61 stories mentioning BP.L
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AlphaValue/Baader Europe reduced its earnings expectations for BP (BP.L) in 2027 and 2028, noting the impact of a lower Brent deck on upstream realized prices.The research firm slashed its adjusted EPS forecast by 13.6% to $0.6 for 2027, according to a research note published June 12, 2026.The British energy giant's stock is rated buy, with a price target of 6.98 pounds sterling.
Britain's FTSE 100 index ended the trading week 1.63% higher, buoyed by renewed investor optimism over an interim peace agreement between the US and Iran.Washington and Tehran could sign a deal to reopen the Strait of Hormuz next week on the sidelines of the Group of Seven summit in Switzerland, Bloomberg News reported, citing senior officials. The terms of the memorandum of understanding are still subject to approval by Iran's Supreme Leader Mojtaba Khamenei, an unnamed European official told the news outlet.News of a potential deal sent oil prices down over 2% on Friday. BP (BP.L) and Shell (SHEL.L) also tumbled 1.98% and 1.69%, respectively, making them the two biggest losers on the blue-chip index.In corporate news back home, Flutter Entertainment (FLTR.L) plans to delist its ordinary shares from the London bourse on Aug. 3, but will continue to list in New York. The online sports betting and gaming company edged down 3.33% in London at close.On the economic front, Britain's monthly gross domestic product fell 0.1% in April 2026, in line with expectations, following a 0.3% rise a month ago, data from the Office for National Statistics showed. The latest figure, which marks the first economic contraction since August 2025, was driven by a fall in services, offset by growth in construction. Meanwhile, production stagnated during the month."While UK GDP grew by 0.7% in the three months to April, the contraction in April is more indicative of growth prospects for the economy going forward. We expect UK GDP growth to slow in the second quarter," according to Yael Selfin, vice chair and chief economist at KPMG in the UK.The week ahead will see a barrage of economic data in the UK, including inflation, labor market figures, the Bank of England's interest rate decision, retail sales, and public sector net borrowing.
BP (BP.L) has kicked off the process to offer its stakes in two projects in the Gulf of Mexico, Reuters reported Friday, citing four people with knowledge of the matter.The newswire reported in March that the British energy giant was seeking buyers for minority stakes in the Kaskida and Tiber projects, expected to be valued at billions of dollars. The latest report did not disclose the size of the stakes BP is planning to sell.BP did not immediately respond to' request for comment.(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.)
RBC Capital Markets on Thursday reiterated BP's (BP.L) outperform rating, with a price target of 7 pounds sterling, projecting the oil and gas giant will achieve its full-year 2027 net debt targets earlier than expected.Amid continued "highly supportive" macroeconomic conditions, the research firm noted that, along with the market, it anticipates BP will hit its 2027 net debt goal of between $14 billion and $18 billion by the end of 2026."Relative to the $56bn net liabilities stack currently (debt, leases, hybrids), we see a more appropriate level of ~$30bn, implying a reported net debt target of ~$5bn, which could be achieved by mid-2027," analysts wrote. "We think the stronger macro environment should lead to higher upstream divestment valuations, however, it should also mean BP can be more selective and transact for value. Better than being a forced seller to reduce debt."On the earnings side, RBC made minor adjustments to its estimates, mainly related to the BP's downstream business, noting that the sale of its Gelsenkirchen refinery eliminated the drag on profitability and increased its refining margin. As such, the research firm raised its EPS forecasts for full-years 2027 and 2028 by 5.8% and 8%, respectively, to $0.89 and $0.83."BP continues to screen cheap (12.4% 2027E [free cash flow] yield [versus] peers 8.3%), however, rampant headlines on boardroom drama may lead investors to hesitate. Evidence of delivery on strategic goals (de-leveraging, structural cost reduction) is key, and we see room for BP to surprise positively on debt reduction. In a year's time, what will investors be talking about - the balance sheet? The board? Hopefully neither," the note said.
BP (BP.L) remains engaged in discussions with the United Steelworkers Local 7-1 bargaining committee for the Whiting refinery in Indiana, US.The oil and gas giant said Wednesday that the parties "remain far apart" on critical proposals related to the refinery, reiterating its commitment to good faith negotiations.The ongoing labor dispute has not impacted operations at the site, BP noted.
Coastal Africa Group (CAGL.L) began trading on the London stock exchange on Wednesday after raising 17.4 million pounds sterling through an issue of 10,783,627 shares priced at 1.61 pound each.Following admission, the oil and gas-focused investor will have 135,783,627 shares in issue with a market capitalization of 218.7 million pounds. Separately, BP Oil International, a unit of energy giant BP (BP.L), agreed to subscribe for 10 million pounds in convertible loan notes.Coastal Africa will use the proceeds to acquire a portfolio of minority, non-controlling interests in assets in the West African oil and gas sector, cover transaction-related due diligence and corporate costs, and support a planned acquisition aimed at transforming the business into an operating company.
Clarkson PLC (CKN.L) named Niamh Staunton as its new chief financial officer, with her appointment date to be confirmed later.Staunton will succeed Jeff Woyda, who will retire from the shipping company in September, according to a Wednesday release.Staunton currently serves as the senior vice president, finance and risk at British oil and gas company BP's (BP.L) supply, trading, and shipping business.
Oil and gas giant BP (BP.L) is consolidating its existing three-segment business structure into two distinct segments, upstream and downstream, to boost accountability and enable efficient decision-making.The reorganization will be effective from July 1, according to a Tuesday release.The upstream division will focus on resource development and production, and will be led by Executive Vice President Gordon Birrell.On the other hand, the downstream segment will cover customers and markets. The company named Richard Harding as an interim executive vice president for downstream while it searches for a permanent head of the unit.BP clarified that supply, trading and shipping will continue to operate across both segments, and renewable businesses, including solar and offshore wind, will remain within the technology function.
(Updates with BP's statement)BP (BP.L) investors are asking for more details from the company after it fired Albert Manifold as chair over "unacceptable conduct," London's Financial Times reported Tuesday, citing shareholders of the energy giant.The oil and gas company fired Manifold in May. One unnamed investor told FT many shareholders are concerned about whether the former chair's aggressive push for change prompted the ousting. Meanwhile, investors who spoke with BP noted that they are seeking clarity amid a promise to continue with Manifold's strategy of streamlining the company.A person close to the company added that full details of the decision could not be disclosed to remain fair to the complainants, according to the report.A BP spokesperson told, "We remain firmly focused on cost discipline and delivering value for our shareholders." BP also referred to interim Chair Ian Tyler's comments from the previous week, saying, "The Board and leadership team have deep conviction in the strategic direction we have laid out and the company is moving at pace to deliver it."(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.)
BP (BP.L) investors are asking for more details from the company after it fired Albert Manifold as chair over "unacceptable conduct," London's Financial Times reported Tuesday, citing shareholders of the energy giant.The oil and gas company fired Manifold in May. One unnamed investor told FT many shareholders are concerned about whether the former chair's aggressive push for change prompted the ousting. Meanwhile, investors who spoke with BP noted that they are seeking clarity amid a promise to continue with Manifold's strategy of streamlining the company.A person close to the company added that full details of the decision could not be disclosed to remain fair to the complainants, according to the report.BP did not immediately respond to a request for comment from.(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.)
Oil and gas giant BP's (BP.L) unit BP Oil International agreed to subscribe for 10 million pounds sterling of convertible notes issued by energy investment company Coastal Africa Group.The notes bear interest at the Sterling Overnight Index Average plus 3% and will mature in 2030, according to a Thursday filing from Coastal Africa released Friday.Further, Coastal Africa signed an exclusivity agreement with BP Oil, giving the BP unit exclusive rights to offtake and market all crude oil and condensate production from the former's projects.
BP (BP.L) is exploring potential agreements concerning the sale of its UK North Sea assets after failed negotiations with Ithaca Energy (ITH.L), London's Financial Times reported Tuesday, citing people familiar with the process.The oil and gas company reportedly discussed a deal with the British oil and gas company worth close to 2 billion pounds sterling, but talks failed in recent weeks.The potential assets sale with other prospects is happening amid BP's restructuring under Chief Executive Officer Meg O'Neill to shift its focus on oil and gas production, the report added.BP did not immediately respond to a request for comment from.(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.)
BP (BP.L) on Monday reported the start of non‑associated gas production operations at the Azeri-Chirag-Gunashli field in the Azerbaijan sector of the Caspian Sea.The development marks the first commercial gas production operations in the field's nearly three-decade history. The start of operations will be focused on well and reservoir testing activities in the Qirmaki Lower Sand reservoir.The British energy major operates the field, with a 30.37% interest. The remaining stakes are held by State Oil Co. of Azerbaijan, or Socar, MOL, Inpex, ExxonMobil (XONA.F), TPAO, and ONGC Videsh.
(Updates to add information)BP (BP.L) is reducing its interest in the Browse natural gas project in Australia to 39.33%, according to a Monday emailed statement.The British oil and gas company agreed to divest a 5% working interest in the project to South Korean energy services provider GS Energy. The development is Australia's biggest undeveloped offshore gas resource."bp and its partners continue to see long-term value in the project, including its role in supporting energy security in Australia and the region," the company said.The transaction is subject to regulatory and joint venture approvals.
BP (BP.L) is reducing its interest in the Browse natural gas project in Australia to 39.33%, Bloomberg News and Reuters reported Monday, citing an emailed statement.The British oil and gas company agreed to divest a 5% working interest in the AU$48.7 billion project to South Korean energy services provider GS Energy. The development is considered one of the biggest in Australia.BP did not immediately respond to a request for comment from.
BP (BP.L) will meet with the local arm of the United Steelworkers union on June 10 to discuss proposals for workers at its Whiting refinery in the US.The oil and gas company said May 29 it expects to receive the union's response to its latest offer at the meeting.
BP (BP.L) will take over as operator of Azerbaijan's offshore Babek natural gas field, which is currently part of a unit led by state energy company SOCAR, Reuters reported Thursday, citing industry sources.The British oil giant and SOCAR are expected to announce their agreement on the Babek field, which will become a separate project operated by BP, on June 1, the sources added.The Babek field holds an estimated 400 billion cubic meters of gas and 80 million tonnes of condensate, according to the report.BP did not immediately respond to a request for comment from.(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.)
Former BP (BP.L) Chair Albert Manifold said the governance, oversight, and behavior issues cited by the British oil giant for his termination on Tuesday were lies, adding that he disputes the characterization of his conduct.In a statement distributed by a public relations group on Thursday, Manifold said that "at no point in my tenure as chairman of BP has anyone raised with me any issue about my conduct or my relationship with my colleagues," according to a same-day report by Bloomberg News.Manifold, who admitted that his "determination to drive change" may have led him to push hard and challenge people, said "there is a considerable distance between driving an organisation with urgency and the characterisation of my conduct that is now being put about."In a statement sent to, a BP spokesperson noted Manifold's comments, adding that "We stand by the statement we have made." The company also noted its duty of care to the employees affected by his behavior.
Britain's FTSE 100 extended its winning streak, closing Wednesday trading 0.13% higher, as investors assessed the latest corporate and regulatory updates.BP (BP.L) fell 2.72% a day after announcing the removal of Chairman Albert Manifold, citing concerns related to "important governance standards, oversight and conduct." The energy giant did not provide further details, but BBC News reported about complaints, including Manifold's "overbearing" behavior and "bullying."Manifold said he was dismissed "without warning and without explanation" in an emailed statement to Bloomberg News. "I dispute entirely the characterization of my conduct and I will not allow a false narrative to go unchallenged."On the earnings front, Greencore Group (GNC.L) posted a loss of 30.8 million pounds sterling for the six months ended March 27, compared with a profit of 19.8 million pounds a year earlier, sending its shares down 9.02%. The convenience foods producer's revenue, meanwhile, rose to 1.32 billion pounds from 922 million pounds earlier.In regulatory news, Britain's Office of Gas and Electricity Markets, or Ofgem, will raise by 13% the energy price cap for the July 1 to Sept. 30 period. This means that the average gas and electricity bill will increase to 1,862 pounds a year from 1,641 pounds."Today's price change reflects continued volatility in global energy markets. This means higher wholesale gas prices, driven by ongoing conflict in the Middle East, is impacting the price we pay for energy," Ofgem Chief Executive Officer Tim Jarvis said.Speaking of the Middle East conflict, Iran's state TV said Tehran received a draft outline for a possible agreement with the US. Under the reported terms, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while US forces would pull back forces from the area and lift a naval blockade.
(Updates with more details)BP's (BP.L) ousted Chairman Albert Manifold plans to challenge his termination, claiming he was removed without prior warning or explanation, Bloomberg News reported Wednesday, citing an emailed statement from Manifold."I dispute entirely the characterization of my conduct and I will not allow a false narrative to go unchallenged," Manifold reportedly said.People close to BP told Bloomberg that complaints against Manifold included allegations of aggressive behavior toward employees, mishandling sensitive information and attempts to bypass the board.Meanwhile, a same-day BBC report said allegations of "bullying" and "overbearing" behavior were among the factors behind Manifold's removal.The British oil giant's board on Tuesday decided unanimously to terminate Manifold's employment as chair, citing concerns "related to important governance standards, oversight and conduct."BP did not immediately respond to a request for comment from.
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