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☆ Big Oil made $200 billion in profit last year. Shareholders won big, clean energy missed out
▼ + stars: | 2023-02-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

But the flood of cash has not delivered a commensurate boom in renewable energy investments, despite clear evidence that the world needs to move much faster with efforts to address the climate crisis. The record-setting results mark a dramatic turnaround for a sector that suffered brutal losses and slashed shareholder payouts in 2020, when pandemic lockdowns sharply reduced demand for energy and oil prices collapsed. An aerial view of the BP oil refinery in Whiting, Indiana on August 29, 2019. Tannen Maury/EPA-EFE/ShutterstockJust three years ago, BP unveiled a plan to slash oil and gas production by 40% from 2019 levels by 2030. It is also now aiming to cut carbon emissions from its oil and gas production by 20%-30% by 2030, down from the previous goal of 35%-40%.

As a result, BP reduced its ambitions to cut emissions from fuels sold to customers to 20-30% by 2030, from 35-40%. BP's $4.8 billion fourth-quarter underlying replacement cost profit, its definition of net income, narrowly missed a $5 billion company-provided analyst forecast. 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 2008 record of $26 billion despite a $25 billion writedown of its Russian assets. BP, whose trading operations further boost renewables returns, maintained plans to have 50 gigawatts (GW) of renewable projects under development and 10 GW operating by 2030.

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.

☆ BP Adds Nearly $28 Billion to Record Full-Year Profits of Oil Giants
▼ + stars: | 2023-02-07 | by ( Jenny Strasburg | ) www.wsj.com time to read: 1 min

LONDON— BP PLC became the latest oil giant to post a record annual profit last year, joining peers on both sides of the Atlantic in capitalizing on soaring energy prices. BP also said it would cut oil-and-gas production at a slower rate than it previously targeted. In a significant pullback from the company’s previous target under Chief Executive Bernard Looney , BP said Tuesday it now aims to reduce fossil-fuel production by 2030 by around 25% from 2019 levels. That compares with its previous aim to cut that output by 40% during the same period.

☆ BP strategy is still caught between two stools
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 7 (Reuters Breakingviews) - BP (BP.L) is trying to stop the rot. The $108 billion UK oil group’s bumper 2022 results on Tuesday recorded a stellar 30.5% return on average capital employed. But fresh investment in oil and gas means he only plans to cut oil production by 25% by 2030, rather than 40%. The reason that probably won’t happen any time soon is that BP is still planning to cut oil production and hike non-fossil fuel investment more than American rivals. Otherwise, BP may remain too dirty for sustainable investors, and too clean for the rest.

☆ BP posts record 2022 earnings to join Big Oil profit bonanza
▼ + stars: | 2023-02-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $27.7 billion for 2022. Analysts polled by Refinitiv had expected net profit of $27.6 billion for full-year 2022. BP said its previous annual profit record was $26.3 billion in 2008. For the fourth quarter, BP posted net profit of $4.8 billion, narrowly beating analyst expectations of $4.7 billion. Before that, U.S. oil giant Exxon Mobil reported a $56 billion profit for 2022, marking a historic high for the Western oil industry.

☆ ‘A good set of results’: BP CEO reflects on record 2022 earnings after fossil fuel prices surge
▼ + stars: | 2023-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email‘A good set of results’: BP CEO reflects on record 2022 earnings after fossil fuel prices surgeBP CEO Bernard Looney discusses the oil major's record annual profits and says the company is "leaning in" to its strategy.

☆ BP CEO breaks down the company's record 2022 earnings
▼ + stars: | 2023-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBP CEO breaks down the company's record 2022 earningsBP CEO Bernard Looney joins 'Squawk Box' to discuss the industry shift, where the company is investing in the future, which parts of the business, and more.

☆ Big Oil mega-deals would put investors on the spot
▼ + stars: | 2023-02-02 | by ( George Hay | ) www.reuters.com time to read: +5 min

So are Shell (SHEL.L), BP (BP.L) and TotalEnergies (TTEF.PA), but investors value U.S. oil majors way higher than European ones. $473 billion Exxon and $331 billion Chevron trade at 6 times expected EBITDA for 2023, twice the average of $210 billion Shell, $154 billion Total and $109 billion BP. One reason why is that as oil prices have soared, American drillers look more attractive than European ones that are also pressing into potentially lower-return renewable energy. Imagine Chevron or Exxon acquired BP for $170 billion, factoring in a 30% premium to its market capitalisation, plus debt. Any cross-border deal would see Chevron’s Mike Wirth or Exxon’s Darren Woods take a big bet on continuing high oil prices, and also attract political heat.

☆ BP’s CEO Plays Down Renewables Push
▼ + stars: | 2023-02-01 | by ( Jenny Strasburg | ) www.wsj.com time to read: 1 min

LONDON— BP PLC Chief Executive Bernard Looney plans to dial back elements of the oil giant’s high-profile push into renewable energy, he has said in recent discussions with people close to the company. Mr. Looney has said he is disappointed in the returns from some of the oil giant’s renewable investments and plans to pursue a narrower green-energy strategy, according to people familiar with the discussions. He has told some of the people that BP needs to do more to convince shareholders of its strategy to maximize profit in areas where it has a competitive advantage, including its legacy oil-and-gas operations.

☆ BP’s CEO Plays Down Renewables Push as Returns Lag
▼ + stars: | 2023-02-01 | by ( Jenny Strasburg | ) www.wsj.com time to read: 1 min

LONDON— BP PLC Chief Executive Bernard Looney plans to dial back elements of the oil giant’s high-profile push into renewable energy, according to people familiar with recent discussions. Mr. Looney has said he is disappointed in the returns from some of the oil giant’s renewable investments and plans to pursue a narrower green-energy strategy, the people said. He has told some people close to the company that BP needs to do more to convince shareholders of its strategy to maximize profits in areas where it has a competitive advantage, including its legacy oil-and-gas operations.

☆ Ukraine war to accelerate shift to clean energy, BP says
▼ + stars: | 2023-01-30 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

Companies Bp Plc FollowLONDON, Jan 30 (Reuters) - Russia's war in Ukraine is expected to weigh on long-term energy demand and accelerate the world's shift to renewables and low-carbon power as countries boost domestic energy supplies, BP (BP.L) said in a report on Monday. In its benchmark 2023 Energy Outlook, BP Plc said the Ukraine war will slow global economic activity by 2035 by around 3% compared with last year's forecast due to higher food and energy prices as well as reduced trade activity. Energy security - BP's 2023 Energy OutlookRussia is a major exporter of energy and other commodities. At the same time, a surge in global energy prices last year led governments to accelerate domestic energy production including nuclear, renewables, hydropower and coal. Oil demand - BP 2023 Energy OutlookFinal energy consumption - BP 2023 Energy OutlookReporting by Ron Bousso; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

No matter how much Kevin McCarthy swears that won’t involve cuts to Social Security or Medicare, it’s almost impossible to imagine they aren’t on the table. If Congress cuts spending to balance the budget as some Republicans have suggested, it could mean big cuts to very popular programs like Social Security and Medicare. Bret: Other than trying to find ways to slow the rate of spending growth, I can’t imagine there would be cuts to either program. They’re popular with Republican voters, too, after all. For some reason, Social Security payroll taxation stops at about $160,000.

☆ Big Oil poised to smash annual profit records — sparking outcry from campaigners and activists
▼ + stars: | 2023-01-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden has previously singled out Exxon Mobil for making "more money than God" last year. Flush with cash, the energy giants are expected to use their windfall profits to reward shareholders with higher dividends and share buybacks. In June last year, Biden singled out Exxon Mobil for making "more money than God." "They are profiting from the current increase in oil and gas prices, and they are betting on it. And what you see is actually increased investment in oil and gas," Agathe Bounfour, oil campaign lead at the NGO Transport & Environment, told CNBC via telephone.

☆ NBA roundup: Thunder win on Shai Gilgeous-Alexander's late shot
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +6 min

Nnaji was fouled on an offensive rebound and hit two free throws to tie it at 99-all with 30.2 seconds left before Gilgeous-Alexander's late heroics. Clippers 112, Mavericks 98Kawhi Leonard had 30 points and nine rebounds, and visiting Los Angeles dominated the fourth quarter in a win over Dallas. Paul George scored 21 points and Norman Powell added 19 for Los Angeles, which outscored the Mavericks 33-19 in the final period. New Orleans' CJ McCollum took a 3-pointer with 7.6 seconds left that would've given the Pelicans a 99-98 lead, but the shot missed off the front of the rim. Dennis Schroder added 24 points, eight assists and six rebounds as Los Angeles won its second straight game.

☆ Davos draws record crowds, but its relevance is fading
▼ + stars: | 2023-01-16 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

Data from the World Bank shows that global trade of goods and services as a percentage of total economic output peaked that year. A wooden sign on the waterfront of Lake Davos in Davos, Switzerland, on Jan. 8, 2023. Just look to Italy’s new prime minister, Giorgia Meloni, who was installed in October. Those skipping the gathering this year include US President Joe Biden, China’s Xi Jinping, Indian Prime Minister Narendra Modi, French President Emmanuel Macron and UK Prime Minister Rishi Sunak. That raises questions about whether Davos can hang on to its reputation an essential event for the rich and powerful.

☆ The Davos party returns, with the shakes
▼ + stars: | 2023-01-16 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

DAVOS, Switzerland, Jan 16 (Reuters Breakingviews) - There’s a hangover happening in Davos even though the party hasn’t yet started. The World Economic Forum’s annual winter shindig in the Swiss mountain resort, which kicks off on Monday, marks a return for glitzy parties and high-minded debates following a three-year hiatus. A record number of business leaders are set to make the trip, and the passage of commercial, private and government aircraft through Zurich’s airport suggests overall attendees are at pre-Covid-19 levels. The global pandemic and Russia’s invasion of Ukraine have added more friction to the already creaking globalised world that Davos epitomised. Follow @thereallsl on TwitterloadingCONTEXT NEWSThe World Economic Forum will take place in Davos, Switzerland from Jan. 16 through Jan. 20.

☆ NBA roundup: Nikola Jokic's 27 boards help Nuggets dispatch Hornets
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +6 min

The only other player in NBA history to have at least 37 points, 27 rebounds and 10 assists in a single game was Wilt Chamberlain. Charlotte got within two on Washington's dunk with 13.5 seconds left but Jokic sealed it with two free throws. A steal by Killian Hayes and a 3-pointer by Bogdanovic with 40 seconds left cut Brooklyn's lead to one. JaMychal Green contributed 15 points and Kevon Looney had 11 points and 11 rebounds. Malcolm Brogdon's corner trey with 56.2 seconds left brought the Celtics within 93-92.

☆ BP invests millions in company that supplies 'rapidly deployable' solar tech
▼ + stars: | 2022-12-16 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

Australian firm 5B says its 5B Maverick system is "a fully prefabricated, plug-&-play solar farm in a box." It adds that "each 5B Maverick array consists of up to 90 solar modules, mounted on [nine] domed racks between 10 composite steel-concrete beams." BP said it is investing 20 million Australian dollars ($13.53 million) in Australian renewable company 5B, which specializes in solar technology. BP said 5B had deployed over 60 megawatts of solar tech worldwide, with projects based in Europe, Asia, South America and the United States. 'Today's energy system is a hydrocarbon system'CEO Bernard Looney recently said the BP strategy focused on simultaneously investing in hydrocarbons and the planned energy transition.

☆ Michael Jordan: The NBA has renamed its MVP trophy after the Bulls great
▼ + stars: | 2022-12-13 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +15 min

Andrew D. Bernstein/NBAE/Getty Images Jordan poses for a Little League Baseball photo in the late 1970s. Ken Levine/Getty Images Jordan famously shrugs his shoulders after hitting another 3-pointer during the 1992 NBA Finals versus Portland. "There is a reason you call someone the Michael Jordan of ... neurosurgery, or the Michael Jordan of rabbis, or the Michael Jordan of outrigger canoeing. Chip Somodevilla/Getty Images Jordan continues to promote Nike's Jordan Brand across the world. Jordan Brand/Getty Images Jordan cries at the Kobe Bryant memorial in Los Angeles in February 2020.

☆ How 'A Charlie Brown Christmas' became a holiday music hit
▼ + stars: | 2022-12-13 | by ( Aj Willingham | ) edition.cnn.com time to read: +10 min

CNN —The familiar tunes of “A Charlie Brown Christmas” transport us. In 1965, when “A Charlie Brown Christmas” first aired, Christmas jazz wasn’t exactly a thing. The musical formula they created didn’t just make “A Charlie Brown Christmas” an instant hit. “Bossa nova was one of the things that helped smooth its way to popularity.”A still from 1965's "A Charlie Brown Christmas." A woman listens to music from "A Charlie Brown Christmas" on her phone in 2013.

☆ David Zaslav's top priority at Warner Bros. Discovery: Get the cash flowing again
▼ + stars: | 2022-12-06 | by ( Alex Sherman | ) www.cnbc.com time to read: +7 min

Warner Bros. Warner Bros. Discovery will generate more than $3 billion in free cash flow this year, about $4 billion next year and close to $6 billion in free cash flow in 2024, according to company forecasts. Warner Bros. The one certainty is Zaslav's decision will be squarely based on how a deal affects the company's free cash flow.

☆ BP doubles down on hydrogen as fuel of the future
▼ + stars: | 2022-12-05 | by ( Ron Bousso | ) www.reuters.com time to read: +6 min

[1/2] The BP logo is seen at a BP gas station in Manhattan, New York City, U.S., November 24, 2021. But grey hydrogen becomes "blue hydrogen" if the polluting emissions are captured. The IRA offers a $3 per kilogramme tax credit for clean hydrogen, which brings green hydrogen to par or even below the cost of grey and blue hydrogen, according to analysts. "With the hydrogen production tax credits that are now in place, it has ... allowed green hydrogen to be a lot more competitive," McLeod said. Subsidies will initially allow green and blue hydrogen to compete with grey hydrogen, allowing consumers to switch to cleaner fuel, McLeod said.

☆ BP weighs ending its 70-year-old Statistical Review of World Energy
▼ + stars: | 2022-11-28 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

The Statistical Review has been a go-to resource for the wider energy sector since it was first published in April 1952, providing detailed data on global oil, gas and coal production and consumption. "We're looking at options for publishing the annual Statistical Review of World Energy, but as yet we've taken no decision," the company said. "The world of energy is changing fast and becoming ever more complex, and our energy and economics team are focused on understanding different elements of the energy transition and their implications for BP." "Put simply, it (Statistical Review) is bad PR," one company source said. BP Statistical ReviewReporting by Ron Bousso; Editing by Veronica Brown and David EvansOur Standards: The Thomson Reuters Trust Principles.

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