Fitch on Thursday affirmed Vallourec's (VK.PA) BBB- long-term issuer default rating with a stable outlook.
The French steel tubes manufacturer's ratings mirror its conservative financial policy, key production hubs and value-enhancing strategy, among others.
The action also incorporates the company's strong position in the seamless tubes market, focus on value over volume, ongoing cost reduction and footprint optimization measures.
Certain units at BP (BP.L) Whiting Refinery in Indiana, US, briefly lost electric power on Sunday night.The oil and gas company said in an emailed statement on Thursday that power was quickly restored, with the issue attributed to electrical systems. It added that the power interruption was not due to the operator's actions.The statement comes after media speculation regarding the event and its impact on gas prices. BP said it does not speculate on market pricing or set oil prices.
Sable Offshore (SOC) awarded Chief Executive Jim Flores a $76 million compensation package in 2025, according to a regulatory filing on Thursday.This was despite the California oil driller not selling any crude during the year, Bloomberg reported.The package was largely driven by more than $69 million in stock awards, along with a $1.3 million salary and a $3.9 million bonus, according to the regulatory filing.Flores earned $1.7 million in 2024 with no stock awards.
Iran's supreme leader Mojtaba Khamenei said Thursday the United States had suffered a "disgraceful defeat," rejecting Donald Trump's warning that a naval blockade could remain in place for months, AFP reported.Oil prices briefly surged to a four-year high amid escalating tensions before easing, as Iran maintained control over shipping in the Strait of Hormuz following the outbreak of conflict in February.In a statement read on state television, Khamenei said a "new chapter" was unfolding for the Persian Gulf and claimed regional powers no longer needed outside intervention, warning foreign actors had "no place" in the region.The US imposed a blockade on Iranian ports two weeks ago and is now working to build an international coalition to ensure safe passage through Hormuz while sustaining pressure on Tehran, a State Department official told AFP.