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The bumper earnings have prompted new calls to further tax the sector as households struggle to pay their energy bills. In a strategy update, BP said it will increase annual spending by $1 billion for both renewables and oil and gas with a sharper focus on developing low-carbon biofuels and hydrogen. That compared with $4 billion a year earlier and $8.2 billion in the third quarter of 2022. The results were impacted by weaker gas trading activity after an "exceptional" third quarter, higher refinery maintenance and lower oil and gas prices. But for the year, BP's $27.6 billion profit exceeded its previous record of $26 billion in 2008.

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.

REUTERS/Thilo SchmuelgenSummarySummary Companies Fourth-quarter profit of $10 bln beats estimatesShell to repurchase $4 bln in sharesLONDON, Feb 2 (Reuters) - Shell (SHEL.L) delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after Russia's invasion of Ukraine allowed it to hand shareholders unprecedented returns. Shell also posted record fourth-quarter profit of $9.8 billion on the back of a strong recovery in earnings from liquefied natural gas (LNG) trading, beating analyst forecasts for an $8 billion profit. Annual profit reached $39.9 billion, more than doubling from a year earlier and far exceeding the previous record of $31 billion in 2008. Shell said its capital expenditure in 2023 will reach $23 billion to $27 billion, in line with previous guidance. The surge in revenue helped Shell sharply reduce its debt to $44.8 billion at the end of 2022 from $52.6 billion a year earlier.

LONDON, Feb 1 (Reuters) - Oil prices ticked up as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures rose 45 cents, or 0.5%, to $85.91 a barrel at 1215 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 62 cents, or 0.8%, to $79.49 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

LONDON, Feb 1 (Reuters) - Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures dipped 11 cents, or 0.1%, to $85.35 a barrel at 0949 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 8 cents, or 0.1%, to $78.95 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

LONDON, Jan 27 (Reuters) - Oil prices rose for a second session on Friday, buoyed by stronger than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. OPEC+ delegates meet next week to review crude production levels, with sources from the oil producer group expecting no change to current output policy. "The positive batch of data gave oil prices a lift," said PVM analyst Stephen Brennock. Gains on U.S. crude were capped by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, this week. Reporting by Shadia Nasralla Additional reporting by Sudarshan Varadhan in Singapore Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Palliser and some of Capricorn's biggest shareholders had also publicly opposed a planned merger with Israeli gas producer NewMed (NWMDp.TA), with major proxy advisers recommending votes against the merger plan and Capricorn's board. Chairperson Nicoletta Giadrossi, CEO Simon Thomson and three other directors stepped down from the board with immediate effect, Capricorn said on Tuesday. NewMed said in a statement following Capricorn's board shake-up that it saw a significantly smaller chance of finalising the merger. Capricorn postponed the NewMed vote to Feb. 22, while the meeting called by Palliser regarding the directors will go ahead as planned. The NewMed merger plan, announced in September, aims to create an Israel-Egypt focused gas producer, but several shareholders have said the deal undervalues Capricorn.

Power giant Orsted aims to build a huge offshore windfarm to help the country meet renewable goals. Last year the North Sea Transition Authority (NSTA), which regulates offshore energy activity, concluded that large crossovers between such ventures were unfeasible with current technology. This largely unreported clash risks undermining Britain's drive to meet its climate goals, according to the companies involved and a North Sea green transition expert. The BP-Orsted showdown could also presage similar disputes elsewhere in an increasingly crowded North Sea, the experts told Reuters. There is hope on the horizon for wind and CCS projects that share ground, say regulators and industry experts.

"We are ready to add a number of your nominees to the board promptly and well before the general meetings," Capricorn said in a letter to Palliser posted on its website. Capricorn declined to clarify how exactly the board might change. Madison Avenue Partners, Capricorn's biggest shareholder at around 8%, on Monday separately reiterated its opposition to the board. The shareholder meeting to vote on the board changes is planned for Feb. 1, with a shareholder vote on the NewMed deal "on or around the same date", Capricorn said. "Holding the general meetings so close together deprives any reconstituted Capricorn board of the opportunity to re-assess the merits and terms of the NewMed transaction in parallel with a consideration of a range of other options," the statement said.

Brent crude futures were up 93 cents, or 1.15%, at $80.92 a barrel by 1040 GMT. U.S. crude inventories fell by about 3.1 million barrels in the week to Dec. 16, said market sources, citing data from the American Petroleum Institute. Worries about surging COVID-19 cases in China as the country begins dismantling its zero-COVID policy kept oil prices from moving higher. Overall, Russian oil exports fell by 11% month on month for Dec. 1-20 after the European Union's embargo on Russian oil came into force, the Kommersant daily reported. Reporting by Shadia Nasralla and Dmitry Zhdannikov; Additional reporting by Isabel Kua in Singapore Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

LONDON, Dec 19 (Reuters) - Capricorn Energy's (CNE.L) third-biggest shareholder, Palliser Capital, has called for a general meeting to set a vote on removing seven Capricorn directors from supervisory roles including the CEO, according to documents seen by Reuters. "We have requisitioned the board of Capricorn Energy ... to convene a general meeting (the "EGM") of the Company," Palliser Chief Investment Officer James Smith said in a Dec. 19 letter to Capricorn shareholders. "The EGM will enable shareholders to vote on resolutions to effect the removal of seven current Capricorn directors and the appointment of six independent, highly-qualified replacement candidates." The directors that Palliser wants to remove include Capricorn Chief Executive Officer Simon Thomson and its chief financial officer, also named James Smith, who both hold executive and supervisory roles. The shareholder meeting to vote on Palliser's resolutions has to take place by Jan. 30, Palliser said.

LONDON, Dec 9 (Reuters) - The British government stood firm on its windfall tax on the oil and gas sector in a meeting with industry executives on Friday, two sources with knowledge of what was discussed said. Finance Minister Jeremy Hunt rebuffed requests from North Sea oil and gas executives to include a mechanism in the tax to reflect falls in oil and gas prices, although a future revision was not ruled out should prices slump, the sources said. Hunt last month announced plans to boost the Energy Profits Levy (EPL) on oil and gas companies from 25% to 35%, bringing the total tax rate on the sector to 75%, one of the highest in the oil and gas industry. The government said this would raise funds to help people struggling with increased living costs, largely driven by energy prices that surged after oil and gas exporter Russia invaded Ukraine in February. Britain's oil and gas productionReuters GraphicsReuters Graphics Reuters GraphicsAdditional reporting by Farouq Suleiman.

LONDON, Dec 7 (Reuters) - British finance minister Jeremy Hunt will meet leaders of North Sea oil and gas producers on Friday to discuss the government's windfall tax, three industry sources told Reuters on Wednesday. The government said the levy would raise funds to help people struggling with increased living costs, largely driven by energy prices that surged after energy exporter Russia invaded Ukraine in February. A Treasury source confirmed Hunt would meet oil and gas executives this week. Benchmark Brent oil prices traded below $80 a barrel, the lowest since January and far below a spike well above $100 shortly after the Ukraine war began. Natural gas prices remain above their historical average .

PRICE FLOORNeither climate campaigners nor the industry are happy with the new windfall tax. Benchmark Brent oil prices are trading above $80 a barrel, far below a spike well above $100 shortly after the Ukraine war began. Jacques Tohme, director and founder of Tailwind, a North Sea producer, said he did not object to a higher tax but a lack of stable rules created the risk of "flight of investment" from the North Sea. "We're happy to pay higher tax, but we need a floor of $75 to $100 a barrel above which a true windfall tax can be applied," Tohme said. Companies including Shell (SHEL.L) and Equinor have already said they will review their North Sea investments.

LONDON, Nov 30 (Reuters) - Eni (ENI.MI) is in preliminary talks to buy private-equity backed gas and oil producer Neptune Energy for around $5 billion -$6 billion, a source with knowledge of the matter said on Wednesday, adding that no official bid had been submitted. Neptune produces around 130,000 barrels of oil equivalent per day (boed), three-quarters of which is gas. It has operations in Norway - home to Eni's Var unit - Britain, Indonesia - where Neptune shares licences with Eni - Algeria, the Netherlands and elsewhere. A banking source confirmed talks had taken place in recent weeks, but that the outcome was "far from guaranteed" as valuations differed. Eni and Neptune declined to comment.

[1/5] A general view of the entrance to the Sharm El-Sheikh International Convention Centre grounds, during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 19, 2022. Kunal Satyarthi, a negotiator for India, said he thought the loss and damage deal would "certainly" pass, and thanked other countries for their flexibility. Norway's climate minister, Espen Barth Eide, meanwhile, said his country was happy with the agreement to create a loss and damage fund. But the possible breakthrough on loss and damage was significant, and "I don't think that should be lost in the mix," he said. For daily comprehensive coverage on COP27 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

[1/3] German climate activist Luisa Neubauer takes part in a protest demanding climate justice and human rights at the Sharm El-Sheikh International Convention Centre, during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 19, 2022. REUTERS/Mohamed Abd El GhanySHARM EL-SHEIKH, Egypt, Nov 19 (Reuters) - The United Nations climate agency on Saturday published a draft proposal for a deal to tackle the issue of "loss and damage" that said the COP27 summit would agree to launch a new fund to help countries cope with the cost of climate damage. The draft - which the nearly 200 countries at the COP27 summit in Egypt will now consider, and potentially change, before deciding whether to approve - would agree to "establish a fund for responding to loss and damage". "Everybody was flexible for the cause of loss and damage and the disasters and people dying and the economy being lost. I thank all the parties ... who were not flexible initially but who were flexible now," Kunal Satyarthi, India's negotiator on loss and damage, told Reuters.

[1/5] Climate activists take part in a protest during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 16, 2022. "There's still a lot of gaps in the texts," said a spokesperson for Britain's COP26 Presidency, which hosted last year's climate summit in Glasgow. EU climate policy chief Frans Timmermans said the first draft left a lot to be desired. TEMPERATURE TARGETOn limiting the global temperature rise, the document mirrors language included in last year's COP26 agreement. Temperatures have already increased by 1.1C, and are projected to blow past 1.5C without swift and deep cuts to emissions within this decade.

REUTERS/Nacho Doce/File PhotoSHARM EL-SHEIKH, Egypt, Nov 17 (Reuters) - The COP27 climate summit in Egypt must establish a fund to help countries cope with the irreparable damage caused by climate disasters, ministers representing developing nations said on Thursday, warning that anything less would thwart the U.N. summit's chances of success. Talks about creating - or at least committing to create - a "loss and damage" fund were put on the agenda for the first time in nearly three decades of COP climate summits where poorer nations have urged richer countries to act. "Anything less than establishing a loss and damage fund at this COP is a betrayal of the people who are working so hard to clean up this environment," said Molwyn Joseph, Antigua and Barbuda's environment minister. He was speaking at a news conference of ministers representing groups of developing countries in the U.N. climate talks. The first draft of a possible deal document for COP27 published earlier on Thursday mentions loss and damage, but it does not include details for actually launching a fund.

"Over the past year, our climate leadership has been tested in many ways," said Dan Jorgensen, acting climate and energy minister for Denmark. "We are not calling for any sudden disruption of energy supplies, but we must equally recognise that the energy crisis is driven by the dependency on fossil fuels," he said. The alliance said it will also start providing analysis and advice to developing countries on policies to move away from fossil fuel production, setting aside $10 million in funding to do so. Another alliance designed to limit fossil fuel support has struggled to expand this year. Nearly 40 countries including the United States, Canada and Germany at last year's COP26 climate summit committed to stop public financing for fossil fuel projects abroad by the end of 2022.

SHARM EL-SHEIKH, Egypt, Nov 14 (Reuters) - The heads of two big natural gas companies told Reuters on Monday they were seeking to use the setting of the COP27 international climate summit to bill their industry as a leader in the fight against global warming. loading"The world has changed, people have better understanding that upstream (gas) companies are not the enemy. "We’re seeing globally people taking a much more realistic approach, developing renewables but also developing a lot of natural gas." However, the research collaboration Climate Action Tracker said last week that countries scrambling to source more natural gas to replace supplies from Russia are risking years of emissions that could thwart climate goals. Coal power plants produced a fifth of global greenhouse gas emissions in 2021, more than any other single source, according to the International Energy Agency.

At the same time, the pan-European STOXX 600 (.STOXX) was down 0.4% and an index of European oil and gas stocks was down 0.9%. (.SXEP)The IPO, which priced at the bottom of the expected price range, gave an initial valuation of 2.45 billion pounds ($2.83 billion) for the company. The London stock exchange has suffered the worst year on record for UK IPOs as market volatility persists amid the energy crisis and worsening economic forecasts. So far in 2022, global utility and energy IPOs valued at more than $100 million saw an average 19.9% return after one day, compared with negative returns for European utility and energy IPOs and UK IPOs across all sectors, according to Dealogic data. The last oil and gas producer to float on the main London stock exchange was eastern Mediterranean-focused Energean (ENOG.L) in 2018.

Nov 8 (Reuters) - North Sea oil and gas producer Ithaca Energy's (IPO-IHEG.L) planned initial public offering (IPO) in London is set to be priced at the bottom of the range at 250 pence per share, a bookrunner on the deal said on Tuesday. The planned IPO of Ithaca - owned by Tel Aviv-listed Delek Group (DLEKG.TA) - on the London Stock Exchange on Wednesday has been closely watched in an IPO market starved of activity since Russia's invasion of Ukraine. Delek bought Ithaca in April from private equity-backed Siccar Point Energy, already flagging its intention to float. The last oil and gas producer to float on the main London stock exchange was eastern Mediterranean-focused Energean ENOG.L in 2018. Reuters Graphics($1 = 0.8716 pounds)Reporting by Sinchita Mitra in Bengaluru; Editing by Rashmi Aich and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

LONDON, Nov 2 (Reuters) - Oil prices slipped in and out of positive territory on Wednesday before an expected rate hike by the Federal Reserve, but found a floor as market participants weighed falling U.S. crude stockpiles and European sanctions on Russian barrels starting in December. U.S. crude oil stocks fell about 6.5 million barrels for the week ended Oct. 28, according to market sources citing American Petroleum Institute figures. China's zero-COVID policy has been a main factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand. The potential disruption from the European Union embargo on Russian oil that is set to start on Dec. 5 may also be pushing prices higher. Therefore, expect oil prices to close out this year heading into triple-digit territory," PVM analyst Stephen Brennock said.

BP said it expects to pay around $2.5 billion in taxes for its British North Sea business this year, including $800 million in a windfall tax. BP, which increased its dividend by 10% in the quarter, will buy back $2.5 billion of shares after repurchasing $7.6 billion so far this year. Reuters Graphics Reuters GraphicsGAS TRADINGBP's third-quarter underlying replacement cost profit of $8.15 billion, the company's definition of net income, compared with forecasts of a $6 billion profit in a company-provided survey of analysts. BP made a profit of $3.3 billion a year earlier and a 14-year high profit of $8.45 billion in the second quarter of 2022. Refining margins are also expected to remain high due to sanctions on Russian crude oil and refined products, BP said.

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