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London-based BP reported its underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, down from $3.3 billion in the previous quarter. It brought in $13.8 billion for all of last year, a huge drop from the $27.7 billion it earned in 2022, when Russia's war in Ukraine sent oil and natural gas prices surging. Energy prices have since fallen as a weak global economy holds back demand for fossil fuels to power cars, planes, factories and more. Despite the drop in annual earnings, BP kept its dividend steady and said it would buy back $1.75 billion in shares as well as commit to $3.5 billion in additional share buybacks for first half of this year. It's a pressure that the energy industry is facing, with companies like BP and Shell pledging to reach net zero emissions by 2050.

Persons: Murray Auchincloss, ”, Auchincloss, Bernard Looney, Looney, Joseph Evans, ” Richard Hunter Organizations: —, BP, Shell, Exxon Mobil, Institute for Public Policy Research, “ Locations: Ukraine, London, Spain, Portugal

☆ Why oil majors Shell and BP are combining solar energy and agricultural production
▼ + stars: | 2023-11-14 | by ( Katie Brigham | ) www.cnbc.com time to read: +6 min

Stoffels owns this land, but leases it to Lightsource BP, a major solar energy developer that's 50% owned by British oil major BP. An emerging industry called agrivoltaics combines solar energy production with agricultural activities such as sheep grazing, beekeeping and crop growing. Today, the U.S. has about five gigawatts of agrivoltaic projects, encompassing more than 35,000 acres across over 30 different states. Shell is also involved in the space through its 44% stake in solar developer Silicon Ranch. While most solar developers opt to lease land, Silicon Ranch buys it outright, often purchasing degraded farmland that's no longer in production.

Persons: Amanda Stoffels, munch, Stoffels, Lightsource, Jordan Macknick, Macknick, Lee, Tom Koranek, Becca Jones, Albertus, Katie Brigham Lightsource, Reagan Farr, Farr, Exxon haven't Organizations: Elm, BP, Lightsource, Lead, National Renewable Energy Laboratory, U.S, U.S . Department, Energy's Solar Energy Technologies Office, Shell, Silicon Ranch, Ranch, Power, Chevron, Exxon Locations: Dallas , Texas, United States, Elm, Ellis County , Texas, Lightsource, U.S, Briar, Navarro County , Texas, agrivoltaics

Summary Customs delays, tariff uncertainty and soaring global demand have hiked solar costs and delayed projects as the U.S. weans itself off Chinese dependence. The Biden administration's Uyghur Forced Labor Protection Act (UFLPA) prevents the import of goods produced using forced labour in China’s Xinjiang Province, including much of the polysilicon used in solar panels. UFLPA checks have blocked panel imports at the U.S. border, delaying projects and driving up project costs. CHART: Solar manufacturing capacity by country, regionSource: International Energy Agency's Report on Solar PV Global Supply Chains, August 2022The UFLPA requires visibility into labour practices along the solar value chain. Lightsource bp has contracted for more than 20 million solar panels through 2028 and is considering imports from Southeast Asia, Turkey and India, Smith said.

☆ In Australia, firms plan 'super hub' to produce green hydrogen using wind and solar
▼ + stars: | 2022-11-16 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

In this article ENR-FFBP Follow your favorite stocks CREATE FREE ACCOUNTThis image shows part of a green hydrogen facility in Spain. A number of major economies, including the EU, are looking to develop green hydrogen projects in the coming years. Angel Garcia | Bloomberg | Getty ImagesPlans for an Australian "super hub" focused on the generation of wind, solar and green hydrogen are taking shape, with those involved hoping it will start producing power by 2027. "Energy generated from the project stands to produce green hydrogen as well as feed renewable power to the grid," FFI said. In Aug. 2021, oil and gas giant BP said "the production of green hydrogen and green ammonia using renewable ‎energy" had become technically feasible at scale in Australia.

☆ TotalEnergies leads Shell, BP in renewables race, but shares sag
▼ + stars: | 2022-11-07 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

REUTERS/Stephane MaheSummarySummary Companies TotalEnergies has largest renewables operationsBut European energy giants' shares trail U.S. rivalsLONDON, Nov 7 (Reuters) - French energy giant TotalEnergies (TTEF.PA) has pulled ahead of rivals Shell (SHEL.L) and BP in the race to build up a renewables business, data collected by Reuters shows. BP, Shell and TotalEnergies have all set out ambitious plans to shift towards low-carbon and renewable energies in the coming decades in an effort to slash greenhouse emissions to net zero. BP, by comparison, has so far built 2GW of operating renewables capacity, partly through its 50% stake in Lightsource BP, one of the world's top solar producers. Shell's net capacity is slightly higher at 2.2GW, with acquisitions including U.S. producer Savion and Indian renewables platform Sprng Energy earlier this year. TotalEnergies aims to have 100GW of gross renewables capacity by 2030 while BP targets 50GW of net renewables.

☆ Britain's Lightsource BP races to hook solar farms to batteries
▼ + stars: | 2022-10-25 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

Connecting industrial-scale batteries to solar plants, as well as wind farms, removes a critical hurdle facing renewable energy - the intermittency of supply. Solar power developer Lightsource BP, half-owned by oil major BP (BP.L), has rapidly expanded around the world in recent years, benefiting from a push by countries around the world to build low-carbon energy capacity. To partly offset the costs, Lightsource BP last year signed a multi-year deal with U.S.-based solar modules manufacturer First Solar to supply it with 5.4 gigawatt of solar panels. In 2021, Lightsource BP recorded a loss of 173 million pounds ($195.6 million), far bigger than the previous year's 22 million pound loss, according to a financial filing. Solar power generation grew by 22% in 2021 from a year earlier, faster than 17% growth in wind power generation, according to BP's Statistical Review of World Energy.

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