying BP needs to access deepwater fields for future output.

☆ Indonesia, BP sign 20-yr contract extension for LNG operations in Papua
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

The extension would allow BP and its partners to operate on the fields until 2055, BP said in a statement. The working areas supply to Tangguh liquefied natural gas (LNG) plant. Indonesia usually extends a PSC two to 10 years before it expires, but BP needed to secure a longer contract to guarantee its long-term investment plan, according to Dwi Soetjipto, chairman of Indonesia's upstream regulator SKK Migas. Output from LNG Tangguh plant is estimated to drop before 2030 if there is no new exploration. Energy minister Arifin Tasrif said Tangguh gas production is needed to supply Indonesia's increasing energy demand as the country will rely on gas while transitioning to cleaner energy.

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