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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. GAS 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. Earning from the gas and low energy division more than doubled from the second quarter. 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.

LNG prices have soared this year as Moscow progressively cut piped natural gas supplies to Europe, which heavily depended on Russian imports. Western sanctions on Russia, which is among the world's leading oil and gas producers, in response to its invasion of Ukraine in February, helped to drive European gas prices to an all-time high in August. The world's biggest LNG trader Shell missed some of the benefit of the price rise after a fall in production following strikes at Australia's Prelude site. Gearing at Shell, which is on track for a record year of profits, increased slightly to 20.3%. Spain's Repsol (REP.MC) on Thursday reported a doubling of its profit to 1.48 billion euros ($1.49 billion).

SummarySummary Companies Shell to boost dividend by 15%Announces plans to buy further $4 bln in sharesProfit hit by weak LNG trading and refiningLONDON, Oct 27 (Reuters) - Shell (SHEL.L) on Thursday posted a third-quarter profit of $9.45 billion, easing from the previous quarter's record high due to weaker refining and gas trading, as it announced plans to sharply boost its dividend by year end when its CEO departs. Shell also extended its share repurchasing programme, announcing plans to buy $4 billion of stock over the next three months after completing $6 billion in the previous quarter. With a profit of $30.5 billion so far this year, Shell is well on track to exceed its record annual profit in 2008 of $31 billion. Its gas trading business was hit this quarter by "supply constraints, coupled with substantial differences between paper and physical realisations in a volatile and dislocated market." Shell said it would stick to its plans to spend $23-$27 billion this year.

LONDON, Oct 26 (Reuters) - Oil prices were broadly stable on Wednesday, moving in and out of negative territory after industry data showed U.S. crude stockpiles rose more than expected, though supply concerns and a weaker dollar gave support. Brent crude futures for December were down 4 cents, or 0.04%, to $93.48 a barrel by 0849 GMT. U.S. West Texas Intermediate (WTI) crude futures for December were up 25 cents, or 0.3%, to $85.57 a barrel. But ongoing supply constraints, highlighted by the International Energy Agency's head warning of the "first truly global energy crisis", gave prices a floor. Meanwhile Biden, facing criticism over high inflation, has warned that Saudi Arabia would face consequences for aligning with Russia and agreeing to reduce crude supply.

U.S. West Texas Intermediate crude (WTI) <CLc1> for November, that is expiring on Thursday, was at $83.17 a barrel, up 35 cents, or 0.4%. Register now for FREE unlimited access to Reuters.com RegisterU.S. crude inventories fell unexpectedly last week - down 1.7 million barrels, weekly government showed, against expectations for a build of 1.4 million barrels. SPR levels fell 3.6 million barrels to just over 405 million, the lowest since May 1984. The EU's sanctions on Russian crude and oil products will take effect in December and February, respectively. There were also some signs of resurgent Chinese oil demand, including private mega refiner Zhejiang Petrochemical Corp (ZPC) and state-run ChemChina receiving further import quotas.

LONDON, Sept 29 (Reuters) - Capricorn Energy (CNE.L) plans to merge with Israel's NewMed (NWMDp.TA) in an all-share deal after paying a $620 million special dividend to its shareholders, ditching a previous scheme to merge with Tullow Oil (TLW.L). The deal would value Capricorn shares at 271 pence, a 13 % premium to its last closing price. The deal with West Africa-focused Tullow, which declined to comment on Thursday's news, had valued Capricorn at around 210 pence per share. The merger would see Capricorn issue new shares to NewMed investors based on an exchange ratio of around 2.34 per NewMed share, which will see Capricorn shareholders hold just over 10% of the new company. Capricorn's Chief Financial Officer James Smith will stay on with NewMed Energy, which is set to pay out at least 30% of its cah flow in dividends.

LONDON, Sept 28 (Reuters) - Oil prices rose on Wednesday in U.S. trading hours as production cuts caused by Hurricane Ian outweighed downward pressure from a strengthening dollar and expected U.S. crude stockpile builds. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies. Reuters GraphicsU.S. crude oil stocks rose about 4.2 million barrels for the week ended Sept. 23, while gasoline inventories fell about 1 million barrels, according to market sources on Tuesday, citing figures from industry group the American Petroleum Institute. Distillate stocks rose by about 438,000 barrels, according to the sources. An upcoming price catalyst will be producer group OPEC+'s Oct. 5 meeting at which Russia is likely to propose an output cut of around 1 million barrels per day, a source familiar with the Russian viewpoint said on Tuesday.

Gas leak at Nord Stream 2 as seen from the Danish F-16 interceptor on Bornholm, Denmark September 27, 2022. But since both Nord Stream pipelines contained mostly methane, "the potential for a massive and highly damaging emission event is very worrisome", McCabe said. Scientists say sharp cuts in methane emissions over the next few years will be a vital lever in curbing climate change. Releasing that amount in entirety to the atmosphere would result in around 200,000 tonnes of methane emissions, said chemical engineer Paul Balcombe at London's Queen Mary University. ENVIRONMENTAL RISKWhile oil spills can immediately affect and ultimately kill wildlife, authorities say the gas pipeline gas leaks pose a limited threat to the surrounding plant and animal life.

REUTERS/Alexander Manzyuk//File PhotoSummary Registry by NGOs Carbon Tracker, Global Energy MonitorFirst global registry of world's fossil fuel assetsShows burning all known reserves would blow CO2 targetsLONDON, Sept 19 (Reuters) - Carbon Tracker and Global Energy Monitor said on Monday they had launched the first global registry of oil and gas reserves, production and emissions with data for more than 50,000 fields. It could also help activists in their efforts to pressure producers or governments to cut fossil fuel output. The Global Registry of Fossil Fuels contains data for fields in 89 countries, covering 75% of global production the non-governmental organisations which developed it said. While there is little doubt that much of the world's oil and gas reserves will have to stay underground to avoid a dramatic worsening of the climate, the registry has put a number on this. It is not straightforward to calculate the life-cycle emissions of a unit of oil, gas or coal, often relying on calculations rather than measurements which can differ widely.

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