BP

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each rising 2.4%.The Philadelphia Oil Service Sector Index was adding 1.8%, and the Dow Jones US Utilities Index rose 1%.Front-month West Texas Intermediate crude oil rose 2.6% to $97.93 a barrel, and the global benchmark Brent crude contract was advancing 2.8% to $104.16 a barrel. Henry Hub natural gas futures gained 6% to $2.92 per 1 million BTU.In corporate news, Enbridge (ENB) is well-positioned to benefit from global energy security trends and rising demand for energy infrastructure, which are creating expanded opportunities across its businesses, RBC Capital Markets said in a note. Enbridge shares rose 1.7%.BP (BP) has a "second chance" to deleverage and restore financial health, supported by higher commodity prices that could put it on firmer footing in coming years, RBC Capital Markets said in a note. RBC upgraded BP to outperform from sector perform, while maintaining its 700 pence ($9.52) price target. BP shares rose 2.1%.Halliburton (HAL) and Blackstone (BX) will invest a combined $1 billion into energy startup VoltaGrid in a deal that values the firm at over $10 billion, Bloomberg reported. Halliburton shares added 1%.National Energy Services Reunited (NESR) shares jumped past 9% after it reported higher Q1 adjusted earnings and revenue.

Sector Update: Energy Stocks Rise Monday Afternoon

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 2.3% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 2.6%.The Philadelphia Oil Service Sector Index was adding 1.9%, and the Dow Jones US Utilities Index rose 1.1%.Crude oil prices rose Monday after US President Donald Trump rejected Iran's counteroffer to end the war, extending uncertainty around oil flows through the Strait of Hormuz. Trump on Sunday described Iran's response to Washington's peace proposal as "totally unacceptable." The apparent US-Iran stalemate prolongs the effective closure of the Strait of Hormuz, the world's most important chokepoint for crude flows.Front-month West Texas Intermediate crude oil rose 2.9% to $98.16 a barrel, and the global benchmark Brent crude contract was advancing 2.9% to $104.18 a barrel. Henry Hub natural gas futures gained 5.5% to $2.91 per 1 million BTU.In corporate news, BP (BP) has a "second chance" to deleverage and restore financial health, supported by higher commodity prices that could put it on firmer footing in coming years, RBC Capital Markets said in a note. RBC upgraded BP to outperform from sector perform, while maintaining its 700 pence ($9.52) price target. BP shares rose 2%.Halliburton (HAL) and Blackstone (BX) will invest a combined $1 billion into energy startup VoltaGrid in a deal that values the firm at over $10 billion, Bloomberg reported. Halliburton shares added 1.4%.National Energy Services Reunited (NESR) shares surged 11% after it reported higher Q1 adjusted earnings and revenue.Kodiak Gas Services (KGS) shares jumped past 6% after it posted higher Q1 adjusted earnings and revenue.

Sector Update: Energy

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) rising 2.4%.The Philadelphia Oil Service Sector Index was climbing 1.8%, and the Dow Jones US Utilities Index rose 1%.Crude oil prices rose Monday after US President Donald Trump rejected Iran's counteroffer to end the war, extending uncertainty around oil flows through the Strait of Hormuz. Trump on Sunday described Iran's response to Washington's peace proposal as "totally unacceptable." The apparent US-Iran stalemate prolongs the effective closure of the Strait of Hormuz, the world's most important chokepoint for crude flows.Front-month West Texas Intermediate crude oil rose 3.7% to $98.92 a barrel, and the global benchmark Brent crude contract was advancing 3.5% to $104.80 a barrel. Henry Hub natural gas futures gained 5.4% to $2.91 per 1 million BTU.In corporate news, BP (BP) has a "second chance" to deleverage and restore financial health, supported by higher commodity prices that could put it on firmer footing in coming years, RBC Capital Markets said in a note. RBC upgraded BP to outperform from sector perform, while maintaining its 700 pence ($9.52) price target. BP shares were up 2.1%.

BP Sees Second Chance to Restore Financial Health Amid Higher Commodity Prices, RBC Says

BP (BP) has a "second chance" to deleverage and restore financial health, supported by higher commodity prices that could put the company on firmer footing in the coming years, RBC Capital Markets said in a Monday research note.The investment firm said material damage to energy infrastructure in the Middle East and inventory drawdowns across oil products could support a prolonged period of higher commodity prices, helping BP reduce leverage to levels comparable with peers by 2027.The brokerage said BP's new management will need to maintain discipline even as peers continue or increase share buybacks, adding that the company would be better served by continuing debt reduction for at least the next 12 to 18 months.Restarting buybacks earlier than anticipated could provide a short-term "sugar rush" but create medium-term risks, according to the note.RBC upgraded BP to outperform from sector perform, while maintaining its 700 pence ($9.52) price target.Price: $44.15, Change: $+0.81, Percent Change: +1.87%

RBC Capital Upgrades BP to Outperform From Sector Perform, GBP700 Price Target

European Equities Traded in the US as American Depositary Receipts Climb Sharply Higher in Wednesday Trading

European equities traded in the US as American depositary receipts were tracking higher late Wednesday morning, rising 1.98% to 1,843.18 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by accommodations booking company trivago (TRVG) and lender ING Group (ING), which advanced 14% and 5% respectively. They were followed by biopharmaceutical company Cellectis (CLLS) and lender Banco Santander (SAN), which climbed 4.8% and 4.2% respectively.The decliners from continental Europe were led by internet advertising firm Criteo (CRTO) and petroleum refiner Equinor (EQNR), which shed 18% and 8.4% respectively. They were followed by semiconductor company Sequans Communications (SQNS) and oil and gas company Eni (E), which dropped 5.8% and 4.5% respectively.The gainers from the UK were led by biopharmaceutical company Akari Therapeutics (AKTX) and insurance company Prudential (PUK), which rose 9.4% and 6.2% respectively. They were followed by mining company BHP Group (BHP) and lender Barclays (BCS), which were up 5.3% and 5.2% respectively.The decliners from the UK and Ireland were led by biopharmaceutical companies Mereo BioPharma Group (MREO) and NuCana (NCNA), which fell 5.1% and 4% respectively. They were followed by oil and gas companies BP (BP) and Shell (SHEL), which lost 3.7% and 2.7% respectively.

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks fell late Friday afternoon with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling 1.1%.The Philadelphia Oil Service Sector Index dropped 0.6%, and the Dow Jones US Utilities Index declined 0.5%.West Texas Intermediate crude oil fell 3% to $101.93 a barrel, and global benchmark Brent dropped 1.9% to $108.33 a barrel. Henry Hub natural gas futures rose 0.8% to $2.79 per 1 million BTU.In corporate news, Exxon Mobil (XOM) and Chevron (CVX) reported declines in Q1 earnings amid supply disruptions due to the Middle East war, though the results came in ahead of Wall Street's estimates. Exxon shares fell 0.6%, and Chevron declined 1.2%.BP (BP) is considering exiting part or all of its operations in the UK North Sea in order to strip assets and pay down debt, Bloomberg reported. BP shares fell 2.1%.Portland General Electric (POR) shares fell 4% the company reported Q1 earnings and revenue that missed estimates.Occidental Petroleum (OXY) appointed Chief Operating Officer Richard Jackson to succeed Vicki Hollub as president and CEO, starting June 1. Occidental shares declined 3.3%.

Sector Update: Energy Stocks Fall Friday Afternoon

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index decreasing 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.4%.The Philadelphia Oil Service Sector Index fell 0.9%, and the Dow Jones US Utilities Index decreased 0.4%.Front-month West Texas Intermediate crude oil declined 3.3% to $101.62 a barrel, and the global benchmark Brent crude contract dropped 2.1% to $108.09 a barrel. Henry Hub natural gas futures was steady at $2.77 per 1 million BTU.In corporate news, Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year declines in their Q1 earnings on Friday amid supply disruptions due to the Middle East war, but the figures came in ahead of Wall Street's estimates. Exxon shares were down 1.1%, and Chevron fell 1.5%.BP (BP) is considering exiting part or all of its operations in the UK North Sea in order to strip assets and pay down debt, Bloomberg reported. BP's upstream operations in the UK could fetch about $2.7 billion from a full divestment, the report said. BP shares were down 2.2%.Occidental Petroleum (OXY) said Friday its board has appointed Chief Operating Officer Richard Jackson to succeed Vicki Hollub as president and chief executive, starting June 1. Occidental shares declined 3.4%.

Market Chatter: BP Explores Sale of UK North Sea Assets Under New CEO's Disposal Drive

BP (BP) is reviewing its presence in the UK North Sea and considering a sale of part or all of its operations in the basin, as the energy giant seeks to streamline its portfolio and slash debt, Bloomberg reported on Friday, citing industry sources.The company is conducting an internal review of its UK upstream operations, with a full divestment of its remaining oil and gas assets in the region projected to fetch about 2 billion British pounds ($2.7 billion).The review is ongoing, and no final decision has been made on whether to proceed with a divestment, the report said.The London-listed energy firm remains one of the few oil majors still operating in the aging basin. Its evaluation comes as rivals continue to exit or scale back their presence in the region.Chevron (CVX) and ConocoPhillips (COP) recently sold off their North Sea assets, while Shell (SHEL), Exxon Mobil (XOM), and TotalEnergies (TTE) have moved to restructure or divest portions of their holdings, often through joint venture agreements.BP did not respond to' request for comments.BP has reduced its footprint in the UK North Sea over the past decade, including by selling its stake in the Shearwater field to Shell and divesting the Forties pipeline system to Ineos Group Holdings.The oil firm retains a 45% interest in the Clair field, the largest oilfield on the UK Continental Shelf.Plans to dispose of additional assets could rank among the first strategic moves under CEO Meg O'Neill, who took the helm in April as the company's first external appointee.O'Neill and Chairman Albert Manifold vowed to address years of underperformance, which have drawn pressure from activist investor Elliott Investment Management and led to the departure of former CEO Murray Auchincloss.(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.)Price: $46.55, Change: $-0.84, Percent Change: -1.76%

Market Chatter: BP Said to Explore Exiting UK North Sea Operations

BP (BP) is considering exiting part or all of its operations in the UK North Sea in order to strip assets and pay down debt, Bloomberg reported Friday, citing people familiar with the matter.BP's upstream operations in the UK could fetch about $2.7 billion from a full divestment, the report said, citing the people.BP didn't immediately reply 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.)Price: $46.65, Change: $-0.73, Percent Change: -1.54%

BP Said to Explore Exiting UK North Sea Operations, Bloomberg Reports

BP Said to Explore Exiting UK North Sea Operations, Bloomberg Reports

European Equities Traded in the US as American Depositary Receipts Flat in Friday Trading; Gain 1.3% for Week

European equities traded in the US as American depositary receipts were trending marginally higher late Friday morning, rising 0.05% to 1,824.45 on the S&P Europe Select ADR Index, which is up 1.25% for the week so far.From continental Europe, the gainers were led by telecommunications company Nokia (NOK) and pharmaceutical company Novo Nordisk (NVO), which climbed 6.3% and 3.6% respectively. They were followed by biopharmaceutical company Cellectis (CLLS) and consumer goods company Unilever (UL), which advanced 3.3% and 3% respectively.The decliners from continental Europe were led by biotech firm BioNTech (BNTX) and furniture maker Natuzzi (NTZ), which dropped 6% and 3.5% respectively. They were followed by biopharmaceutical company DBV Technologies (DBVT) and petroleum refiner Equinor (EQNR), which lost 3.3% and 2.4% respectively.The gainers from the UK were led by educational publisher Pearson (PSO) and biopharmaceutical company Akari Therapeutics (AKTX), which rose 3.2% and 2.8% respectively. They were followed by biopharmaceutical company Bicycle Therapeutics (BCYC) and cruise line operator Carnival (CUK), which were up 2.7% and 2.5% respectively.The decliners from the UK and Ireland were led by biopharmaceutical company Amarin (AMRN) and oil and gas company BP (BP), which fell 2.8% and 1.9% respectively. They were followed by biopharmaceutical company Biodexa Pharmaceuticals (BDRX) and oil and gas company Shell (SHEL), which were down 1.4% and 1.2% respectively.

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index gaining 1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.The Philadelphia Oil Service Sector Index advanced 0.4%, and the Dow Jones US Utilities Index climbed 2.4%.West Texas Intermediate crude oil fell 2% to $104.75 a barrel, and global benchmark Brent dropped 3.4% to $114.01 a barrel. Henry Hub natural gas futures rose 4.4% to $2.76 per 1 million BTU.In sector news, US natural gas stocks rose by 79 billion cubic feet in the week ended April 24, slower than the 83 billion increase expected in a Bloomberg survey and following an increase of 103 billion cubic feet in the previous week.In corporate news, Southern (SO) shares climbed 2.6% after it reported Q1 adjusted EPS of $1.32, up from $1.23 a year ago. Analysts polled by FactSet expected $1.21.Apollo Global Management (APO), Blackstone (BX) and KKR (KKR) are among the final bidders for a major stake in Shell's (SHEL) LNG Canada project in a deal that could top $10 billion and reach as much as $15 billion, Reuters reported. Shell shares rose 2.1%.TotalEnergies (TTE) and partner Nextnorth have reached financial close and broke ground on a 440 MWp solar power plant in Ilagan, Philippines, the companies said. TotalEnergies shares added 1.4%.BP (BP) has signed an agreement with Venezuela to explore offshore natural gas, as the country's energy sector gathers momentum following the US capture of Nicolas Maduro in January, Bloomberg reported. BP shares were up 1.2%.

Sector Update: Energy Stocks Higher in Afternoon Trading

Energy stocks rose Thursday afternoon, with the NYSE Energy Sector Index gaining 1% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 0.8%.The Philadelphia Oil Service Sector Index advanced 0.5%, and the Dow Jones US Utilities Index rose 1.3%.West Texas Intermediate crude oil fell 2.4% to $104.37 a barrel, and global benchmark Brent dropped 3.5% to $113.93 a barrel. Henry Hub natural gas futures rose 4% to $2.75 per 1 million BTU.In sector news, US natural gas stocks rose by 79 billion cubic feet in the week ended April 24, slower than the 83 billion increase expected in a Bloomberg survey and following an increase of 103 billion cubic feet in the previous week.In corporate news, Apollo Global Management (APO), Blackstone (BX) and KKR (KKR) are among the final bidders for a major stake in Shell's (SHEL) LNG Canada project in a deal that could top $10 billion and reach as much as $15 billion, Reuters reported. Shell shares rose 1.2%.TotalEnergies (TTE) and partner Nextnorth have reached financial close and broke ground on a 440 MWp solar power plant in Ilagan, Philippines, the companies said. TotalEnergies shares added 1.4%.BP (BP) has signed an agreement with Venezuela to explore offshore natural gas, as the country's energy sector gathers momentum following the US capture of Nicolas Maduro in January, Bloomberg reported. BP shares added 1.1%.

BP Expands Venezuela Gas Push With Cocuina-Manakin Deal

BP (BP) on Wednesday signed a memorandum of understanding with Venezuela to develop the Cocuina-Manakin gas field near Trinidad and Tobago.The agreement was signed in Caracas with the Venezuelan government, establishing potential areas for co-operation in material offshore gas and future exploration, the company said in response to aninquiry.The MOU was signed during a senior BP delegation visit to Venezuela this week, led by BP Executive Vice President William Lin, the company said.Under the agreement, the energy firm will take the lead in developing the Cocuina-Manakin field near the Trinidad and Tobago border while assessing additional exploration prospects in the Loran offshore block, according to media reports.The partnership also reportedly covers joint work on exploration and gas commercialization in the Loran area, where interest from other global players, including Shell (SHEL), continues to build.Venezuela has accelerated efforts to attract foreign operators, signing new agreements with companies such as Eni (E) and Repsol to expand upstream production capacity, multiple media outlets reported.The MOU sets out cooperation across gas development and future exploration projects, with state-owned Petroleos de Venezuela included in the arrangement.Lin reportedly said the company is strengthening its footprint in the country by establishing a permanent office in Caracas.The agreement follows a major energy conference in Caracas that drew global investors, as companies advance long-term plans, including gas export projects expected to begin around 2031.BP plans to channel over 1 trillion cubic feet of gas from the field into Trinidad for processing into liquefied natural gas exports, strengthening regional supply chains, the reports added.Price: $47.23, Change: $+0.43, Percent Change: +0.92%

BP Signs Offshore Gas Exploration Pact With Venezuela

BP (BP) has signed an agreement with Venezuela to explore offshore natural gas, as the country's energy sector gathers momentum following the US capture of Nicolas Maduro in January, Bloomberg reported on Wednesday.The memorandum of understanding between BP and Caracas outlines "potential areas for co-operation in material gas and future exploration," the company said.The agreement comes amid renewed interest from international energy companies in Venezuela, with an energy conference in Caracas drawing strong participation from global investors.For BP, the move aligns with Chief Executive Meg O'Neill's strategy to rebuild long-term reserves as the company pivots back toward oil and gas after scaling back several low-carbon efforts in recent years.

BP's Q1 Oil-Trading Outperformance Makes Up for Upstream Shortfall, RBC Says

BP's (BP) oil-trading gain in Q1 offset weaker-than-expected upstream results tied to timing gaps between market prices and realized prices, RBC Capital Markets said Tuesday in a report.In the customers and products segment, BP faced pressure on realized refining margins because of higher freight costs and limited feedstock availability, with Europe seeing sharp price swings, the report said.RBC said BP is moving to strengthen its balance sheet, noting that the company's initial step to reduce its hybrid debt signals a plan to use additional cash flow to reshape its capital structureRBC reiterated its sector perform rating on BP stock with a price target of 700 British pence ($9.45).Price: $46.81, Change: $+0.45, Percent Change: +0.98%

Sector Update: Energy Stocks Higher Late Afternoon

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.8%.The Philadelphia Oil Service Sector Index was increasing 0.2%, and the Dow Jones US Utilities Index was shedding 0.2%.In sector news, the United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and its more expanded version, OPEC+, effective May 1, the Emirates News Agency reported.This comes as Iran's latest proposal to end the war in the Middle East has still not won President Donald Trump's backing, leaving the deadly conflict in a continuing state of deadlock, Reuters reported Tuesday, citing an unnamed US official.Front-month West Texas Intermediate crude oil gained 3.7% to $99.90 a barrel, and the global benchmark Brent crude contract rose 2.7% to $111.17 a barrel. Henry Hub natural gas futures increased 0.4% to $2.56 per 1 million BTU.In corporate news, Chevron (CVX) signed a memorandum of understanding with Libya's National Oil Corporation, or NOC, to conduct a joint study evaluating the potential of unconventional shale oil and gas resources in sedimentary basins across the country, NOC said Tuesday. Separately, Chevron is in advanced talks to sell a portfolio of Asian assets to Eneos in a deal that could be valued at more than $2 billion, Bloomberg reported. Chevron shares climbed 1.9%.Equinor (EQNR) shares rose 1.1% after Morgan Stanley upgraded the stock to equal weight from underweight and raised its price target to $40.40 from $22.80.NextEra Energy (NEE) shares gained 1.5% after it said the US Nuclear Regulatory Commission approved operating license renewals for Florida Power & Light's St. Lucie nuclear units, extending Unit 1 to 2056 and Unit 2 to 2063.BP (BP) shares added 0.8%. The company reported Q1 underlying replacement cost profit Tuesday of $1.24 per American depositary share, up from $0.53 a year earlier. Sales and other operating revenue for the quarter totaled $52.26 billion, up from $46.91 billion a year earlier. Analysts polled by FactSet expected $49.4 billion.

Sector Update: Energy Stocks Rise Tuesday Afternoon

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index adding 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) rising 1.5%.The Philadelphia Oil Service Sector Index was shedding 0.1%, and the Dow Jones US Utilities Index was increasing 0.1%.In sector news, the United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and its more expanded version, OPEC+, effective May 1, the Emirates News Agency reported.This comes as Iran's latest proposal to end the war in the Middle East has still not won President Donald Trump's backing, leaving the deadly conflict in a continuing state of deadlock, Reuters reported Tuesday, citing an unnamed US official.Front-month West Texas Intermediate crude oil jumped 3.9% to $100.09 a barrel, and the global benchmark Brent crude contract rose 2.5% to $110.97 a barrel. Henry Hub natural gas futures decreased 0.6% to $2.54 per 1 million BTU.In corporate news, Chevron (CVX) is in advanced talks to sell a portfolio of Asian assets to Eneos in a deal that could be valued at more than $2 billion, Bloomberg reported. Chevron shares climbed 1.9%.BP (BP) shares gained 1%. The company reported Q1 underlying replacement cost profit Tuesday of $1.24 per American depositary share, up from $0.53 a year earlier. Sales and other operating revenue for the quarter totaled $52.26 billion, up from $46.91 billion a year earlier. Analysts polled by FactSet expected $49.4 billion.Petrobras (PBR) shares rose 1.1%. The company said Monday it has agreed to acquire 100% of a portion of the Argonauta Field in the Campos Basin, which is currently owned by Shell (SHEL), ONGC, and Brava, for 700 million Brazilian reais ($140.1 million) and $150 million in cash. Shell shares were up 0.9%.

Sector Update: Energy

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.7% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.8%.The Philadelphia Oil Service Sector Index was increasing 0.2%, and the Dow Jones US Utilities Index was up 0.1%.In sector news, the United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and its more expanded version, OPEC+, effective May 1, the Emirates News Agency reported.This comes as Iran's latest proposal to end the war in the Middle East has still not won President Donald Trump's backing, leaving the deadly conflict in a continuing state of deadlock, Reuters reported Tuesday, citing an unnamed US official.Front-month West Texas Intermediate crude oil jumped 4.1% to $100.32 a barrel, and the global benchmark Brent crude contract rose 2.7% to $111.16 a barrel. Henry Hub natural gas futures decreased 0.1% to $2.55 per 1 million BTU.In corporate news, BP (BP) shares gained 1.3%. The company reported Q1 underlying replacement cost profit Tuesday of $1.24 per American depositary share, up from $0.53 a year earlier. Sales and other operating revenue for the quarter totaled $52.26 billion, up from $46.91 billion a year earlier. Analysts polled by FactSet expected $49.4 billion.