BP to Proceed With Clean Energy Plan, Reduce Oil & Gas Output

The company is working hard to move away from non-renewable carbon-based energy and into biofuels, solar, and wind. The company hopes to be net-zero in regard to carbon emissions and production by 2050 or earlier and is well on the way to doing so. Among the many avenues tragedy of commons meaning of advance are the build-out of solar and wind farms as well as the expansion of a major EV charging network. The network totaled more than 9,000 stations around the middle of 2022 and expansion was ramping in order to meet the goal of 100,000 EV stations before 2050.

CLB’s technology-heavy portfolio of proprietary products and services gives it the opportunity to optimize production from new and existing fields. Shares of BP have outperformed the industry in the past three months. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world’s media organizations, industry events and directly to consumers. These businesses are expected to generate earnings of $9-$10 billion by 2030, BP said, seeking to assuage investor concerns over the returns of low carbon businesses in the long term. BP said it would plough more cash into its low-carbon and renewables business while reducing oil output in order to cut greenhouse gas emissions to net zero by mid-century.

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risks and opportunities. Evolution Petroleum Corporation EPM is an independent energy company. Sunak has insisted the move is “entirely consistent” with the country’s net-zero commitments, despite campaigners slamming the decision as “terrible for our energy security, the cost of living, and the climate.” “A very good quarter and that has given the board … the confidence to announce a $1.5 billion buyback program for the quarter and additionally we’ve raised the dividend by 10%,” BP CEO Bernard Looney told CNBC’s “Squawk Box Europe” on Tuesday.

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12 Wall Street equities research analysts have issued “buy,” “hold,” and “sell” ratings for BP in the last year. There are currently 1 sell rating, 4 hold ratings and 7 buy ratings for the stock. The consensus among Wall Street equities research analysts is that investors should “moderate buy” BP shares. The once British Petroleum is now “Beyond Petroleum” and focused on a major shift in its business.

• Amid heightening climate concerns, the world is on a decarbonization mission.
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• That compared with a profit of $4.1 billion in the fourth quarter and $2.6 billion for the first quarter of 2021.
• Reuters provides business, financial, national and international news to professionals via desktop terminals, the world’s media organizations, industry events and directly to consumers.
• BP p.l.c. currently operates through 4 segments including Gas & Low Carbon Energy, Oil Production & Operations, Customers & Products, and Rosneft segments.

It is against this backdrop that anti-poverty campaigners have described the profits of U.K. Oil and gas producers as “obscene,” particularly since a hike in energy bills could make it impossible for an additional 1.1 million homes to adequately heat themselves. British rival Shell on Thursday posted its highest-ever annual profit of nearly $40 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.

Stark said he will soon decide the estimated dates by which the creditors must complete procedures to obtain writs of attachment to participate in the auction. The special master proposed a date around Jan. 12, the attorney Schrock said, while lawyers representing Venezuela proposed a date of Dec. 22. Citgo is the seventh-largest U.S. oil refiner with plants in Illinois, Louisiana and Texas that can process up to 807,000 barrels per day of crude, and a retail network of more than 4,400 outlets. A total of 21 creditors have notified the special master they have claims worth more than $23 billion against Venezuela and PDVSA, Schrock said. HOUSTON/WILMINGTON, Sept 12 (Reuters) – Venezuela-owned oil refiner Citgo Petroleum has been valued by its parent company at between $32 billion and $40 billion, according to a court official during a hearing in Delaware on Tuesday.

Disagreements delay Russian gas hub plans in Turkey – sources

It marks a dramatic shift from 2020 when the oil and gas industry endured a dreadful 12 months by virtually every measure. As a result, the company outlined plans to buy back $8.5 billion in shares in the first half of the year and said it expects to increase its dividend by 4% to $0.25 per share in the first quarter. BP, which in 2020 set out its ambition to become a net zero company “by 2050 or sooner,” recently predicted that oil and gas would become a dramatically smaller part of the global energy mix by the middle of the century.

“We can expect more volatility in the coming months and years,” Looney told Reuters. Oil prices are hovering above $100 a barrel after climbing to multi-year highs earlier this year. The first-quarter results come as the EU prepares its sixth package of economic sanctions against Russia; the bloc remains split on how to wind down its dependence on Russian energy supplies. “All in all, in an underlying sense, a good quarter for the company,” he added. Looney said trading had a “very good” start to the year and net debt — which fell to $27.5 billion — was reduced for the eighth consecutive quarter.

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12 Wall Street research analysts have issued twelve-month price targets for BP’s shares. On average, they predict the company’s share price to reach $41.58 in the next twelve months. This suggests a possible upside of 8.7% from the stock’s current price. View analysts price targets for BP or view top-rated stocks among Wall Street analysts. BP, plc, once known as British Petroleum, is one of the world’s 7 oil & gas supermajors with operations spanning the globe.

According to a statement to investors from BP’s Looney late last year, this refers to “secure, affordable and lower carbon energy.” BP’s stock is owned by a number of institutional and retail investors. Top institutional shareholders include Lazard Asset Management LLC (0.24%), Optiver Holding B.V.

BP announced a further $2.75 billion share buyback, which it expects to complete prior to announcing its first-quarter 2023 results in early May. It also boosted its dividend by 10% to 6.61 cents per ordinary share. The most recent change in the company’s dividend was an increase of $0.0396 on Tuesday, August 1, 2023. One share of BP stock can currently be purchased for approximately $38.26.

“It has been another good quarter for the company,” BP CEO Bernard Looney told CNBC’s “Squawk Box Europe” on Tuesday. Get this delivered to your inbox, and more info about our products and services. The company was founded in 1908 with the purpose of exploring for and producing oil in the middle east.

BP vs Oil & Gas Integrated Stocks

The Zacks Consensus Estimate for Global Partners’ 2023 and 2024 earnings per share is pegged at $3.46 and $3.69, respectively. The BP CEO was also asked to comment on whether the company would be involved with new oil and gas licensing in the North Sea, which U.K. Oil majors have failed to match the bumper profits posted during the same period of last year amid weaker commodity prices. Looney laid out plans in 2020 to cut BP’s carbon emissions in the coming decades by increasing its renewable power capacity 20-fold by 2030 and reducing its oil output by 40%, or more than 1 million barrels per day.

Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. “We’re not investing for growth” in oil and gas production, Looney told analysts, even as BP expects fossil fuels to deliver $33 billion in annual earnings until 2025.

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company forecasts. “If we don’t, there’s only one thing that is going to happen and that’s that prices are going to go up,” he added. “We need a rapid transition and we need to make sure that the transition is orderly.” BP said the earnings reflected significantly lower realized refining margins, a higher level of turnaround and maintenance activity and a weak oil trading result. The new decarbonisation targets double the carbon emissions BP will need to cut or offset to 2 billion tonnes, Looney said.

Looney dismissed the criticism from investors who argue that BP’s aggressive spending on low-carbon fuels and renewables yields returns far inferior to those of hydrocarbons in the current market. BP is planning to grow in sectors, which will not be correlated to the oil price. Amid heightening climate concerns, the world is on a decarbonization mission.

BP also said it would repurchase $1.5 billion of its shares over the next three months. BP’s rebound to an annual profit of $12.85 billion after a large loss in 2020, is likely to add to calls in Britain for higher taxes on energy producers to help reduce consumers’ energy bills. To be sure, it is the burning of fossil fuels such as oil and gas that is the chief driver of the climate emergency.

Crude Oil

This dividend will be paid to stockholders of record as of the close of business on October 12, 2023, with a payment date of October 26, 2023. The West’s largest fossil fuel companies are expected to have raked in combined profits of almost $200 billion for the year, according to Refinitiv data. France’s TotalEnergies is slated to report full-year earnings on Wednesday. Renewables and low-carbon constitute a small portion of the company’s revenues. In the first half of 2023, the transition growth engines accounted for $700 million of $23 billion in core BP earnings. Looney expects the transition businesses’ earnings to increase to $3-$4 billion by 2025 and $12 billion by 2030.

The results were supported by higher oil and gas prices and production, partly offset by weaker oil trading results and the impact of higher energy costs on operations such as refining, the company said. LONDON, Feb 8 (Reuters) – BP’s profits hit their highest in eight years in 2021, lifted by soaring gas and oil prices, https://1investing.in/ as the company boosted share repurchases and accelerated plans to cut emissions with increased spending on low carbon energy. In addition, it produces and refines oil and gas for its downstream operations as well as invests in upstream, downstream, and alternative energy companies including advanced mobility.