BP profit tumbles by two-thirds as oil demand dries up April 28, 2020 BP’s underlying profit fell by two-thirds in the first quarter as the coronavirus crisis destroyed global demand for oil. The oil giant’s underlying cost replacement profit, its preferred reporting metric, dropped from $2.4bn (£1.9bn) to $0.8bn year-on-year. Shares in BP fell a little over one per cent this morning. The figures For the quarter, the [...]
Oil majors slash spending plans by a quarter as demand collapses April 16, 2020 The world’s biggest oil firms have cut their capital spending programmes by a combined 26 per cent for 2020 due to the collapse in oil prices caused by the coronavirus outbreak. In total, Reuters data shows that the combined sum of the cuts comes to $60.5bn (£48.2bn), as firms seek to conserve cash among an [...]
BP to take a $1bn writedown due to oil price collapse April 1, 2020 BP expects to take a write down of up to $1bn for the first quarter of 2020 as the oil giant feels the strain of the recent oil price collapse. Across the whole year, the firm will reduce spending by 20 per cent and also halve investment in its shale oil business. In a statement, [...]
Oil giants slump as Trump EU travel ban makes COVID-19 and price war effect worse March 12, 2020 Oil company shares have sunk today after the Brent crude price sunk below $34 a barrel, as the market absorbs news of President Trump’s travel ban. Shares in BP have fallen 11.18 per cent to 280p and those of Shell are also down 11.15 per cent at 1,165p. Tullow oil and TransGlobe Energy released results [...]
Billions wiped off FTSE oil giants BP and Shell after global oil prices sink March 9, 2020 Oil major BP has lost nearly £20bn of its value today as investors ditch energy stock following the oil price rout. Rival Royal Dutch Shell has seen its market capitalisation shrink £18.1bn since the close of trading in London on Friday. Both oil majors have dragged the FTSE 100 to one-day losses not seen since [...]
Oil prices: FTSE energy stocks tumble after Opec coronavirus chaos March 9, 2020 FTSE 100-listed energy stocks have crumbled in early trading after Saudi Arabia initiated a price war that saw oil prices collapse today. Shell’s share price plummeted 21 per cent before trimming losses to stand down 14.8 per cent by 9.50am, while BP’s tumbled 17.3 per cent to 326.9p. Petrofac fell over 50 per cent to [...]
BP makes pledge to become a net zero company by 2050 February 12, 2020 BP has announced plans to become a net zero emissions company by 2050 or sooner, one of the most ambitious climate pledges yet made by an oil major. Along with absolute net zero commitments across all of BP’s operations, it will also cut the carbon intensity of products it sells by 50 per cent by [...]
Under the pump: the challenges facing BP’s new boss in the 2020s February 12, 2020 When Bob Dudley bowed out after a decade at the helm of BP last week, the praise was both effusive and universal. During his tenure, Dudley managed to plot a course between the Scylla and Charybdis of 2010’s Deepwater Horizon disaster and the mid-decade collapse of the oil market while maintaining BP’s position as the [...]
BP profit plunges but oil giant beats expectations in Bob Dudley’s swansong February 4, 2020 Bob Dudley bowed out after a decade as BP’s chief executive today as the firm outperformed analyst expectations in the face of a challenging macroeconomic environment. Despite a 26 per cent fall in profit in the final quarter of 2019, the oil giant’s underlying replacement cost (RC) figure – BP’s definition of net income – [...]
BP faces calls to link bonuses to climate change action February 2, 2020 Investors are calling on oil giant BP to make performance on tackling climate change a key element in its bonus structure amid increasing concerns about companies’ response to the climate crisis. The bonuses of around 36,000 staff are already linked to plans for reducing emissions, but investors are now calling for more rigorous targets, potentially [...]