$BP.L

Bloomberg: BP Conducting Internal Review of UK Upstream Operations

BP Reports Partial Power Outage at US Refinery

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.

BP Confirms Preliminary Offshore Exploration Agreement With Venezuela

BP (BP.L) entered into a memorandum of understanding with the Bolivarian Republic of Venezuela to establish "potential areas for co‑operation in material offshore gas and future exploration," according to a statement sent toon Thursday.Venezuela's Acting President Delcy Rodríguez announced in a Wednesday signing event its offshore natural gas exploration deal with the British oil major, which covers the Deltana Platform, an oil and natural gas reservoir in the nation's eastern waters, according to a same-day report from Bloomberg News.BP Executive Vice President William Lin also said the company plans to launch a permanent regional office in Caracas, Venezuela.

BP Kept at Buy as Berenberg Notes Q1 'Exceptional Oil Trading'

BP (BP.L) logged solid results in the first quarter, Berenberg said, as it kept its buy rating and 7 pounds sterling price target on the British oil company unchanged."Management emphasised the ongoing focus on debt reduction, operational efficiency and capital discipline, and we continue to expect strong FCF generation and a rapid improvement in the balance sheet through the remainder of 2026 to drive enhanced shareholder value and outperformance versus peers," according to a Wednesday note.The research firm noted that the company's first-quarter oil earnings surpassed estimates by 20%, thanks to "exceptional oil trading" and stronger underlying cash flow, among others.Looking ahead, Berenberg raised its adjusted EPS forecasts for BP by 2.1% in 2026 and by 0.6% in 2028. The estimate for 2027 was cut 1.2%.

RBC Trims Earnings Estimates for BP After Q1 Earnings; Sector Perform Rating Kept

RBC Capital Markets made "small changes" to its financial forecasts for BP (BP.L) after its first-quarter earnings, while maintaining its sector perform rating and price target of 7 pounds sterling."New CEO Meg O'Neill kicked off her tenure with a strong set of results, helped in large part by the current price environment," analysts said Tuesday. "In this respect, BP's Oil trading business was the standout in the quarter (as expected, but a bit more than expected) and actually made up for upstream results that were weaker than consensus expectations ([oil production and operations] 6% miss, [gas and low carbon] 10% miss)."As such, the research firm lowered its OPO and GLC earnings assumptions for 2026, while raising its estimate for downstream earnings. EPS projections were cut by 2.6% for 2026, 2.4% for 2027, and 2.5% for 2028.Meanwhile, analysts said the oil and gas company's plan to reduce its hybrid stack is a "positive step forward" in de-leveraging the business, as they expect BP to exceed its "conservative" net debt target by 2026-end.

British Equities Rise as Earnings Season Kicks Off; BP Posts Bumper Profit

London's FTSE 100 closed 0.11% higher on Tuesday as investors examined the first batch of first-quarter earnings from corporate heavyweights.Oil major BP (BP.L) gained 1.12% after profit attributable to shareholders for the three months ended March 31 surged year over year to $3.84 billion from $687 million, thanks to higher margins and oil trading contribution."BP reported strong numbers this morning, with a 20% beat vs. market expectations at the net income level (7% ahead of RBCe)," RBC Capital Markets said. "Looking divisionally, the star of the show was the downstream, with BP reporting higher refining & trading numbers, well in excess of consensus and ~$200m ahead of our estimates for the quarter, supported by exceptional oil trading results."Coca-Cola Europacific Partners (CCEP.L) rose 1.89% after reporting fiscal first-quarter revenue of 5 billion euros, up from 4.69 billion euros a year earlier. The bottling company also reaffirmed its fiscal 2026 guidance, projecting revenue growth of 3% to 4% and operating profit growth of 7%."Whilst the consumer environment remains challenging and the full impact of the situation in the Middle East is uncertain, we are resilient," Coca-Cola Europacific Partners Chief Executive Officer Damian Gammell said.On the economic front, the UK's shop price inflation edged down to 1% year over year in April from 1.2% in March, the British Retail Consortium said. The consensus estimate for the month was 1.5%. BRC Chief Executive Helen Dickinson attributed the increase to discounts offered by retailers on certain Easter goods to encourage spending."Increased fuel prices are already leading to higher inflation, and we can expect a similar impact in the food and non-food supply chains in the months to come," said consumer intelligence firm NIQ's head of retailer and business insight, Mike Watkins. "However, retailers will look to hold back any price increases as long as possible as alongside fragile consumer confidence, accelerating inflation is likely to negatively affect consumer spending."

BP Says Focused on Delivering 'Stronger' Balance Sheet Amid Q1 Profit Surge

BP (BP.L) is focused on rebuilding its balance sheet rather than reinstating share buybacks, even as its first-quarter profit surged amid the Middle East conflict, Bloomberg News reported Tuesday.In a phone interview, Chief Financial Officer Kate Thomson, alongside new Chief Executive Officer Meg O'Neill, said the British energy major is "completely focused right now on delivering a stronger balance sheet," adding that it will cut debt and perpetual hybrid bonds to improve its financial position.Thomson noted that share repurchases "ultimately will remain a tool as and when appropriate."

BP Cheers 'Strong' First-quarter Earnings as Iran War Leads to 'Exceptional' Oil Trading

BP (BP.L) clocked upbeat results for the first quarter on Tuesday, thanks to "significantly" higher realized margins and an "exceptional" contribution from oil trading as the ongoing Iran war keeps prices elevated.Profit attributable to shareholders for the three months ended March 31 surged year over year to $3.84 billion from $687 million. Adjusted for certain items, the underlying replacement cost profit reached $3.2 billion, up from $1.38 billion a year ago.Total revenue and other income increased annually to $53.37 billion from $47.88 billion, with the oil and gas giant touting a sequential improvement in upstream plant reliability to 95.7% from 95.4% in the previous quarter. Reported upstream production remained broadly stable as higher production in the Gulf of America and strong performance in bpx Energy offset the impact of disruptions in the Middle East.On the downstream side, BP's refining availability moved up to 96.3% in the first quarter of 2026 from 96% in the previous three months, exceeding the company's target of 96% availability."BP reported strong numbers this morning, with a 20% beat vs. market expectations at the net income level (7% ahead of RBCe)," RBC Capital Markets said. "Looking divisionally, the star of the show was the downstream, with BP reporting higher refining & trading numbers, well in excess of consensus and ~$200m ahead of our estimates for the quarter, supported by exceptional oil trading results."Against this backdrop, the board declared a higher interim dividend per ordinary share of $0.0832, compared with $0.08 in the prior-year period, payable June 26 to shareholders on record May 15. BP anticipates raising its dividend annually by at least 4% per ordinary share.Moving ahead, reported upstream production for the three months ending June 30 was guided lower on a quarterly basis owing to the ongoing conflict in the Middle East and seasonal maintenance, mainly in the Gulf of America. For full year 2026, reported upstream production is also expected to decline from the previous year.The company's stock rose over 2% in early morning trade.

BP Posts Reports Higher Q1 Attributable Profit, Total Revenue

BP (BP.L) reported on Tuesday that its attributable profit and total revenue increased year over year in the first quarter.Profit attributable to shareholders for the three months ended March 31 was $3.84 billion, compared with $687 million earlier. EPS moved to $0.2453 from $0.0427, while earnings per American depositary receipt increased to $1.47 from $0.26.The oil and gas company's total revenue and other income were $53.37 billion, compared with $47.88 billion a year ago.Meanwhile, the board declared an interim dividend of $0.0832 per share for the quarter, payable June 26 to shareholders on record May 15. It paid $0.0800 per share in the year-ago period.

Market Chatter: Spanish Fuel Wholesaler Hatta Energy Alleges Market Abuse by Repsol, BP, Moeve

Spanish refined fuels wholesaler Hatta Energy reportedly accused Repsol (REP.MC), BP (BP.L) and Moeve of engaging in "coordinated corporate behaviors" that hamper competition in Spain's hydrocarbon wholesale distribution market.In its complaint filed with the European Commission's competition watchdog, as reported by Bloomberg News on Friday, Hatta alleged that the companies, with government support, are setting up a "de facto cartel" through regulatory and logistical barriers and refusal to supply the wholesaler with fuel.The complaint, which also named national fuel logistics infrastructure operator Exolum and the Spanish state, claimed that Hatta has not received the "reliable operator" classification that exempts it from a special tax payment.BP, Repsol and Moeve did not immediately respond to requests 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 Revises Price Target, Estimates for BP After Q1 Trading Update

RBC adjusted its price target and earnings forecasts for BP (BP.L), amid a model update to incorporate the oil and gas giant's first-quarter trading update and the research firm's revised commodity price deck."1Q trading update reflects stronger oil trading and modest uptick in macro. We update our estimates for BP's trading update, which reflects a significant working capital build from higher commodity prices, 'exceptional' oil trading and a small uplift in refining margins. Our updated EBIT/RCOP estimate is $6.09bn is ahead of consensus at $5.81bn and our updated net income estimate is $2.99bn is also higher than consensus at $2.67bn. Note that like with peers, the full effect of stronger commodity prices will be seen from 2Q onwards," analysts said Wednesday.As such, the research firm raised the sector perform-rated stock's price target to 7 pounds sterling from 6.40 pounds. The upgrade reflects the higher commodity price deck alongside an $80 per barrel long-term Brent assumption.Concurrently, RBC noted that investor focus is shifting to first-quarter results due on April 28, with comments from BP's new Chief Executive Officer Meg O'Neill to be "keenly watched." Analysts anticipate management to prioritize de-leveraging in the near term to fund future growth cycles, while a restart of a share buyback program is not expected.

Spanish Competition Watchdog Closes Investigation on BP, Repsol, Moeve

Spain's National Commission for Markets and Competition terminated its investigation of BP (BP.L), Repsol (REP.MC), and Moeve, formerly Cepsa, for alleged price-fixing agreements and abuse of dominant market position.The regulator decided not to launch sanctions proceedings against the oil companies after finding no evidence they shared information or colluded to boost their market share as fuel prices rose after Russia invaded Ukraine in 2022, according to a Tuesday release.However, the watchdog fined Repsol 20.5 million euros in January in a separate case for abusing its dominant position in the wholesale market for diesel distribution to gas stations.

Yara International Names New Chairman

Yara International (YAR.OL) named Helge Lund as its new chairman, succeeding Trond Berger, according to a Monday release.Lund, who previously served as chairman of BP (BP.L) and Novo Nordisk (NOVO-B.CO), will assume the role following the Norwegian crop nutrition and ammonia group's annual general meeting on May 12.

UK FTSE 100 Closes in the Green Amid Growing Middle East Conflict Resolution Optimism

London's FTSE 100 closed the trading week 0.73% higher on Friday amid renewed optimism over the resolution of the Middle East conflict as a 10-day ceasefire agreement between Israel and Lebanon takes effect."The fragile ceasefire between Israel and Lebanon removes one key obstacle for the US-Iran talks. However, a number of issues remain, not least Iran's nuclear program and the control of the Strait of Hormuz," Danske Bank said in a note. "We expect the ceasefire to be extended over the weekend, but as European and Gulf officials warned yesterday, we think a more permanent deal will take months."With the agreement in place, Iranian Foreign Minister Abbas Araghchi said in a social media post on X that the Strait of Hormuz is "declared completely open" for all commercial vessels "for the remaining period of ceasefire."The UK economic calendar was quiet for the day. Looking ahead, next week will see the release of several private sector and economy-related data, including the March British inflation figures.On the corporate side, Fitch affirmed Kingfisher plc's (KGF.L) BBB long-term issuer default rating, with a stable outlook, mainly reflecting its leading position in the home improvement retail market and expectations that the company's credit metrics will remain in line with its rating. The stock was up 2.39% at closing.Meanwhile, oil and gas giants BP (BP.L) and Shell (SHEL.L) were among the blue-chip index's top fallers, logging respective declines of 7.36% and 5.57% at the end of the trading session.

BNP Paribas Upgrades BP to Outperform Rating, Boosts PT

BNP Paribas on Friday upgraded British oil and gas giant BP (BP.L) to outperform from neutral and increased its price target to 7.05 pounds sterling from 4.65 pounds.(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)

UBS Upgrades BP to Buy Rating, Raises PT

UBS on Wednesday upgraded oil and gas giant BP (BP.L) to buy from neutral and increased its price target to 7.00 pounds sterling from 6.50 pounds.(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)

Update: Market Chatter: BP to Streamline Structure With Two Core Units

(Updates to add statement from BP)BP (BP.L) Chief Executive Officer Meg O'Neill is planning to restructure the oil and gas giant into two business units, London's Financial Times reported Tuesday.O'Neill said one of the units will focus on oil and gas production, while the other will oversee refining, distribution, and retail, to boost efficiency, the report said. However, she did not declare a timeline for the proposed changes."In service of becoming a simpler, stronger, more valuable bp, we intend to build an organisation with a clear upstream and downstream," a spokesperson for BP said in response 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.)

Market Chatter: BP to Streamline Structure With Two Core Units

BP's (BP.L) Chief Executive Officer Meg O'Neill is planning to restructure the oil and gas giant into two business units, London's Financial Times reported Tuesday.O'Neill said one of the units will focus on oil and gas production, while the other will oversee refining, distribution, and retail, to boost efficiency, the report said. However, she did not declare a timeline for the proposed changes.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 Flags 'Broadly Flat' Upstream Production in Q1

BP (BP.L) expects reported upstream production in the first quarter of 2026 to be "broadly flat," compared with the fourth quarter of 2025.The oil and gas giant said Monday that oil production and operations is expected to be slightly lower, compared with 1.6 million barrels of oil equivalent per day in the fourth quarter of 2025.Meanwhile, gas and low-carbon energy production in the first quarter of 2026 is estimated to be slightly higher, compared with 788,000 barrels of oil equivalent per day in the fourth quarter of 2025.

Update: BP to Acquire Majority Stake in Three Namibian Offshore Exploration Blocks

(Updates to add more information)British oil and gas giant BP (BP.L) agreed to acquire a 60% interest in the PEL97, PEL99, and PEL100 offshore exploration blocks offshore Namibia from Eco Atlantic Oil & Gas (ECO.L).The deal remains subject to Namibian government approvals, with BP to become the operator and Eco Atlantic to continue as a partner on the three blocks, alongside Namibia's national oil company Namcor, according to a Monday release from BP.In a separate same-day statement, Canada-based Eco said it will receive a one-time cash consideration of $2.7 million upon closing. It will keep a 25% interest in the licenses.