$BP.L

Former BP Chairman to Challenge Ouster

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.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.

UK Equities Gain; BP Shares Fall Amid Chair Removal

British equities traded in the green on Tuesday, with the FTSE 100 closing 0.24% higher, as investors returned from Monday's Spring Bank Holiday to a handful of corporate and economic developments.BP (BP.L) was in focus after the oil major said Albert Manifold would step down as chair and director with immediate effect following board concerns over governance standards, oversight, and conduct. The company, which said the decision was unanimous, was one of the worst performers on the blue chip index, down 4.03% at close.On the flip side, Metlen Energy & Metals (MTLN.L) surged 6.46% to become the FTSE 100's top stock after the European Commission cleared its proposed joint venture with Greek electric utility Public Power Corp.Kingfisher (KGF.L) climbed 1.71% after reporting steady total sales year over year for the fiscal first quarter ended April 30 on a constant currency basis. The British home improvement retailer maintained its adjusted pretax profit guidance of 565 million pounds sterling to 625 million pounds."Kingfisher has reported a Q1 trading update today which is a shade better than consensus overall," RBC Capital Markets said. "Adjusting for calendar effects Q1 [like-for-like] of -0.7% yoy vs consensus at -0.9% yoy, with sales including marketplace +0.8% yoy. We think this should be reassuring given a later start to spring this year."Meanwhile, the UK's shop price inflation edged up to 1.2% year over year in May from 1% in April, the British Retail Consortium said. The latest reading exceeded the consensus estimate of 1.1%, driven by rising shipping and raw material costs amid the Middle East conflict."While retailers work hard to keep prices down for customers, they continue to face significant cost pressures, including higher energy bills and disruption linked to the conflict in Iran," said BRC Chief Executive Helen Dickinson. "Businesses cannot absorb these costs indefinitely, which risks pushing prices higher in the months ahead. To help protect households, Government should take action to reduce business costs. Reducing the non-commodity charges, taxes and levies that make up more than two-thirds of energy bills, and cutting red tape would help keep inflation down."Looking ahead, the economic calendar is light this week, with April car production due Thursday and nationwide housing prices for May due Friday.

Intesa Sanpaolo Boosts BP PT, Maintains Neutral Rating

Intesa Sanpaolo on Tuesday increased the price target for British oil and gas company BP (BP.L) to 5.98 pounds sterling from 4.63 pounds, while keeping its neutral rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

BP Removes Chair Over Governance, Conduct Concerns

BP's (BP.L) board unanimously decided to terminate the employment of Albert Manifold as chair due to governance standards, oversight, and conduct concerns.The British energy major appointed Ian Tyler as interim chair, according to a Tuesday filing. The appointment is effective immediately.

BP Removes Chair Over Governance, Conduct Concerns

European Commission OKs Klesch Group's Purchase of BP's Refinery in Germany

The European Commission cleared the acquisition of BP's (BP.L) Gelsenkirchen refinery in Germany by Malta-based refiner Klesch Group, according to a Tuesday release.The British oil and gas company's refinery, operated by Germany's Ruhr Oel and Gelsenkirchen Raffinerie Netz, supplies petroleum and petrochemical products.The commission concluded that the transaction would not raise competition issues.

Barclays Names Iberdrola as 'Gold Standard' Utility; Rating, Price Target Upgraded

Barclays upgraded its investment opinion on Iberdrola (IBE.MC), saying the Spanish company is a "gold standard" utility with a "once in a generation" growth opportunity.In a Tuesday note, the research firm raised its rating to overweight from equal weight and increased its price target by 34% to 22.60 euros. Analysts said the energy company's capital deployment track record is expected to be "turbocharged" by the energy transition, artificial intelligence data center demand, and energy security priorities."The current strategic pivot is towards regulated networks (UK/US), with renewables and low voltage networks providing optionality into the next decade. We estimate Iberdrola's strong balance sheet can finance these growth opportunities," the note said.Against this backdrop, Barclays projects an EPS growth rate of nearly 11% between full-year 2026 and 2030, surpassing the sector slightly, alongside an anticipated total shareholder return of 15%. These estimates sit at the upper end of management's high single-digit guidance and ahead of Bloomberg consensus expectation of 8% for the 2024 to 2028 period, the research firm added.Upcoming key catalysts include the implementation of the UK's new transmission regulatory framework, the impact of the New England Clean Energy Connect interconnection operations, and Iberdrola's Castellón Green Hydrogen project with BP (BP.L), among others.

BP Calls Off Voluntary Reduction of Maintenance Craft Employees in US Refinery

BP (BP.L) abandoned plans to reduce maintenance craft employees at its Whiting refinery in the US as part of bargaining talks with local union United Steelworkers.In a May 22 release, the oil and gas company also disclosed offering pay hikes and bonuses to advance the negotiations toward an agreement.In presenting its new offer, the company reaffirmed its commitment to bargaining in support of stakeholders.

BP to Resume Labor Negotiations with United Steelworkers in US

BP (BP.L) said Wednesday the United Steelworkers Local 7-1 union agreed to resume labor negotiations on Friday.The British energy major added that it is looking forward to a "meaningful dialogue" to strike an agreement with union members concerning operations at its Whiting refinery in Indiana, US.

BP, United Steelworkers Talks Stall as Union Exits Negotiations

BP (BP.L) said Monday the United Steelworkers Local 7-1 union discontinued negotiations without meaningfully addressing unresolved issues tied to operations at its Whiting refinery in Indiana, US.The energy group said it remained committed to continuing bargaining during the ongoing lockout, adding that the union "rejected and refused to negotiate bp Whiting refinery's last, best, and final offer."BP's latest proposals include upgraded job structures, enhanced training programs, a six-year agreement with a $2,500 lump sum bonus, and additional payments ranging from $5,000 to $7,500 for certain classifications. BP also aims to introduce average base wage increases of 13% over four years, alongside annual cash bonus opportunities.

Market Chatter: BP Mulls Sale of Natural Gas Assets in Egypt

BP (BP.L) is reportedly looking to sell some of its natural gas assets in ​Egypt, Reuters reported Friday, citing four people close to the matter.The British energy major has not taken any final decisions yet, the sources told the news outlet.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.)

Fitch Affirms BP Rating on Balance Sheet Improvement; Outlook Stable

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.

BP, United Steelworkers Union to Resume Contract Negotiations

BP (BP.L) will meet with the United Steelworkers union on May 18 to resume labor contract negotiations following the lockout of nearly 1,000 workers at the company's Whiting refinery in Indiana, US, in March.The energy company said Wednesday it "negotiated in good faith from the start and will keep doing so."The union accused BP of unfair labor practices, calling for improved working conditions, the reinstatement of the locked-out workers, and the resumption of negotiations for job security, workers' safety, and fair wages.

BP Acquires 40% Stake in Uzbekistan Production Sharing Deal

BP (BP.L) signed a production sharing agreement covering the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks in Uzbekistan's North Ustyurt region.The energy giant said Wednesday it acquired a 40% participating interest in the project, 20% each from existing partners Socar and Uzbekneftegaz, which now have a 30% stake each.Socar will continue to operate the project, which is currently in its first phase.

Market Chatter: BP, United Steelworkers Union's Negotiations Stall After US Refinery Lockout

BP (BP.L) and the United Steelworkers Union remain deadlocked in labor negotiations following the lockout of more than 800 workers at the company's Whiting refinery in Indiana, US, in March, Reuters reported Tuesday, citing a statement from the union.The union accused the energy company of delaying negotiations despite publicly expressing willingness to continue discussions, according to the report.It added that BP was ⁠unavailable to meet for nearly ⁠two ​weeks after it attempted to resume talks last week.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.)

RBC Capital Upgrades BP to Outperform Rating

RBC Capital on Monday upgraded oil and gas giant BP (BP.L) to outperform from sector perform, while keeping its price target at 7.00 pounds sterling.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

RBC Upgrades BP to Outperform Amid Expectations of Prolonged Higher Commodity Prices

RBC Capital Markets upgraded its rating on BP (BP.L) to outperform from sector perform, viewing the current commodity price environment as another opportunity for the company to deleverage and "restore financial health.""We have been critical of BP's capital allocation over recent years, across both its transition efforts and decisions made in its core business. Looking forward, another unexpected windfall gives BP another chance to put the business on firmer footing. Given material damage on energy infrastructure in the Middle East as well as material inventory drawdowns across oil products, we see a period of prolonged higher commodity prices supporting BP's investment case," analysts said Monday. "We see the combination of strong commodity prices, recent exploration success and new management providing an opportunity to restore investor confidence."As such, the research firm made "small" adjustments to its forecasts, mainly related to the oil and gas major's downstream operations. EPS projections for 2026 and 2027 were increased by 2.2% and 5.4%, respectively, while the estimate for 2028 was bumped down 0.7%.The stock's price target was left unchanged at 7 pounds sterling.

Bayer Partners with BP to Commercialize Camelina Crop for Biofuels

Bayer (BAYN.F) partnered with BP (BP.L) to jointly scale and commercialize the camelina crop under the new brand newgold, starting in North America.The German drugmaker said Tuesday the product can help meet the growing demand for biodiesel, renewable diesel, and sustainable aviation fuel.Bayer will utilize its expertise in seed technology and farmer customer base, while BP will use its expertise in fuels and refining.

BP Targets 2027 Completion of Three-well Appraisal Plan for Offshore Project in Brazil

BP (BP.L) is looking to complete its three-well appraisal plan for the Bumerangue project offshore Brazil by the first half of 2027, Reuters reported Monday.Felipe ⁠Arbelaez, the oil and gas company's senior vice president for upstream in Brazil, told the news platform that the appraisal will launch between late 2026 and early 2027.

Market Chatter: BP Reportedly Weighs Options for UK North Sea Operations

BP (BP.L) is considering a partial or full sale of its assets in the UK North Sea as part of an internal review of upstream operations, Bloomberg News wrote Friday, citing people familiar with the matter.A full sale could raise 2 billion pounds sterling, the sources said, adding that the British energy major's review is ongoing and may not lead to any divestment.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.)