Fitch Ratings on Wednesday affirmed BP's (BP.L) A+ long-term issuer default rating with a stable outlook.
The oil and gas company's rating mirrors its ability to execute its updated strategy, which prioritizes strengthening the balance sheet through reduced share buybacks, asset divestments and cost-saving measures, while shifting investment toward upstream oil and gas operations.
BP's large-scale global operations and diversified business model also support the rating.
Vår Energi (VAR.OL) will be added to the MSCI Norway Index after market hours on May 29, according to a Wednesday release.The upstream oil and gas company noted that it will also become a part of a wider range of MSCI global and regional indexes as part of the inclusion.
Equinor (EQNR.OL) is assessing whether Germany and other major European consumers are prepared to commit long-term to support investments in higher-cost oil and gas projects, Bloomberg News reported Wednesday, citing unnamed sources.The Norwegian energy company, which expects production from its North Sea fields to decline over the next 10 years, may increasingly look toward Arctic drilling projects to maintain output, the report said.Equinor said it had no comment when reached by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Brazil will spend up to 2.9 billion reais ($580 million) per month on gasoline and diesel subsidies to curb inflation and support President Luiz Inacio Lula da Silva ahead of October's presidential election, Bloomberg reported on Wednesday.The two-month program, which can be extended if needed, will subsidize both imported and domestically produced fuels.Since the Iran war began, Brazil has announced as much as 13 billion reais in tax cuts and subsidies across multiple products, including biodiesel, aviation fuel and cooking gas.Finance Ministry Executive Secretary Rogerio Ceron said the measures do not violate fiscal rules as higher oil prices have boosted tax revenue.The move also allows Petroleo Brasileiro SA to raise fuel prices after delaying adjustments under a policy aimed at limiting the pass-through of global oil price swings to consumers.