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☆ UK stocks fall after Bailey's hawkish tone on interest rates
▼ + stars: | 2023-10-13 | by ( Khushi Singh | ) www.reuters.com time to read: +2 min

The commodity-focussed FTSE 100 (.FTSE) was down 0.1%, while the mid-cap index FTSE 250 (.FTMC) lost 0.5%. The yield on the UK benchmark bond edged higher after Bailey's comments but remained lower for the day at 4.402%. "Although higher dollar and yields would typically weaken gold, the geopolitical concerns are pushing gold higher," said Giles Coghlan, chief market analyst at GCFX. Industrial metal miners (.FTNMX551020) also advanced 0.6% following a rise in copper prices. UK wealth manager St James's Place (SJP.L) was pushed by regulators to overhaul fees, with the stock tumbling 13.5% to the bottom of the FTSE 100.

Persons: Toby Melville, Ashmore, Andrew Bailey, BoE Governor Andrew Bailey, Giles Coghlan, Coghlan, St James's, Khushi Singh, Sonia Cheema, Sohini Organizations: London Stock Exchange, REUTERS, Bank of England, Mining, Shell, BP, St, Thomson Locations: Canary Wharf, London, Britain, James's, Iran, Israel, China, Bengaluru

The deal would value Arriva, which operates red London buses and train services in the UK, at around 1.6 billion euros ($1.68 billion) including debt, the sources said. However, while the deal is nearing final stages, the sources cautioned that the timing could still shift. Deutsche Bahn said in an emailed statement: "We want to sell DB Arriva by the end of 2024. Reuters reported in April that British transport company FirstGroup (FGP.L) and I Squared had been weighing competing bids for parts of Arriva. Its annual sales rose to 4.2 billion euros in 2022, making up 7.5% of Deutsche Bahn's total revenue.

Persons: Andrew Couldridge, Emma, Victoria Farr, Andres Gonzalez, Markus Wacket, Susan Fenton Organizations: Arriva, REUTERS, Squared Capital, Deutsche, Reuters, Financial Times, Deutsche Bahn, DB Arriva, London's, Cross Country, Deutsche Bahn's, Thomson Locations: Harlow , Britain, FRANKFURT, LONDON, Miami

Logo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel/File Photo Acquire Licensing RightsCompanies Bp Plc FollowLONDON, Oct 10 (Reuters) - BP (BP.L) said on Tuesday it remained committed to its financial and carbon reduction ambitions, as interim Chief Executive Officer Murray Auchincloss hosted an investor day in Denver. "BP's strategy, financial frame and net zero ambition are unchanged," the energy group said in a statement. "BP remains focused on delivering its strategy safely, with disciplined delivery, quarter-on-quarter, to meet 2025 targets and 2030 aims." The company aims to achieve zero net carbon emissions by 2050 and to invest billions in renewable and low-carbon power.

Persons: Kacper, Murray Auchincloss, Bernard Looney, Ron Bousso, Tomasz Janowski, Susan Fenton, Emelia Organizations: British, REUTERS, Rights, BP, Reuters, Thomson Locations: Pienkow, Poland, Denver

DUBAI, Oct 9 (Reuters) - The United Arab Emirates is refashioning state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state. The state-owned company also told Reuters it was investing in energy trading, without giving further details. ADNOC has two trading arms, both set up in 2020: ADNOC Trading, which is focused on crude oil, and ADNOC Global Trading, a joint venture with Italy's Eni (ENI.MI) and OMV which is more focused on refined products. Other recent hires include Bart Cornelissen, who left Deloitte to become ADNOC's senior vice president for group strategy and portfolio last month, according to LinkedIn. Recent senior hires for ADNOC's trading arms include alumni of Gunvor, Litasco, Shell and TotalEnergies, the employment network showed.

Persons: ADNOC, Galp, Austria's, Mohammed bin Zayed, headcount, Michele Fiorentino, Baker Hughes, Musabbeh Al Kaabi, Al Kaabi, Bart Cornelissen, Michael Hafner, Hafner, Morgan Stanley, Neil Quilliam, Sultan al, Jaber, John Kerry, Abu, Maha El Dahan, Yousef Saba, Ron Bousso, David Clarke Organizations: United, Abu, Abu Dhabi National Oil Company, Reuters, BP, NewMed Energy, Italy's Eni, UAE, IOC, Aramco, LinkedIn, Mubadala Energy, Deloitte, Greenhill &, Deutsche Bank, UBS, HSBC, Shell, Eni, Gunvor, The, Chatham House, United Nations, Masdar, Thomson Locations: DUBAI, United Arab Emirates, Abu Dhabi, Gulf, Saudi Arabia, Qatar, UAE, Africa, Mozambique, ADNOC, Geneva, London, The UAE, Europe, Sultan, Dubai

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsLONDON, Oct 8 (Reuters) - British specialist lender Shawbrook made an offer for rival Co-op Bank and is weighing a fresh bid for embattled Metro Bank (MTRO.L), people familiar with the matter told Reuters on Sunday. Separately, Shawbrook is considering a potential new bid for London-listed Metro Bank after several failed approaches earlier in the year, the sources said. Shawbrook, Pollen Street and Co-op Bank declined to comment. Britain's Prudential Regulation Authority (PRA) is sounding out buyers over the weekend in hopes of finding a solution for ailing Metro Bank before markets open on Monday morning.

Persons: Hannah McKay, Shawbrook, Pablo Mayo Cerqueiro, Amy, Jo Crowley, Iain Whithers, Ros Russell Organizations: Metro Bank, REUTERS, Bank, Reuters, BC Partners, Pollen, London, Partners, Prudential, Authority, Thomson Locations: London, Britain, British

Deal negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement, Reuters reported on Thursday. These transactions were eventually allowed to be completed, and the regulator has not sued to thwart an oil and gas production deal since 2000. The lawyers and experts interviewed said the FTC would face an uphill struggle in challenging Exxon's attempted acquisition of Pioneer. "The modern U.S. experience is that oil and gas deals of any notable size get a close look. It sued to block the merger and only agreed to drop its objections after BP offered to divest oil production acreage in Alaska.

Persons: Joe Biden, Janet Yellen, Leah Millis, producer's, Lina Khan, Andre Barlow, Doyle, Barlow, Mazard PLLC, Sheldon Whitehouse, William Kovacic, George Washington, consultancies Wood MacKenzie, David Kass, Diane Bartz, David French, Mike Stone, Greg Roumeliotis, Marguerita Choy Organizations: Treasury, White, REUTERS, Exxon Mobil, Natural Resources, Exxon, Pioneer, Reuters, Federal Trade Commission, Democratic, George, Companies, Activision, FTC, Atlantic, BP, RBC Capital Markets, Chevron, PDC Energy, University of Maryland, Thomson Locations: Washington , U.S, U.S, Atlantic Richfield, Alaska, West Texas, New Mexico, Rystad, Denver, Julesburg, Washington ,, Atlanta

☆ New England states join to buy offshore wind power as US industry struggles
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +3 min

By joining forces, the states hope to counter the pain rippling across the nascent U.S. offshore wind industry, which is expected to play a key part in decarbonizing the power sector and revitalizing domestic manufacturing. The three states will seek multi-state offshore wind proposals for selection in 2024 for up to 6,000 megawatts (MW) of power. “One year ago, Avangrid was the first offshore wind developer in the United States to make public the unprecedented economic headwinds facing the industry," Avangrid said in a release. Avangrid has said it planned to rebid the Park City project in future offshore wind solicitations. Those Massachusetts power companies include units of Eversource Energy (ES.N), National Grid (NG.L) and Unitil (UTL.N).

Persons: Brian Snyder, Maura Healey, Avangrid, France's, Scott DiSavino, Aurora Ellis Organizations: REUTERS, American, Offshore WINDPOWER Conference, Eversource Energy, Grid, Shell, Thomson Locations: Rhode, U.S, New England, Massachusetts, Rhode Island and Connecticut, Connecticut, Boston, Park City, United States, Park

Oct 3 (Reuters) - BP Plc (BP.L) is exploring the sale of a 49% stake in its U.S. oil and gas pipeline network in the Gulf of Mexico, hoping to raise as much as $1 billion, according to people familiar with the matter. While it boosted its shareholder payout by 10% in second-quarter earnings in August, BP's net debt stood at $23.7 billion. BP has placed its stakes in U.S. Gulf of Mexico pipelines in a new company in which it will hold a 51% position and sell the rest, the sources said. The pipelines entity generates 12-month earnings before interest, tax, depreciation and amortization of around $200 million, the sources added. Among the pipelines in which BP holds stakes are the 161-mile Mars Oil Pipeline, the 89-mile Endymion Oil Pipeline and the 115-mile Cleopatra Gas Pipeline, according to its website.

Persons: Bernard Looney, Shariq Khan, David French, Ron Bousso, Cynthia Osterman Organizations: BP Plc, BP, Argos, Pipeline, Gas, Sixth Street Partners, Sixth, Bloomberg News, Thomson Locations: Gulf of Mexico, Gulf, Mexico, U.S . Gulf of Mexico, Bengaluru, New York, London

☆ XP Power shares plummet after profit warning
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: 1 min

MILAN, Oct 2 (Reuters) - XP Power (XPP.L) shares fell over 40% on Monday after a profit warning that raised concerns among investors that the provider of power converters might need a cash raise to bolster its finances. XP Power said it was disappointed by the change in current trading conditions and the outlook for 2023 as weaker market demand has led to customer shipment deferrals. It added it was taking actions to reduce costs and keep cash. Jefferies analysts said XP Power's trading update would likely trigger downgrades to 2023 consensus estimates and "raise the prospect of an equity raise". XP Power shares were last down 39% on the day, having hit their lowest since 2015 in early trading.

Persons: Jefferies, Danilo Masoni Organizations: MILAN, XP, Thomson

NewMed shares were down 1.4% by 1050GMT. The panel, however, did not receive any other offers, according to several sources close to the matter. Once the panel concludes the negotiations, it will submit its recommendation to the NewMed board. BP, Adnoc and NewMed declined to comment. NewMed's shares have risen by over 50% since the March 28 announcement to around 11.50 NIS, but they still remain below the offer price of 12.05 shekels ($3.15).

Persons: Hamad, Mohammed, Abu, NewMed, Ron Bousso, Sharon Singleton Organizations: United, United Arab Emirates, REUTERS, BP, Abu, Abu Dhabi National Oil Co, 1050GMT, NewMed, Adnoc, ADNOC, Delek, Thomson Locations: Abu Dhabi, United Arab, Israel

[1/2] The BP logo is seen on gasoline pumps at a BP gas station in Manhattan, New York City, U.S., November 24, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLONDON, Sept 29 (Reuters) - BP's (BP.L) top executive in the United States, Dave Lawler, is leaving the company, the energy company said on Friday in a memo to employees, less than three weeks after the company's chief executive, Bernard Looney, resigned. He is the younger brother of Doug Lawler, chief executive of Continental Resources, another large U.S. shale oil and gas producer. BPX operations in Texas and Louisiana last year produced an average of 325,000 barrels of oil and gas per day. Alvarez, who joined the company in 1996, will continue in his role as senior vice president gas and power trading, Americas.

Persons: Andrew Kelly, Dave Lawler, Bernard Looney, Helge Lund, Lawler, Doug Lawler, Orlando Alvarez, Alvarez, Kyle Koontz, Ron Bousso, Juby Babu, Shilpi Majumdar, Daniel Wallis, Leslie Adler Organizations: REUTERS, BP, Energy, Continental Resources, Reuters, BP America, BPX Energy, Thomson Locations: Manhattan , New York City, U.S, United States, Gulf of Mexico, Texas, Louisiana, BP America, Americas, London, Bengaluru

We are growing but nowhere near fast enough," said Ben Blackwell, CEO of the Global Wind Energy Council. In June, Siemens Gamesa said quality problems at its two most recent onshore wind turbines would cost 1.6 billion euros ($1.7 billion) to fix. "The ratio between risk and reward is out of line in the offshore wind market in many jurisdictions. You can see this from investors not showing up," the Global Wind Energy Council's Blackwell told Reuters. "The situation in U.S. offshore wind is severe," Orsted CEO Mads Nipper said last month.

Persons: Pascal, Jon Wallace, WindEurope, Markus Krebber, Germany's, Ben Blackwell, Rob West, Siemens Gamesa, Fraser McLachlan, McLachlan, Jochen Eickholt, Wallace, Energy Council's Blackwell, Denmark's Orsted, RWE's Krebber, Joe Biden's, Mads Nipper, Nina Chestney, Nichola Groom, Christoph Steitz, Nora Buli, Francesca Landini, Toby Sterling, David Clarke Organizations: REUTERS, Rights, European, Jupiter Asset Management, EU, Shell, Siemens, LinkedIn, Wind Energy, Thunder Said Energy, GCube Insurance, Bloomberg New Energy Finance, Energy, Reuters, European Commission, Thomson Locations: Le Havre, Normandy, France, European Union, Britain, Netherlands, Norway, Ukraine, Jupiter, U.S, Los Angeles, Frankfurt, Milan, Amsterdam

Kevin Hodges, a partner at law firm Williams & Connolly, was the first member of Amazon's defense team identified in a court document in the case. Amazon General Counsel David Zapolsky, a 24-year veteran of the company's legal department, can turn to a stable of top outside law firms that already represent it. Thomas Barnett, co-chair of the firm’s antitrust practice and a former senior Justice Department official, was involved in the effort. A Covington spokesperson did not respond to a request for comment on whether the firm is defending Amazon in the FTC antitrust case. Amazon has also turned to U.S. law firm Paul, Weiss, Rifkind, Wharton & Garrison to navigate government scrutiny.

Persons: Jim Vondruska, Kevin Hodges, Williams, Connolly, Hodges, John Schmidtlein, David Zapolsky, Lina Khan, Thomas Barnett, Covington, Paul, Weiss, Garrison, Paul Weiss, Andrew Goudsward, Mike Scarcella, David Bario, Matthew Lewis Organizations: Amazon Logistics, REUTERS, U.S . Federal Trade, Amazon.com, Amazon, Williams, U.S . Justice, Microsoft, BP, Big Tech, Alphabet's, Google, FTC, Burling, Department, D.C, Covington, Thomson Locations: Chicago . Illinois, U.S, WASHINGTON, Washington, Mexico, Covington, Rifkind, Wharton

☆ Why the volatile South Caucasus is important for oil and gas supplies
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

The region is criss-crossed with oil and gas pipelines, though none are in close proximity to Karabakh itself. OIL- Azerbaijan's primary route for oil exports is the Baku-Tbilisi-Ceyhan (BTC) pipeline, which accounts for around 80% of country's oil exports and runs via Georgia and on to the Turkish Mediterranean coast. - Azerbaijan's total oil exports in January-July 2023 were 23.1 million tons (800,000 bpd), of which 76.3% flowed through the BTC. NATURAL GAS- Azerbaijan has plans to increase natural gas exports to Europe. Azerbaijan exported 6.6 bcm of natural gas to Europe in January-July.

Persons: Deniz, Vladimir Soldatkin, Mark Trevelyan Organizations: BTC, BP, Thomson Locations: MOSCOW, Azerbaijan, Nagorno, Karabakh, South Caucasus, Armenia, Baku, Tbilisi, Ceyhan, Georgia, Turkish, Russia, Supsa, Europe, Azeri

BRUSSELS, Sept 20 (Reuters) - European Union's second-top court on Wednesday backed an EU competition regulator's decision against a 700-million-euro ($748 million) Belgian tax scheme for 55 multinationals, in a major win for EU antitrust chief's crackdown on sweetheart tax deals. The Luxembourg-based General Court had in 2019 annulled Margrethe Vestager's decision after Belgium and about 30 of the companies challenged it. Beneficiaries of the Belgian scheme that dated from 2005 included U.S. manufacturer Magnetrol, oil company BP (BP.L), chemical producer BASF (BASFn.DE), Wabco, Cellio, Atlas Copco (ATCOa.ST) and Belgacom, now Proximus (PROX.BR) . The EU Court of Justice, Europe's top court, in 2021 however sided with the EU competition enforcer and referred the case back to the lower tribunal. Belgium can still appeal to the EU Court of Justice.

Persons: Margrethe Vestager's, Atlas, Europe's, Foo Yun Chee, Bart Meijer, Tomasz Janowski Organizations: Belgian, EU, BP, BASF, Justice, Belgian Finance Ministry, Thomson Locations: BRUSSELS, EU, Luxembourg, Belgium, Brussels, Amsterdam

Its startup could add as much as $2 per barrel to prices paid by U.S. Midwest oil refineries that sit along Canada's existing main oil-export route. "They will be competing for barrels that no longer transit through their region," said a Calgary-based oil trader. That has left Canadian oil producers vulnerable to deep price discounts or "blowouts" whenever pipelines become congested or rupture. The start-up of TMX could add a "buck or two" to the cost of a barrel for Midwest refiners, he estimates. So far this year, over 200,000 bpd of Canadian crude has been re-exported from the U.S. Gulf Coast, up from about 73,000 bpd in 2019, Kpler data showed.

Persons: Rory Johnston, Matt Smith, Smith, Stephanie Kelly, Nia Williams, Laura Sanicola, Marguerita Choy Organizations: U.S ., U.S, BP, Citgo Petroleum, Exxon Mobil, Koch Industries, Flint Hills Resources, Canadian, Energy, Administration, TC, Keystone, refiners, Americas, Thomson Locations: CALGARY, Alberta, Coast, U.S, U.S . Midwest, Gulf Coast, Midwest, Flint, Calgary, Canada, Pacific, U.S . West Coast, Asia, Gulf, China, Kpler

☆ California sues oil giants for downplaying risks posed by fossil fuels
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +2 min

A general view of oil drilling equipment on federal land near Fellows, California, U.S., April 15, 2023. The American Petroleum Institute, an industry trade group, has also been listed as a defendant in the case, according to the filing. California has sought the creation of an abatement fund to pay for future damages caused by climate-related disasters in the state, the filing showed. Sharing a similar sentiment, Shell said in an emailed statement, "We do not believe the courtroom is the right venue to address climate change." California Governor Gavin Newsom, said in a post on X, formerly known as Twitter, "California is taking action to hold big polluters accountable."

Persons: Nichola, Shell, Gavin Newsom, ConocoPhillips didn't, Kanjyik Ghosh, Lavanya, Nate Raymond, Mark Potter, Diane Craft Organizations: REUTERS, Rights, Chevron Corp, Conocophillips, Exxon Mobil Corp, Shell PLC, BP, ConocoPhillips, American Petroleum Institute, Reuters, Chevron, Exxon Mobil, Thomson Locations: Fellows , California, U.S, California, San Francisco, United States, Bangalore, Boston

☆ California sues oil giants for downplaying risks posed by fossil fuels - NYT
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +2 min

A general view of oil drilling equipment on federal land near Fellows, California, U.S., April 15, 2023. REUTERS/Nichola Groom/File Photo Acquire Licensing RightsCompanies Bp Plc FollowChevron Corp FollowConocophillips Follow Show more companiesSept 16 (Reuters) - The state of California has sued major oil companies including Exxon Mobil Corp (XOM.N), Shell PLC (SHEL.L), and Chevron Corp (CVX.N), accusing them of playing down the risks posed by fossil fuels, the New York Times reported on Friday. The American Petroleum Institute, an industry trade group, has also been listed as a defendant in the case, the report said, adding that California has sought the creation of an abatement fund to pay for future damages caused by climate related disasters in the state. The legal action follows dozens of lawsuits filed in recent years against the fossil fuel industry by states and municipalities across the United States broadly alleging harms from climate impacts including extreme weather. Reporting by Kanjyik Ghosh in Bangalore; additional reporting by Lavanya Ahire; editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Nichola, Kanjyik Ghosh, Lavanya, Mark Potter Organizations: REUTERS, Rights, Chevron Corp, Conocophillips, Exxon Mobil Corp, Shell PLC, New York Times, BP, ConocoPhillips, American Petroleum Institute, Congress, Shell, Exxon Mobil, Thomson Locations: Fellows , California, U.S, California, San Francisco, United States, Chevron, Bangalore

☆ Biden’s offshore wind target slipping out of reach as projects struggle
▼ + stars: | 2023-09-15 | by ( Nichola Groom | ) www.reuters.com time to read: +7 min

The 2030 target, unveiled shortly after Biden took office, is central to Biden's broader plan to decarbonize the U.S. economy by 2050. The energy research firm expects 21 GW of offshore wind along U.S. shores in 2030, breaking 30 GW by 2032. Still, offshore wind developers including Orsted have said the IRA’s subsidies are insufficient for projects to thrive in the current environment, and are lobbying the administration for additional concessions. The nation currently has just two pilot-scale offshore wind farms capable of producing 42 megawatts of electricity. Stephanie McClellan, executive director of the offshore wind advocacy group Turn Forward, said making sure the first fleet of projects succeeds was more important than a particular timeline.

Persons: Brian Snyder, Joe Biden’s, Biden, Kris Ohleth, It's, Samantha Woodworth, Wood Mackenzie, Michael Brown, France's, it's, Kelly Penot, Rousseau, Orsted, Michael Kikukawa, Samah Shaiq, Shaiq, Doreen Harris, NYSERDA, Elizabeth Mahony, Stephanie McClellan, Nichola Groom, David Gregorio Our Organizations: REUTERS, BP, Shell, Companies, Developers, Ocean Winds, Reuters, Biden, U.S . Department of Energy, DOE, New York State Energy Research, Development Authority, New York State Department of Public Service, Equinor, Orsted . Massachusetts Department of Energy, Office of Energy, Environmental Affairs, New, New Jersey Board of Public Utilities, Thomson Locations: Rhode, U.S, North American, Massachusetts, Gulf of Mexico, Europe, Asia, China, United Kingdom, New Jersey, New York, Orsted .

☆ 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

[1/2] Logo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022. BP plans to spend $55 billion to $65 billion on its new transition businesses between 2023 and 2030, when the sum will equal its investment in oil and gas. BP recently opened a new office in Hamburg which will oversee its offshore wind expansion. BP operates two refineries in Germany -- Lingen and Gelsenkirchen -- as well as Aral, Germany's largest petrol station network. Looney had defended the offshore wind bid, saying he expected strong demand for clean energy.

Persons: Kacper, Patrick Wendeler, Bernard Looney, Wendeler, Looney, Christoph Steitz, Ron Bousso, Alexandra Hudson Organizations: British, REUTERS, EV, BP, Reuters, Reuters Graphics BP, Volkswagen, BMW, Rivals, Shell, Reuters Graphics Reuters, Alexandra Hudson Our, Thomson Locations: Pienkow, Poland, FRANKFURT, LONDON, Germany, BP Europe, Hamburg, Lingen, Gelsenkirchen

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 scaled back its energy transition strategy earlier this year but still stands out among rivals as the only oil major with plans to cut oil and gas output by 2030 by 25%. Auchincloss told staff in a brief town hall meeting on Wednesday that the company's aims were unchanged. As part of his energy transition strategy he had committed to BP reaching net-zero emissions by 2050. BP's strategy came under renewed scrutiny after rival Shell (SHEL.L) slowed down its energy transition strategy in June. "(The BP board) have enough flexibility within the current strategy to focus more on cash flow," a second source close to the company said.

Persons: Chris Helgren, Looney, Murray Auchincloss, Bernard Looney's, Auchincloss, hasn't, Helge Lund, Murray, Ron Bousso, Dmitry Zhdannikov, Jane Merriman, Mark Potter, Elaine Hardcastle Organizations: BP, REUTERS, Board, Investors, Canadian, Reuters, Shell, Thomson Locations: Vancouver , British Columbia, Canada

☆ VIEW BP boss Looney resigns over personal relationships with colleagues
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowSept 12 (Reuters) - British oil major BP's (BP.L) CEO Bernard Looney has stepped down after less than four years in office for failing to fully disclose details of past personal relationships with colleagues. STORY: read moreLINK: https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-ceo-resigns.htmlCOMMENTSEDWARD MOYA, SENIOR MARKET ANALYST AT OANDA"This was unexpected and could raise doubts to BP's transition towards renewable energy. BP share prices might not get rocked that hard as CFO Auchincloss appears poised to take over. So, depending on the new CEO, BP could theoretically roll back its transition plans further. Reporting by Arunima Kumar and Ashitha Shivaprasad in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Bernard Looney, EDWARD MOYA, Auchincloss, ALLEN, Shell, Arunima Kumar, Ashitha, Devika Organizations: Bp, MORNINGSTAR, BP, Thomson Locations: Bengaluru

☆ Oil investors open to dividend cut to boost clean energy spending -Deloitte
▼ + stars: | 2023-09-12 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +3 min

Energy firms have sharply increased shareholder returns on the back of high energy prices after years of overspending on production growth. Oil and gas companies led all industries in cash distribution to shareholders in 2022, with a combined 8% dividend and buyback yield, Deloitte said. But investors holding $2.3 trillion of equity in the global oil and gas industry are changing their expectations about growth markets faster than energy company executives, Deloitte said. About 75% of surveyed investors stated that they would continue holding shares to accelerate investments in lower-carbon technologies, even if yields shrank to as little as 3%. About 43% of surveyed investors emphasized battery storage as their key area for investment.

Persons: Chen Aizhu, Kate Hardin, Hardin, Sabrina Valle, Jamie Freed Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Deloitte, . Energy, Oil, Exxon Mobil, Chevron, BP, Shell, Thomson Locations: China, Dalian, Liaoning province, HOUSTON

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