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☆ UK's Labour vows planning reform and clean energy transition as King's Speech reveals key policies
▼ + stars: | 2024-07-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

King Charles III, wearing the Imperial State Crown and the Robe of State reads the King's Speech from the The Sovereign's Throne next to Queen Camilla, wearing the George IV State Diadem in the House of Lords chamber, in the Houses of Parliament on July 17, 2024 in London, England. LONDON — The U.K.'s new Labour government on Wednesday outlined a raft of proposed legislation, including the nationalization of rail operators and the creation of a publicly-owned clean power company. In a speech delivered by King Charles III on behalf of the administration, the government said it is "committed to a clean energy transition that will lower bills for consumers over time," adding that it would establish Great British Energy, headquartered in Scotland, to help accelerate investment in renewable energy such as offshore wind. The speech listed a broad range of proposals, many of which have already been announced. A pledge of economic growth was yet again front and center in the speech, described in the opening lines as a "fundamental mission" which would help the country move on from the cost of living crisis.

Persons: King Charles III, Queen Camilla, George IV, Charles Organizations: Imperial State Crown, George, Labour, British Energy, Microsoft Locations: State, London, England, Scotland

☆ Keir Starmer must fix Britain’s economic mess after UK election win
▼ + stars: | 2024-07-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

London CNN —British voters have handed the Labour Party its first election victory in almost two decades, hoping that a new center-left government will revive Britain’s ailing economy and fix collapsing public services. The win is a triumph for Keir Starmer, a former chief prosecutor who only entered parliament in 2015 and will become prime minister later Friday. “It feels good, I have to be honest.”But Labour’s jubilation may soon give way to trepidation given the economic challenges ahead. Making these problems even harder to solve: stubbornly low economic growth. To some extent, the government is likely hoping economic growth will be stronger than forecast and help with both goals.

Persons: Conservative Party —, Keir Starmer, ”, ” Gregory Thwaites, ” ‘, “, Paul Johnson, —, Dominic Lipinski, Johnson, Louise Hellem, Rachel Reeves, Stefan Rousseau, ” Brexit Organizations: London CNN — British, Labour Party, Conservative Party, National Health Service, Universal Credit, CNN, Labour, for Fiscal Studies, Bloomberg, Getty, Wealth Fund, Great, Great British Energy, “, Confederation of Business Industry, Conservative, Shadow, AP, European Union, Trade Locations: England, Scotland, Wales, Selby, UK, Great British, Britain, Southampton, United States

☆ Can Keir Starmer give Britain the change it desperately wants?
▼ + stars: | 2024-06-23 | by ( Luke Mcgee | ) edition.cnn.com time to read: +10 min

Barring a major shock, Labour leader Keir Starmer will be the person walking through the famous black door of 10 Downing Street in less than three weeks’ time. His parents were political, naming their eldest after the first Labour leader in parliament, Keir Hardie. “He’s the first Labour leader in a generation to talk about class and snobbery,” Tom Baldwin, author of “Keir Starmer: The Biography,” told CNN. Jeremy Corbyn, then the Labour leader, made Starmer his Brexit chief following the 2016 referendum. Starmer, left, and then-Labour leader Jeremy Corbyn talk to the media at the EU Commission headquarters on March 21, 2019 in Brussels, Belgium.

Persons: Rishi Sunak, Conservative Party –, –, Keir Starmer, Starmer, John Stillwell, Keir Hardie, “, ” Tom Baldwin, “ Keir Starmer, ”, …, ” Baldwin, Jeremy Corbyn, Corbyn, Osama bin Laden, Thierry Monasse, Boris Johnson, James Schneider, Dominic Grieve, ” Grieve, Grieve, ” Starmer, Stefan Rousseau Organizations: CNN, Conservative Party, Labour Party, Labour, Downing, Great, Great British Energy, European Union, Public Prosecutions, Crown, Service of, Wales –, University of Leeds, University of Oxford, NATO, EU, Conservative, Conservatives Locations: Britain, Great British, Service of England, London, Brussels, Belgium, Lancing, West Sussex

☆ BP misses expectations as profits slip on weaker oil and gas prices
▼ + stars: | 2024-05-07 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

BP on Tuesday reported a fall in first-quarter profit, with results coming in below analyst expectations amid a "significantly weaker" margin in fuels and lower gas and oil prices. The British energy giant logged underlying replacement cost profit, used as a proxy for net profit, of $2.7 billion. That was down from $3 billion the previous quarter and compared with an estimate in an LSEG-compiled consensus of $2.9 billion. The results reflect lower oil and gas realizations and a "significantly weaker" fuels margin, the company said in its Tuesday statement. This is a breaking news story and will be updated shortly.

☆ Shell’s shrinking green pledge risks backfiring
▼ + stars: | 2023-11-02 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

REUTERS/Callaghan O’Hare Acquire Licensing RightsSINGAPORE, Nov 2 (Reuters Breakingviews) - Shell (SHEL.L) CEO Wael Sawan has upped the UK group’s quarterly buyback plan while cutting back on unprofitable low-carbon activities. His pivot back into fossil fuels has shielded the $217 billion company from the wind energy troubles now ensnaring European peer BP (BP.L) and renewables giant Orsted (ORSTED.CO). But the strategy can work only as long as volatile energy prices stay high. Shell’s $6.2 billion third-quarter adjusted net profit shrunk by a third from a year earlier but came in line with analysts’ expectations. So far this year, the total return for Shell’s shareholders has hit 17%, above rivals like BP and TotalEnergies (TTEF.PA).

Persons: Wael Sawan, Daniel Yergin, Callaghan O’Hare, Sawan, Shell, pare, Lisa Jucca, Streisand Neto Organizations: Shell, P Global, REUTERS, Rights, Reuters, BP, EV, Nature Energy, Exxon Mobil, Chevron, Reuters Graphics Reuters, Carbon Solutions, Renewables, Energy Solutions, Thomson Locations: Houston , Texas, U.S, Rights SINGAPORE

☆ Oil major BP misses estimates for third quarter as profits plummet
▼ + stars: | 2023-10-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

LONDON — Oil major BP on Tuesday reported a steep year-on-year fall in profits, missing analyst estimates. The British energy giant logged underlying replacement cost profit, used as a proxy for net profit, of $3.293 billion in the third quarter. Analysts had expected profit to come in at $4.059 billion in the third quarter, according to a collection of estimates by LSEG. Quarterly growth came from a rise in oil and gas production and higher realized refining margins, along with a "very strong oil trading result," BP said. The year-on-year profits of BP and other energy majors plunged in the second quarter, following weaker fossil fuel prices that have since risen sharply.

Persons: Borkhataria, Bernard Looney, Murray Auchincloss, Auchincloss, Dave Lawler, Looney Organizations: Oil, BP, LSEG, RBC Capital Markets, Organization of, Petroleum Locations: Warmister, Wiltshire, England, BP's London, U.S

☆ Worried about a slowdown? One asset management firm shares a way to hedge — and names 10 global stocks
▼ + stars: | 2023-10-27 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

They define that form of value as "combined yield, a blend of dividend yield, free cashflow yield and net buyback yield." "Combined yield has been the best performing of the long-short European factors that we track, year-to-date," the analysts said. Stock screen AllianceBernstein performed a screen of "High Combined Yield Stocks" in Europe for the final quarter of the year. Equinor is listed on both the Oslo Stock Exchange and Nasdaq, while BP is traded on the London Stock Exchange and Frankfurt Stock Exchange. BP is also traded on the New York Stock Exchange in the form of American depositary shares.

Persons: it's, AllianceBernstein, France's, Norway's, — CNBC's Michael Bloom Organizations: Tesco, BP, Oslo Stock Exchange, Nasdaq, London Stock Exchange, Frankfurt Stock Exchange, New York Stock Exchange, Systems, Deutsche Post Locations: Europe, Belgian, British, Swiss

☆ Turbine troubles have sent wind energy stocks tumbling — and a slew of issues remain
▼ + stars: | 2023-10-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

A Siemens Gamesa blade factory on the banks of the River Humber in Hull, England on October 11, 2021. Siemens Energy made the headlines earlier this year when it scrapped its profit forecast and warned that costly failures at wind turbine subsidiary Siemens Gamesa could drag on for years. It sparked concerns about wider problems across the industry and thrust Europe's wind energy giants' earnings into the spotlight. Read more:Deutsche had previously highlighted challenges in the wind turbine industry including supplier delays, lower tax credits and rising rates. Reliability issues Those surveyed by ONYX also expressed reliability concerns, with 69% expecting more reliability issues due to aging assets and 56% seeing problems associated with new turbine technology.

Persons: PAUL ELLIS, Kepler Cheuvreux, Morgan Stanley, Morgan, Ben Uglow, Ørsted, Read, —, Ashley Crowther, Crowther Organizations: Siemens, AFP, Getty, Siemens Energy, Grid Technologies, Siemens Gamesa, Gas, Grid, Deutsche Bank, Deutsche, Vestas, ONYX Locations: Hull , England, Ukraine

☆ The UK Labour Party has a Biden-esque economic plan — but it's very different to Bidenomics
▼ + stars: | 2023-10-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

LIVERPOOL, U.K. - Oct. 11, 2023: Britain's main opposition Labour Party leader Keir Starmer applauds a speaker the final day of the annual Labour Party conference in Liverpool, northwest England, on October 11, 2023. Paul Ellis | Afp | Getty ImagesLONDON — The U.K.'s main opposition Labour Party last week set out the economic platform it hopes will propel it to power at next year's general election, and the transatlantic parallels were clear. Reeves promised last week to "rebuild Britain" as the party seeks to de-risk business investment in emerging technologies with a new national wealth fund, maintaining an active state while harnessing private investment to drive economic growth. Labour's desired parallels to "Bidenomics" were discussed at a host of fringe events throughout the conference in Liverpool, particularly with regards to the "crowding in" of private investment — a Keynesian economic theory that suggests increased government spending can spur increased private investment. Just because the policies may be oriented towards boosting infrastructure and investment, unless they have that debt finance component, it's not Bidenomics."

Persons: Keir Starmer applauds, Paul Ellis, Keir Starmer, Starmer, they're, Rachel Reeves, Joe Biden's, Reeves, Britain —, Biden, Kallum Pickering, Liz Truss, Truss, Rishi Sunak, Pickering, it's Organizations: LIVERPOOL, Labour Party, Afp, Getty, Labour, U.S, Biden administration's, U.S . Treasury, CNBC, Bank of England, Conservative Party, U.S ., University of Pennsylvania Locations: Liverpool, England, America, Britain, Germany, France

☆ UK Labour leader promises 'a decade of national renewal' in disrupted conference speech
▼ + stars: | 2023-10-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A protester throws glitter over and disrupts Labour leader Sir Keir Starmer making his keynote speech during the Labour Party Conference in Liverpool. (Photo by Stefan Rousseau/PA Images via Getty Images)LIVERPOOL, England — U.K. opposition Labour Party Leader Keir Starmer on Tuesday promised "a decade of national renewal" during a keynote conference speech disrupted by a protester. The Labour leader opened his speech by promising "a decade of national renewal," a signal of the party's confidence of a generational shift in power after next year's General Election. "This Labour Party will fight the next election on economic growth. An economy that works for the whole country is what the British people want," he added, arguing that investment in national infrastructure was key to securing better distributed growth.

Persons: Sir Keir Starmer, Stefan Rousseau, Keir Starmer, Starmer, thrall Organizations: Labour Party Conference, Images, Labour Party, Labour, National, Great, Great British Energy Locations: Liverpool, LIVERPOOL, England, Great British, Scotland

☆ Former BP boss Bob Dudley says Looney’s shock exit ‘came out of nowhere’
▼ + stars: | 2023-10-03 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Arun Sankar | Afp | Getty ImagesFormer BP CEO Bob Dudley on Tuesday said that Bernard Looney's abrupt resignation last month came as a shock and denied any prior knowledge of the latter's past personal relationships with colleagues. Looney succeeded Dudley, who stood down as BP CEO in 2020. He informed the company that he was not "fully transparent in his previous disclosures" about relationships with colleagues before becoming CEO, BP said. "Things at BP are OK. We move forward as you would expect, despite the change that happens," interim BP CEO Murray Auchincloss said Monday during a CNBC-moderated ADIPEC panel session. Dudley — who now chairs the Oil and Gas Climate Initiative, an organization backed by BP, Saudi Aramco, Exxon Mobil and other Big Oil firms — echoed Auchincloss' view.

Persons: Bernard Looney, Arun Sankar, Bob Dudley, Bernard Looney's, Dudley, Looney, Murray Auchincloss, Auchincloss, It's, Dudley — Organizations: Afp, Getty, BP, Financial Times, CNBC, Abu Dhabi International Progressive Energy Congress, BP Plc, Abu, Abu Dhabi International Petroleum Exhibition, United, Bloomberg, Climate Initiative, Exxon Mobil, Big Oil Locations: New Delhi, Abu Dhabi, United Arab Emirates, Saudi Aramco

☆ UK gives approval for controversial Rosebank oil and gas field development
▼ + stars: | 2023-09-27 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

A view of Sullom Voe Terminal, an oil and gas terminal in the Shetland Islands on September 2021. LONDON — British regulators on Wednesday gave approval for Norway's energy giant Equinor to develop the controversial U.K. offshore Rosebank field in the North Sea, just off the northwest coast of the Shetland Islands. The North Sea Transition Authority said it has also given the necessary consent. Finance Minister Jeremy Hunt said: "We are accelerating renewables and nuclear power, but will still need oil and gas for decades to come — so let's get more of what we need from within British waters." The approval comes after Britain in July confirmed plans to issue hundreds of new oil and gas licenses in the North Sea, despite its stated target to decarbonize all of the national sectors of the economy by 2050.

Persons: Equinor, Claire Coutinho, Jeremy Hunt Organizations: LONDON, Transition, Ithaca Energy, . Energy Security Locations: Shetland Islands, North, Shetland

Looney's surprise resignation came after allegations of personal relationships with company colleagues surfaced recently, prompting the company to launch an investigation. That followed allegations the board investigated in May 2022 relating to personal relationships with company employees. During that review, Looney disclosed "a small number of historical relationships with colleagues prior to becoming CEO." Looney informed BP's board on Tuesday that he did not fully disclose details of all relationships, prompting his resignation. BP shares ended up 1% before the FT earlier reported his resignation after trading closed in London.

Persons: Bernard Looney, Amr Abdallah Dalsh, Murray Auchincloss, Looney, Looney's, BP's, Bob Dudley, Anirudh, Krishna Chandra Eluri, Marguerita Choy Organizations: BP, Egypt's, Petroleum, REUTERS, BP Auchincloss, Shell, Chevron, Exxon Mobil, Morningstar, Reuters, Thomson Locations: Cairo, Egypt, London, New York, COVID, Russia, Ukraine, Bengaluru, Shadia

LONDON (AP) — The chief executive of British energy giant BP has resigned after he accepted that he was not “fully transparent” in his disclosures about past relationships with colleagues, the company said Tuesday. He is stepping down with immediate effect and will be replaced by chief financial officer Murray Auchincloss on an interim basis, BP said. A statement from the firm said its board reviewed allegations relating to Looney's conduct “in respect of personal relationships with company colleagues" in May last year. The executive disclosed a small number of past relationships prior to becoming CEO and no breach of company rules was found, the statement said. “The company has strong values and the board expects everyone at the company to behave in accordance with those values.

Persons: Bernard Looney, Murray Auchincloss, Looney “, Looney Organizations: BP

☆ Offshore wind drops out of UK auction on costs, risking climate goals
▼ + stars: | 2023-09-08 | by ( Nora Buli | ) www.reuters.com time to read: +4 min

General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain, September 5, 2018. The result was bad news for Britain's 2050 net zero emissions target, which calls for 50 gigawatts (GW) of offshore wind capacity by 2030 versus around 14 GW now. In a 2022 auction, offshore wind projects were the main recipient of funding, with 7 gigawatts (GW) awarded, but developers did not even bid in the latest auction, the results of which were published on Friday. The lack of new offshore wind capacity would cost consumers 1 billion pounds a year, it added. Bid prices for renewable energy CfDs are expressed in 2012 money, with inflation meaning actual prices are higher.

Persons: Orsted, Phil Noble, Graham Stuart, Ed Miliband, Sweden's Vattenfall, Nora Buli, Miral Fahmy, Jason Neely Organizations: REUTERS, UK's Department for Energy Security, Turbine, Energy, Britain, Labour Party, Conservatives, Thomson Locations: Walney, Blackpool, Britain, OSLO, Oslo

☆ UK could lose global climate leadership, says former energy minister
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

Chris Skidmore is seen outside Downing Street, as uncertainty over Brexit continues, in London, Britain May 21, 2019. "We are in this global net zero race, we have been climate leaders in the past, we're about to lose that leadership," he said. There is no free rider opportunities in net zero. Asked if Sunak should attend the COP28 climate summit in person to help Britain hold onto its net zero leadership, Skidmore said it was policy outcomes which were the most important thing. "Yes, it's nice if we can have a prime minister turn up, but I don't think it's essential," he said.

Persons: Chris Skidmore, Brexit, Hannah Mckay, decarbonisation, Jobs, Rishi Sunak's, Sunak, Skidmore, William James, Sachin Ravikumar, Muvija, Sarah Young Organizations: REUTERS, Rights Companies Edf Energy Nuclear Generation, Reuters IMPACT, Thomson Locations: Downing, London, Britain

☆ Shell to sell home energy business in UK, Germany to Octopus Energy
▼ + stars: | 2023-09-01 | by ( Susanna Twidale | ) www.reuters.com time to read: +2 min

The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsLONDON, Sept 1 (Reuters) - Shell (SHEL.L) said on Friday it would sell its home energy business in the UK and Germany to British energy supplier Octopus Energy Group as part of a deal in which the two companies explore a partnership on EV charging. “This agreement follows the announcement during our Capital Markets Day to divest our home energy retail business in Europe,” said Shell Executive Vice-President Steve Hill. Shell Energy Retail Limited in the UK and Shell Energy Retail GmbH in Germany provide domestic gas, power and broadband services to about two million customers and operate under the Shell Energy brand. Shell and Octopus have also signed a memorandum of understanding to explore a potential international partnership over electric vehicles (EV) charging, including for Shell Recharge subscribers, Shell said.

Persons: Chris Helgren, ”, Steve Hill, Shell, Susanna Twidale, Radhika Anilkumar, Savio D'Souza, Chizu Organizations: Shell, REUTERS, Octopus Energy, EV, Shell Energy Retail Limited, Shell Energy Retail GmbH, Shell Energy, Gas, Shell Energy Retail, Thomson Locations: Vancouver , British Columbia, Canada, Germany, British, Europe, Britain, London, Bengaluru

Green hydrogen, produced by splitting water through electrolysis using renewable energy, is expected to play a key role in decarbonising transport and industries. But it is produced today on a very small scale and costs up to five times more than the most common hydrogen produced from natural gas, which is highly carbon-intensive. It sharply reduces the cost of electricity for the electrolysis process, which accounts for more than 70% of green hydrogen production costs, the company said. BP, which aims to sharply reduce its carbon emissions in the coming decades, is betting big on green hydrogen. By 2030, it aims to produce between 0.5 and 0.7 million tonnes per year of primarily green hydrogen.

Persons: Ron Bousso, Louise Heavens Organizations: BP Ventures, Mitsubishi Heavy Industries, Clean Energy Ventures, Gatemore Capital Management, BP, Thomson

☆ Oil major BP posts 70% drop in second-quarter profit, raises dividend by 10%
▼ + stars: | 2023-08-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

LONDON — Oil major BP on Tuesday reported a nearly 70% year-on-year drop in second-quarter profits on the back of weaker fossil fuel prices, echoing a trend observed across the energy industry. The British energy major posted second-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.6 billion. Analysts had expected BP to report second-quarter profit of $3.5 billion, according to estimates collated by Refinitiv. Oil majors have failed to match the bumper profits posted during the same period of last year amid weaker commodity prices. British rival Shell and French oil major TotalEnergies on Thursday reported a steep drop in second-quarter profit, while U.S.-based Exxon Mobil's second-quarter profit slumped 56% year-on-year.

Persons: Refinitiv, we've, Bernard Looney, CNBC's Organizations: Oil, BP, London, Shell, Exxon Mobil's Locations: U.S

☆ Why are so many Western firms staying put in Russia, despite the rising risks?
▼ + stars: | 2023-07-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —When Russia launched its full-scale invasion of Ukraine in February 2022, a slew of Western companies left in protest. Companies now find themselves caught between Western sanctions and public outrage on the one hand, and an increasingly hostile Russian government on the other. The Kremlin is making it more difficult for Western firms to sell their Russian assets — and imposing steep discounts and punitive taxes when they do. Both companies had been finalizing sales to local buyers when President Vladimir Putin signed an order nationalizing their local assets earlier this month. Spurred by sweeping Western sanctions, oil companies, automakers, technology firms, consultancies and banks led the initial wave of departures.

Persons: —, Vladimir Putin, Carlsberg, Maria Shagina, Andrey Rudakov, Konstantin Zavrazhin, Hein Schumacher, Schumacher, ”, ” Procter, Gamble, ” Mondelez, Fortum Oyj, Jeffrey Sonnenfeld, ” Sonnenfeld, — Olesya Dmitracova Organizations: London CNN, Nestlé, Heineken, Companies, Danone, Carlsberg, Breweries, International Institute for Strategic Studies, CNN, Bloomberg, Getty, Yale University, Yale, Unilever, UL, Procter, Gamble, Treasury, Foreign, Control, Carlsberg — Locations: Russia, Ukraine, Lyubuchany, Rosneft, Moscow, Russian

☆ British tycoon plans to launch an electric airline that will serve plant-based food
▼ + stars: | 2023-07-18 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

"The question of how to create sustainable air travel has plagued the green movement for decades," said Dale Vince, founder of British energy firm Ecotricity. Ryan Hiscott | Getty Images Sport | Getty ImagesBritish entrepreneur Dale Vince on Monday announced plans to launch an electric airline that will be powered using renewable energy — and those behind the project hope it will mark the start of a new era in air travel. Vince, who is the founder of British energy firm Ecotricity, was bullish about Ecojet's prospects. "The question of how to create sustainable air travel has plagued the green movement for decades," he said. He went on to describe Ecojet as "by far the most significant step towards a solution to date."

Persons: Dale Vince, Ryan Hiscott, Ecojet, Vince Organizations: Getty, Getty Images, Monday, Civil Aviation Authority, CAA Locations: Ecojet, Europe

☆ Shell CEO says EV charging stations in China are hot, predicts 'robust' oil and gas demand
▼ + stars: | 2023-06-14 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

British energy giant Shell is boosting its oil and gas production to book profits in the near term. Shell CEO Wael Sawan doesn't know where oil and gas demand is going to be in 10 to 15 years, he told CNBC's "Squawk Box" on Wednesday. The reality is, we don't know," Sawan told CNBC. But in the short and medium term, Shell sees "very robust" demand for oil and gas, Sawan told CNBC. Demand for biofuels is being driven by regulatory pressures in multiple parts of the world, Sawan told CNBC.

Persons: It's, Wael Sawan doesn't, CNBC's, Sawan, Shell, EVs Organizations: Shell, CNBC, EV, International Energy Agency Locations: Wuhan, Hubei, China, British, Asia, Europe

☆ Stocks making the biggest moves midday: Uber, Chegg, Dell, PacWest, SoFi & more
▼ + stars: | 2023-05-02 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Uber — Shares of the ride-hailing giant jumped more than 8% after the company reported first-quarter revenue that beat analysts' expectations. Still, the company did beat expectations for the quarter and provide strong guidance. NXP Semiconductors — Shares of the chipmaker added more than 2% after the company beat analysts' expectations for first-quarter revenue and operating income. Revenue guidance for the second quarter was better than anticipated as well. The global bank also announced an upcoming $2 billion share buyback program and restored its quarterly dividend.

☆ Stocks making the biggest premarket moves: Uber, Pfizer, Chegg, Dell & more
▼ + stars: | 2023-05-02 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Chegg — Chegg shares tumbled 42% in premarket trading after CEO Dan Rosensweig said he expects artificial intelligence is "having an impact on our new customer growth rate." However, its adjusted earnings per share and revenue for the first quarter beat estimates, per Refinitiv. NXP Semiconductors — Shares of the chip maker jumped about 5% after the company beat analysts' expectations for first-quarter revenue and operating income. However, its first-quarter revenue beat analysts' expectations, according to Refinitiv. The company is also planning an up to $2 billion share buyback after its annual general meeting.

☆ Oil major BP reports drop in first-quarter profit on weaker commodity prices
▼ + stars: | 2023-05-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $4.96 billion for the first quarter. Analysts had expected BP to report first-quarter profit of $4.3 billion, according to Refinitiv. The group said it completed its previously announced $2.75 billion share buyback on April 28. BP's dividend remained unchanged from the previous quarter at 6.61 cents per ordinary share, following a 10% increase in February. The company reported first-quarter net debt of $21.2 billion, down from $27.5 billion when compared to the same period a year earlier.

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