BP

BP's Sale of Gelsenkirchen Refinery to Klesch Group Approved by European Commission

BP's (BP) proposed sale of its refinery and related businesses in Gelsenkirchen, Germany, to Klesch Group has been approved by the European Commission, the regulator said Tuesday.The oil and gas major announced the proposed sale in March, and said at the time that it expected the deal to increase its structural cost reduction target by around $1 billion to a range of $6.5 billion to $7.5 billion by 2027.The Commission said it believes the deal would not raise competition concerns due to the companies' "limited combined market position resulting from the proposed transaction and the companies' limited market positions."Shares of BP were down 4.5% in early trading Tuesday.

Sector Update: Energy Stocks Decline Premarket Tuesday

Energy stocks were declining premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.1% lower.The United States Oil Fund (USO) was down 3.5% and The United States Natural Gas Fund (UNG) was 1.5% higher.Front-month US West Texas Intermediate crude oil was 3.9% lower at $92.80 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3% to $99.04 per barrel, and natural gas futures were up 2% at $2.97 per 1 million British Thermal Units.BP (BP) stock was down more than 4% after the company said its board unanimously decided to remove Albert Manifold as chair and director.Baker Hughes (BKR) said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down more than 2% premarket.Northern Oil and Gas (NOG) said it is acquiring a 25% stake in Canadian oil-producing assets for about 350 million Canadian dollars ($254 million). Northern Oil and Gas stock was down more than 1% pre-bell.

Sector Update: Energy

Energy stocks were declining premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.1% lower.The United States Oil Fund (USO) was down 3.7% and the United States Natural Gas Fund (UNG) was 1% higher.Front-month US West Texas Intermediate crude oil was 3.8% lower at $92.97 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.1% to $99.16 per barrel, and natural gas futures were up 1.8% at $2.96 per 1 million British Thermal Units.BP (BP) stock was down more than 4% after the company said its board unanimously decided to remove Albert Manifold as chair and director, effective immediately.

Correction: BP Board Removes Manifold as Chair

(Corrected story to reflect the announcement was made on Tuesday.)BP (BP) said Tuesday that its board unanimously decided to remove Albert Manifold as chair and director, effective immediately."This follows serious concerns raised to the Board related to important governance standards, oversight and conduct," BP said.The board appointed Ian Tyler as interim chair, effective immediately, the company said.

BP Removes Board Chair Over Concerns of Governance, Oversight, Conduct

British energy major BP (BP) on Tuesday said its board has unanimously decided to remove Albert Manifold as chair and director with immediate effect over concerns of governance standards, oversight and conduct.The board has appointed Ian Tyler as interim chair effective immediately, the company statement said."Albert has helped bring a welcome focus and pace to bp's transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," Amanda Blanc, senior independent director at the company said.The company will initiate a a succession process for a permanent chair, the statement said.

BP Board Removes Manifold as Chair

BP (BP) said Monday that its board unanimously decided to remove Albert Manifold as chair and director, effective immediately."This follows serious concerns raised to the Board related to important governance standards, oversight and conduct," BP said.The board appointed Ian Tyler as interim chair, effective immediately, the company said.

BP Board Removes Manifold as Chair

BP Offers Revised Contract Proposal for Ongoing Whiting Refinery Talks

BP (BP) said late Friday it offered a revised contract proposal to the United Steelworkers Local 7-1 during negotiations at its Whiting refinery.The oil major said the offer withdraws a proposed voluntary reduction of up to 42 maintenance craft positions and includes an average 13% pay increase over the first four years of a proposed six-year contract.The proposal also includes a discretionary annual cash bonus and a one-time lump-sum payment ranging from $2,500 to $10,000 after contract ratification, the company said.

Condor Energies Boosts Uzbekistan Output, Eyes Further Expansion

Condor Energies has reached a new daily production record of over 15,000 barrels of oil equivalent per day, bolstered by the rapid deployment of a new horizontal well in Uzbekistan, the company said on Monday.The Canadian energy firm, which focuses on energy transition projects in Central Asia, reported that its Kumli-47 well achieved an average daily production of 15,283 boe/d over the past 72 hours.The K-47 well, drilled to a total depth of 3,444 meters, initially flowed at a peak rate of 18.4 million standard cubic feet per day or 3,067 boe/d. Condor said it restricted the flow to manage gas-stream velocity."With another horizontal well success at K-47, our 2026 year-to-date production has now increased by 41% despite a 20% natural decline rate of the legacy fields," said Don Streu, Condor's President and CEO.Streu added that the company anticipates payout from the well within one year.Condor is now shifting its focus to "Pad 1", located 2.3 kilometers northeast of the current operations, where it has begun work on the K-42 vertical well to delineate the reservoir.The energy firm plans to deploy a second drilling rig to the site in June, targeting as many as four additional horizontal wells to sustain production growth throughout the remainder of the year.The update comes as international interest in Uzbekistan's energy sector intensifies.Earlier in May, BP (BP) acquired a 40% stake in a production sharing agreement covering six exploration blocks in northern Uzbekistan.Price: $44.36, Change: $-0.51, Percent Change: -1.14%

US Gasoline Hits Highest Memorial Day Level Since 2022 on Supply Shocks, EIA Says

US gasoline prices climbed to the highest level for the Memorial Day holiday since 2022 as the de facto closure of the Strait of Hormuz drove up crude prices and tightened global fuel supplies, the Energy Information Administration said on Friday.The EIA said the national average price for regular gasoline reached $4.49 per gallon on May 18, up 42% from a year earlier and marking the highest level for the Monday before Memorial Day weekend since Russia's invasion of Ukraine disrupted oil markets three years ago.Rising crude prices, which typically account for about half of retail gasoline costs, have been the biggest driver behind the increase since February.The agency said global crude markets have been rattled by supply disruptions linked to the effective closure of the Strait of Hormuz, a key chokepoint for oil shipments.Regional factors, including refinery outages, fuel specifications, and taxes, are also amplifying price disparities across the country.The Midwest and Rocky Mountain regions posted some of the steepest increases after refinery maintenance and outages constrained fuel supplies. Midwest gasoline prices averaged $4.40/gal on May 18, up 45% from a year earlier, while Rocky Mountain prices rose 47% to $4.59/gal.The EIA said several large refineries in the Midwest have been affected in recent weeks, including Phillips 66's (PSX) Wood River refinery in Illinois and Marathon Petroleum's (MPC) Robinson refinery, both of which were undergoing maintenance.BP's (BP) Whiting refinery in Indiana also experienced a temporary outage following a power disruption. Suncor Energy's (SU) Commerce City refinery in Colorado suffered an unplanned shutdown after a power outage during maintenance work.On the West Coast, where gasoline prices are typically the nation's highest because of stricter fuel standards, limited pipeline connectivity and higher state taxes, prices averaged $5.61/gal, up 31% from a year earlier.California's unique fuel specifications, which make gasoline more expensive to produce, have continued to weigh on the region, according to the EIA. Imports into the West Coast have also risen as refining capacity in the region declines.The Gulf Coast retained the country's cheapest gasoline prices, averaging $3.95/gal, benefiting from its concentration of refining capacity and relatively low fuel taxes. The East Coast, the nation's largest gasoline-consuming region, averaged $4.31/gal.The EIA said the US has rolled out several emergency measures to ease fuel market pressures.The government is releasing crude from the Strategic Petroleum Reserve in coordination with the International Energy Agency, temporarily allowing nationwide sales of E15 gasoline and issuing waivers under the Jones Act to facilitate fuel shipments between US ports.Federal regulators have also relaxed enforcement of summer-grade gasoline standards. Despite the higher prices, holiday travel demand remains resilient.The American Automobile Association estimates 39.1 million Americans will travel by car over the Memorial Day weekend, in line with last year.Price: $67.65, Change: $-0.08, Percent Change: -0.12%

Market Chatter: TotalEnergies Weighs Partial Sale of 1.2 GW European Renewables Portfolio

TotalEnergies (TTE) is exploring the sale of a 50% stake in a portfolio of European renewable energy assets as the French energy major seeks partners to help finance its green expansion strategy, Bloomberg reported, citing sources familiar with the matter.The company is reportedly working with advisers on a potential transaction involving about 1.2 gigawatts of solar and wind farms across France, Germany, Poland, and Spain, with asset values of several hundred million euros.The planned sale is part of TotalEnergies' strategy to divest 50% stakes in renewable projects once they become operational to improve returns on capital-intensive green investments.While rivals including Shell (SHEL) and BP (BP) have scaled back parts of their clean-energy ambitions following weaker-than-expected returns, TotalEnergies has continued to pursue a diversification strategy under which electricity is expected to account for about 20% of its energy output by 2030.TotalEnergies 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.)Price: $90.86, Change: $-1.49, Percent Change: -1.61%

Sector Update: Energy Stocks Advance Pre-Bell Thursday

Energy stocks were advancing pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.8% higher.The United States Oil Fund (USO) was up 3.4% and The United States Natural Gas Fund (UNG) was 0.4% higher.Front-month US West Texas Intermediate crude oil was 0.8% lower at $107.77 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.5% to $107.65 per barrel, and natural gas futures were up 1.5% at $3.05 per 1 million British Thermal Units.Shell (SHEL), BP (BP), PT Perusahaan Gas Negara, and PT PLN Energi Primer Indonesia signed agreements with Japan's Inpex for liquified natural gas offtake from the Abadi LNG Project at the Masela Block in offshore Indonesia, Inpex said. Shares of Shell and BP were up more than 1% premarket.Equinor (EQNR) and BP joint venture Aker BP have agreed on several transactions to support production across their portfolio on the Norwegian Continental Shelf, the companies said. Equinor shares were up more than 2% pre-bell.Borr Drilling (BORR) stock was down more than 6% after the company reported a wider Q1 net loss.

Sector Update: Energy

Energy stocks were advancing pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.6% higher.The United States Oil Fund (USO) was up 2.5% and the United States Natural Gas Fund (UNG) was 0.4% lower.Front-month US West Texas Intermediate crude oil was 0.8% lower at $107.77 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2% to $107.15 per barrel, and natural gas futures were up 0.8% at $3.03 per 1 million British Thermal Units.Shell (SHEL), BP (BP), PT Perusahaan Gas Negara, and PT PLN Energi Primer Indonesia signed agreements with Japan's Inpex for liquified natural gas offtake from the Abadi LNG Project at the Masela Block in offshore Indonesia, Inpex said. Shares of Shell and BP were up more than 1% premarket.

US Equity Futures Edge Lower Pre-Bell as Nvidia Stock Flat Despite Earnings Beat, Middle East Peace Talks Drag

US equity futures were edging lower pre-bell Thursday despite upbeat fiscal Q1 financial results posted by Nvidia (NVDA) and amid continued lack of solid progress in the Middle East peace talks.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 0.5% lower.In addition to surpassing analysts' expectations for fiscal Q1 adjusted earnings and revenue, Nvidia raised its quarterly dividend and announced an additional $80 billion share repurchase authorization. However, the company's stock was largely flat in premarket activity.President Donald Trump said the US was ready to resume attacks on Iran if its leadership did not agree to a peace deal, but that it could wait a few days. Iran's Supreme Leader has ordered the country's highly enriched uranium to not be sent abroad, which is one of the main US demands, according to a Reuters report citing two senior Iranian sources.Traders kept an eye on the latest round of earnings, with Walmart (WMT) posting higher fiscal Q1 adjusted earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.7% at $106.80 per barrel and US West Texas Intermediate crude 2.4% higher at $100.62 per barrel.US initial jobless claims fell to a level of 209,000 in the employment survey week ended May 16 from an upwardly revised 212,000 level in the previous week, compared with expectations for a smaller decrease to 210,000 in survey of analysts compiled by Bloomberg as of 7:30 am ET.April housing starts fell by 2.8% from the previous month to a 1.465 million annual rate, compared with expectations compiled by Bloomberg as of 7:30 am ET for a 1.410 million rate after an increase to a 1.507 million pace in March.The Philadelphia Federal Reserve's monthly manufacturing index fell to minus 0.4 in May after rising to 26.7 in April, compared with expectations for a smaller decrease to a reading of 17.8 in a survey compiled by Bloomberg.The May S&P Global Composite Purchasing Managers' Index, due at 9:45 am ET, is seen coming in at 53.8.Richmond Federal Reserve President Thomas Barkin is scheduled to speak on Thursday.In other world markets, Japan's Nikkei closed 3.1% higher, Hong Kong's Hang Seng ended 1% lower, and China's Shanghai Composite finished 2% lower. Meanwhile, the UK's FTSE 100 was down 0.3%, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, Shell (SHEL) stock was up 1.2% and BP (BP) shares rose 1% after the companies, along with Indonesia's PT Perusahaan Gas Negara, and PT PLN Energi Primer Indonesia, signed agreements with Japan's Inpex for liquified natural gas offtake from the Abadi LNG Project at the Masela Block in offshore Indonesia. Shares of IBM (IBM), GlobalFoundries (GFS), and D-Wave Quantum (QBTS) were up after the companies said they are included among the major quantum companies set to receive billions in proposed US government backing. IBM stock was up 5.8%, GlobalFoundries shares rose 13%, and D-Wave Quantum stock was 15% higher.On the losing side, Intuit (INTU) stock was 16% lower after RBC and Northcoast Research cut their price targets for the stock. Palantir Technologies (PLTR) shares were down 1.2% following an Axios report about the company challenging Pentagon's Defense Intelligence Agency over its ability to bid for a contract to modernize the agency's data analytics system.

Equinor, Aker BP Enter Asset Deals to Boost Production

Equinor (EQNR) and BP (BP) joint venture Aker BP have agreed on several transactions to boost production across their portfolio on the Norwegian Continental Shelf, the companies said Thursday.Under the agreement, Equinor will divest a 19% interest in several discoveries in the Ringvei Vest area to Aker BP.Equinor will also divest a 38.16% interest in the Frigg UK license to Aker BP for the joint development of the Omega Alfa discovery, the companies said.In exchange, Equinor will increase its ownership stake in the Wisting discovery to 42.5% from 35%, while Aker BP will pay Equinor a cash consideration of $23 million as part of the transactions, the companies said.Equinor and Aker BP said the transactions are effective Jan. 1, 2026, and are subject to regulatory approvals.

Shell, BP Sign LNG Supply Deals in Indonesia With Inpex

Shell (SHEL), BP (BP), PT Perusahaan Gas Negara, and PT PLN Energi Primer Indonesia signed agreements with Japan's Inpex for liquified natural gas offtake from the Abadi LNG Project at the Masela Block in offshore Indonesia, Inpex said Wednesday.Inpex also reached a deal in principle with PT Pupuk Indonesia regarding pipeline natural gas supply from the Abadi LNG Project, the company said.

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.4%.The Philadelphia Oil Service Sector Index shed 0.1%, while the Dow Jones US Utilities Index added 0.5%.Front-month West Texas Intermediate crude oil declined 0.8% to $107.77 a barrel, and the global benchmark Brent crude contract dropped 5.7% to $104.91 a barrel. Henry Hub natural gas futures fell 2.4% to $3.04 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 17.8 million barrels in the week ended May 15 following a decrease of 12.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 7.9 million barrels after a 4.3-million-barrel decline in the previous week, a larger decline than the 2.5-million-barrel decrease expected in a Bloomberg survey.In corporate news, American Water Works (AWK) shares fell 1.4% after Argus cut the company's price target to $140 from $160, while keeping its buy rating.BP (BP) said Wednesday the United Steelworkers, or USW, Local 7-1 has agreed to the company's request to resume negotiations on Friday over Whiting Refinery. BP shares were down 2%.Shell (SHEL) unit BG International has sold participating interests in three exploration blocks offshore Uruguay to QatarEnergy. Shell shares were shedding 2%.Ecopetrol (EC) said Wednesday it has bought a 49% stake in two of the six projects comprising the Jemeiwaa Ka'I wind cluster in La Guajira, Colombia, for $25.5 million. Ecopetrol shares fell 2.1%.

Sector Update: Energy Stocks Fall Wednesday Afternoon

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.1%.The Philadelphia Oil Service Sector Index was 0.3% lower, while the Dow Jones US Utilities Index added 0.6%.In sector news, Iran negotiations are in the final stages, Reuters cited US President Donald Trump as saying on Wednesday. But Trump warned of further attacks unless Tehran agrees to a deal. "We're in the final stages of Iran. We'll see what happens," Trump was cited as telling reporters. "Either have a deal, or we're going to do some things that are a little bit nasty, but hopefully that won't happen."Front-month West Texas Intermediate crude oil was declining 0.8% to $107.77 a barrel, and the global benchmark Brent crude contract was dropping 5.9% to $104.67 a barrel. Henry Hub natural gas futures fell 3.1% to $3.02 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 17.8 million barrels in the week ended May 15 following a decrease of 12.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 7.9 million barrels after a 4.3-million-barrel decline in the previous week, a larger decline than the 2.5-million-barrel decrease expected in a Bloomberg survey.In corporate news, BP (BP) said Wednesday the United Steelworkers, or USW, Local 7-1 has agreed to the company's request to resume negotiations on Friday over Whiting Refinery. BP shares were down 1.8%.Shell (SHEL) unit BG International has sold participating interests in three exploration blocks offshore Uruguay to QatarEnergy. Shell shares were shedding 1.9%.Ecopetrol (EC) said Wednesday it has bought a 49% stake in two of the six projects comprising the Jemeiwaa Ka'I wind cluster in La Guajira, Colombia, for $25.5 million. Shares fell 2%.

Sector Update: Energy

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.1%.The Philadelphia Oil Service Sector Index was increasing 0.03%, and the Dow Jones US Utilities Index added 0.6%.Front-month West Texas Intermediate crude oil was declining 0.8% to $107.77 a barrel, and the global benchmark Brent crude contract was dropping 6.9% to $104.41 a barrel. Henry Hub natural gas futures fell 3.3% to $3.01 per 1 million BTU.In corporate news, BP (BP) said Wednesday the United Steelworkers, or USW, Local 7-1 has agreed to the company's request to resume negotiations on Friday over Whiting Refinery. BP shares were down 1.8%.

BP, USW Local 7-1 Return to Bargaining Table Amid Whiting Dispute

BP (BP) and the United Steelworkers Local 7-1 will resume contract negotiations on Friday as both sides remain divided over labor terms, BP said Wednesday in an emailed statement.In an email to, a BP spokesperson said the company and union leadership have agreed to meet on Friday to continue the negotiations."USW 7-1 has agreed to bp's request to return to the bargaining table on Friday, May 22 at 9:00 am (CST)," the spokesperson said.He added that BP hoped for "meaningful dialogue to reach an agreement for a sustainable future for our employees, the refinery and the community."BP and the union remain divided over the company's proposed six-year contract, which includes a 13% wage increase, modernization bonuses, job restructuring measures and revised strike provisions.The union has opposed plans to eliminate about 65 union positions and change seniority-based safety rules, while BP has said it will not return to the previous agreement due to operational concerns.The labor dispute at BP's 440,000-barrel-per-day Whiting refinery in Indiana has raised concerns about Midwest fuel supplies, although BP said the facility is continuing to operate safely with contract workers and without immediate production disruptions.Price: $45.49, Change: $-0.65, Percent Change: -1.41%