British oil-and-gas titan BP said on Wednesday that it aims to reduce its total emissions to net zero by 2050 and shift investment to renewable energy. Bloomberg TV anchor Alix Steel asked BP CEO Bernard Looney why he doesn’t leave clean energy to companies like Tesla that can “think out […]
US oil workers are fleeing the Iraqi city of Basra following the assassination of the Iranian General Qassem Soleimani in Baghdad, the oil ministry said in a statement on Friday. ExxonMobil, a US oil major, operates in the region, as does BP. US company Chevron has operations in the northern […]
BP CEO Bob Dudley is set to step down from the role in 2020, after spending more than 40 years at the oil-giant. He will be replaced by 49-year-old Bernard Looney, the company said in a statement. Dudley, who has been chief exec for nine years, is widely credited with […]
Three Iranian gunboats harassed a British oil tanker, and attempted to force it to steer out of international waters into Iranian territory on Wednesday, the UK government said. The tanker belongs to BP. According to Bloomberg, it made the unusual decision to sail home with no cargo on board, part […]
BP chairman Helge Lund promised a long-term transformation to a “low-carbon energy system” in a Financial Times editorial. At its annual general meeting on Tuesday, BP accepted a shareholder resolution to adopt transparency about how its strategy is in accordance with the Paris Agreement on climate change. BP and its […]
The spectacular collapse of Pacific Gas & Electric, which filed for bankruptcy protection on Tuesday, has perhaps made it the biggest corporate victim of a rapidly changing climate. Having estimated total losses from last year’s Camp Fire to be $US16.5 billion, the reinsurance firm Munich Re called the fire the […]
Woolworths is back to the start in its plans to sell off its petrol business. BP Australia just pulled out of the $1.8 billion deal. The supermarket chain says it’s now actively looking at alternatives. BP Australia has dropped plans to buy petrol stations from Woolworths for $1.8 billion. The […]
Oil and gas giant BP expects a boost from Trump’s new tax plan in the long term. But re-evaluating accounts means it could take a one-off $US1.5 billion (£1.1 billion) balance sheet hit. Trump’s plan has been the subject of intense debate in the USA. LONDON – British oil and […]
The competition watchdog, the ACCC, has decided to oppose the proposed sale of Woolworths service stations to oil business BP on the grounds that it could lift petrol prices at the bowser. The Australian Competition and Consumer Commission (ACCC) says BP prices are significantly higher on average than Woolworths prices […]
Troubled supermarket group Woolworths has closed a $1.785 billion deal to sell its fuel business to BP. The cash will be used to strengthen the Woolworths balance sheet and reinvest in its core businesses. In early trade, Woolworths shares were up 2.2% to $24.41. The Woolworths petrol business turned over […]
The Humane Society, Tropicana, and...
SAN FRANCISCO — For a company like BP, which has been in the oil and gas business for over a century, adopting new technologies could be a difficult task. It not only takes years to fully deploy new products, but there are also safety and reliability issues that need to […]
The FTSE 100 has opened slightly higher on...
BP has abandoned an exploration drilling program in the Great Australian Bight off South Australia’s west coast. The British multinational oil and gas company says the project didn’t measure up to other opportunities in the company’s portfolio competing for capital investment. “We have looked long and hard at our exploration […]
The astronomical cost of producing and...
The Bill and Melinda Gates Foundation -- a...
A pick-up in demand for oil and "weak supply...
A group of top City of London shareholders and...
Some of BP's largest...
As the global supply glut continues to keep oil...
Energy giant BP just raised CEO Bob...
The oil price rout has hit BP hard.
The Gulf of Mexico oil spill in 2010...
BP has started advertising the...
BP said it would adjust its "financial...
BP reported a second-quarter profit of $1.3...
Oil major BP said it will gradually...
Oil giant BP's profits dipped by much less than by much less than expected.
Following Shell's lead.
On the path to energy self-sufficiency.
More money elsewhere.
Paying too much for petrol?
[credit provider=”NOAA”] On April 20, 2010, an explosion on the Deepwater Horizon drilling platform spewed nearly five million barrels of oil into the Gulf Mexico. More than two years later, newly released photographs from the National Oceanic and Atmospheric Administration reveal the horrifying extent of damage to marine life.
In its latest ad, BP’s Community Outreach organiser Iris Cross walks down the Alabama coast and tells the camera, “I’m glad to report all beaches and waters are open for everyone to enjoy.”
[credit provider=”Susanne Miller/USFWS via Flickr” url=”http://www.flickr.com/photos/usfwsendsp/5038885231/in/photostream/”] BP’s latest PR disaster took place on an Alaska oil field.A female polar bear was shot to death despite measures meant to prevent fatality.
[credit provider=”AP”] This morning, President Obama announced plans to ease restrictions on oil and gas drilling in the U.S. and off its coasts. His move comes in the wake of recent gas prices, which may now be moderating slightly.But will it be enough?
[credit provider=”AP” url=”http://www.apimages.com/OneUp.aspx?st=k&kw=Gulf%20spill&showact=results&sort=creationdatelower%3Areversealphabetical&intv=30d&sh=10&kwstyle=and&adte=1302883597&pagez=60&cfasstyle=AND&rids=f2e6470ee5844297a4c7e650d4cc2997&dbm=PThirtyDay&page=1&xslt=1&mediatype=Photo”] Almost a year since the Macondo blowout, conservationists and ecologists continue to study the long term effects of the oil spill on the environment.Earlier this week, The Guardian exposed BP mails that show officials attempting to manipulate research on the impact of the spill by trying to […]
[credit provider=”Srinivas Akella” url=”http://www.flickr.com/photos/akellas/323018480/”] The British oil giant BP has said it would pay $7.2 billion to buy into India’s fast-growing oil and gas industry.It is yet another big deal for BP, as it seeks to recover from the after-shocks of last year’s Gulf of Mexico oil spill.
BP is facing increasing pressure from investors to rethink its planned share swap with Rosneft, the state-controlled Russian energy company.
Still trying to pin down exactly what happened in the Gulf last weekend.
Oil giant BP has long had an aversion to working with big investment banks.
[credit provider=”ap”] You wouldn’t expect Big Oil to support a leader who threatens nationalization and makes deals involving terrorists.Except oil companies have signed around $50 billion in deals with Muammar el-Qaddafi over the next few decades. A post-Qaddafi regime could reject these deals and worse.
[credit provider=”BP” url=”http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7067388″] BP has announced a $7.2 billion deal with Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. explore deepwater fields in India. BP will get a 30% stake in 23 oil and gas blocks.The agreement allows for $1.8 billion in future payments based on exploration success that would lead […]
Call this song and video ridiculous, but it is about to blow up. It was made for yesterday, Valentine’s Day.
The Russian government plans to expand its tentacles in the energy industry.
The Trans-Alaska pipeline, carrying 15% of the United States’ oil produced, is leaking and has been closed, according to The Guardian.
Shell considered a takeover of BP during the Gulf of Mexico oil spill crisis and may still be thinking about a merger with their rival, according to the Daily Mail.
Arabic news network Al Jazeera’s list of the “Top 10” stories of 2010 looked a bit different from many of the lists we’ve seen Stateside. And not in a bad way.
[credit provider=”MTV.com”] What a year it’s been!Yes, everyone says this every year, but seriously, it’s hard to believe everything that’s mentioned in this slideshow happened in the last 12 months.
BP shares are tumbling in London today after the U.S. government sued the company for its involvement with the summer’s Gulf oil spill disaster.
[credit provider=”Robert Scoble via Flickr” url=”http://www.flickr.com/photos/scobleizer/2250735263/sizes/l/in/photostream/”] Over the last 12 months, Twitter grew by more than 100 million users, who helped the network pump out more than 25 billion tweets.What’s impressive about all those tweets is how, 140 characters at a time, they changed the way we lived 2010.
The failed Macondo well in the Gulf of Mexico has stopped gushing oil, but the flow of money resulting from the disaster is still uncontrolled.
A study out from the University of Alabama gives the first real look at economic impact of the BP oil spill.
Peak oilists, who gather every year at ASPO-USA, are happy that mainstream media and politicians are acknowledging the concept of diminishing production.
BP has released the results of its own internal investigation into the Deepwater Horizon oil spill.
Over the weekend, Ad Age published a look inside Google’s core business of search after reporter Michael Learmonth obtained internal documents listing how much various brand advertisers spend on keywords.
BP has been dissuaded not to join in on oil drilling operations in the Arctic region around Greenland, according to The Guardian.
As shrimp season starts, The Daily Beast tested the Gulf’s seafood for oil and dispersant, and the results were immaculate. If Gulf and Atlantic seafood are equally safe, why won’t America buy?
The Associated Press
Here are three recent developments that could certainly be filed in the “glass half full” category, even if far too many Americans are unemployed, on food stamps, and absently wandering around in Wal-Mart parking lots.
[credit provider=”United States Coast Guard” url=”http://cgvi.uscg.mil/media/main.php?g2_itemId=841814″] BP has announced that operation “Static Kill” has been successful and that the leak in the well in the Gulf of Mexico has been plugged, according to the Wall Street Journal.Static Kill was achieved through the use of mud fluid, which is essentially “heavy […]
[credit provider=”Deepwater Horizon Response”] At the end of the year, this may prove to have been the biggest black swan of all. No, not the oil spill, but the fact that contrary to everyone’s expectations (and the horrifying live cam), that the oil spill turned out to be kind of […]
Another good day in the market for BP (+1.47%), but there’s a new dark cloud on the horizon. A little-reported 40-day benzene leak (not related to the oil spill) has triggered a new lawsuit claiming $10 billion in damages.
At first glance it would seem like CEO of BP is not an enviable position to hold these days.
(This guest post previously appeared at The Oil Drum, and is licensed under a Creative Commons Attribution-Share Alike 3.0 United States licence.)
BP has to be LOVING the media it’s been getting recently.
BP is starting over. It just named a new American president and its finances are looking up. BP’s second-quarter report showed surprisingly strong revenues of $75.9 billion, beating Wall Street’s estimates. (This includes a $32.2 billion writedown along with the $20 billion liability fund that the Obama Administration wanted.) The […]
CNBC’s Kate Kelly shines some light on the flash from yesterday, about the SEC looking into trading of BP securites.
Oil damages of $33 billion contributed to a staggering $17 billion loss for BP this past quarter.
The big “black swan” of the moment is actually a positive one.
In the wake of Tony Hayward’s termination, many are re-tracing the legion of mistakes he’s made in the four months since the Gulf oil spill disaster began.
Across the weary Gulf Coast, BP’s dismissal of Tony Hayward failed to garner any goodwill. The Daily Beast’s Rick Outzen on how four months of spin, lies, and delays have jaded a region.
BP’s securities are now under investigation by the SEC and Justice Department, according to CNBC.
The Russian oligarchs in charge of the other half of the TNK-BP joint venture have dismissed reports that they are considering buying BP’s position, according to Ria Novosti.
Three slides from BP’s quarterly earnings presentation provide a nice look at BP’s planned asset disposals.
Despite the big headline number, the BP earnings report was strong, and so far the markets are pleased.
BP has reported unsurprisingly bad headline results for the second quarter of 2010, losing $17.15 billion. This compares to a $4.385 billion profit in the second quarter of 2009.
BP has announced a gigantic, $17 billion quarterly loss, as it’s taken a $32 billion charge in Q2, owing, obviously to the disaster in the Gulf. Of the $32 billion is the $20 billion set aside fo the Deepwater escrow fund.
[credit provider=”Greenpeace”] BP, the gigantic polluter of the Gulf of Mexico, that also happens to be a major player in the energy industry releases earnings tomorrow.Danny King at Daily Finance has a preview of some of the key numbers:
[credit provider=”CNBC”] Tony Hayward sunk himself with his media gaffes and poor political performances. Can Bob Dudley do better? Tom Bower on the challenge of rebuilding the company’s badly tarred reputation.Tom Bower’s new book, Oil: Money, Politics, and Power in the 21st Century, is out now.
BP’s Tony Hayward has just been kicked off the job of company CEO and sent to Russia, in a move that will certainly inspire plenty of mentions of Siberia and gulags.
Hedge fund T2 Partners, home to Whitney Tilson and Glenn Tongue, have put together a presentation (via Market Folly) on the current state of the U.S. stock market and the possibilities inherent in investing in BP, BUD, and MSFT.
It’s not unusual to see a CEO depart in the wake of a corporate disaster. But the departure of BP chief Tony Hayward following the gulf oil spill provides a compelling lesson in the complex responsibilities of the modern CEO.
BP has just put out a short note saying no final decision has been made regarding its management.
It’s important that BP manage its CEO transition smoothly and quickly, given would could be substantial fundraising needs, and it seems they’re doing just that.
We were already pretty sure the rumours were correct, and now the WSJ is corroborating reports that BP CEO Tony Hayward is on his way out.
So says The Telegraph:
Alright, BP. You’re four feet away from finishing that relief well. The National Hurricane centre has discontinued its tropical storm warning for Bonnie. Let’s do this.
During the pit of BP despair, when its counterparties began declaring that it would no longer engage the firm in oil trades, it lost a number of employees, including 20 traders who were based in Hong Kong.
BP’s CDS is tightening significantly off its July highs with progress being made on stopping the leak. Yesterday’s sale of assets to Apache surely also helped to support the company.
BP CEO Tony Hayward is preparing to resign sometime next month, according to the Times of London (annoyingly behind a paywall).
BP has sold $7 billion in assets to Apache, according to CNBC.
For a brief moment, the world panicked about the Matthew Simmons, oilpocalypse doomsday scenario, of oil leaking uncontrollably into the Gulf through various leaks.