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282 stories mentioning BPUpdated 1d ago

Featured in energy-sector and European ADR roundups as oil prices swung around the US-Iran truce reopening the Strait of Hormuz.

Oil & Energy

Eni, Petronas JV Set to Become Southeast Asia's Upstream Giant, Wood Mackenzie Says

Eni (E) and Malaysia's Petronas could reshape Southeast Asia's oil and gas sector through their joint venture, which is set to become one of the region's largest upstream operators and plans to invest $20 billion over the next five years, Wood Mackenzie strategists said in a Monday note.Wood Mackenzie analysts said Searah, which combines 19 upstream assets across Indonesia and Malaysia, will begin operations producing over 300,000 barrels of oil equivalent per day and is projected to lift output to over 500,000 boe/d by 2029.The consultancy estimates that the venture's longer-term production potential could exceed 800,000 boe/d, potentially making it Southeast Asia/s largest upstream producer by 2030, ahead of regional rivals including Pertamina, Petronas, PTTEP, Shell (SHEL) and BP (BP).The 50:50 JV combines Petronas' producing assets and infrastructure in Malaysia with Eni's deepwater gas portfolio in Indonesia's Kutei Basin, creating a business with immediate cash flow alongside a pipeline of large-scale development projects.Wood Mackenzie said the complementary portfolios provide the venture with a strong financial foundation, allowing it to fund expansion from producing assets rather than relying on additional capital from its parent companies.Capital spending is projected to peak in 2027 as several major projects move forward simultaneously.The venture is projected to generate annual cash flow exceeding $2 billion from 2030, driven by the development of Eni's Kutei Basin gas discoveries.Eni contributes over 12 trillion cubic feet of undeveloped gas resources across the Rapak, Ganal and North Ganal production sharing contracts, Wood Mackenzie said, adding that the recently discovered Geliga field could add about $2 billion in value and support a third development hub in the basin.Searah will supply gas to three liquefied natural gas facilities, including Indonesia's Bontang LNG plant, the proposed Abadi LNG project and Malaysia LNG, creating one of Southeast Asia's largest equity LNG portfolios.However, Wood Mackenzie said execution would determine whether the venture achieves its ambitions.The consultancy highlighted several challenges, including delivering multiple multi-billion-dollar offshore developments in parallel, advancing the Abadi LNG project to a final investment decision, managing capacity constraints at Indonesia's aging Bontang LNG facility and coordinating investments across Indonesia's and Malaysia's different regulatory systems.The venture will also need to integrate Eni's exploration-focused operating model with Petronas' national oil company approach while navigating a tight global market for offshore engineering and construction services.Searah's assets and capital are in place; the challenge is whether this newly formed operator can deliver multiple billion-dollar developments in parallel without losing schedule or cost discipline, said Munish Kumar, senior research analyst for upstream at Wood Mackenzie.The venture represents the latest expansion of Eni's "satellite model" of creating standalone regional upstream companies, following Var Energi in Norway, Azule Energy in Angola and Ithaca Energy in the UK.London-headquartered Searah will operate independently while receiving technical support from Eni under service agreements.Price: $49.29, Change: $-0.48, Percent Change: -0.96%

$BP$E$SHEL
Sectors

Sector Update: Energy Stocks Lean Lower Premarket Monday

Energy stocks were leaning lower premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.1%.The United States Oil Fund (USO) was up 0.4% and the United States Natural Gas Fund (UNG) was 0.9% lower.Front-month US West Texas Intermediate crude oil was 0.1% lower at $82.42 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.3% to $88.32 per barrel, and natural gas futures were down 1% at $2.88 per 1 million British Thermal Units.BP (BP) agreed to sell its BP Retail Austria unit, which houses its mobility, convenience, and electric vehicle charging businesses in the country, to Volenergy. Shares of BP were 0.6% lower pre-bell.Magnolia Oil & Gas (MGY) stock was 0.4% higher after the company said it has signed a definitive agreement to acquire WildFire Energy for about $4.06 billion, including debt and subject to customary purchase price adjustments.Halliburton (HAL) said it won a contract from Basra Oil Company to provide integrated field management and engineering, procurement and construction management services for the Bin Umar and Sindbad oil and gas fields in southern Iraq. Shares of Halliburton were up 0.5% premarket.

$BP$HAL$MGY$UNG$USO$XLE
Sectors

Sector Update: Energy

Energy stocks were leaning lower premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) slightly declining.The United States Oil Fund (USO) was up 0.4% and the United States Natural Gas Fund (UNG) was 0.9% lower.Front-month US West Texas Intermediate crude oil was 0.3% higher at $82.70 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.6% to $88.62 per barrel, and natural gas futures were down 0.8% at $2.89 per 1 million British Thermal Units.BP (BP) agreed to sell its BP Retail Austria unit, which houses its mobility, convenience, and electric vehicle charging businesses in the country, to Volenergy. Shares of BP were 0.4% lower pre-bell.

$BP
Equities

BP to Sell Retail Austria Unit to Volenergy

BP (BP) agreed to sell its BP Retail Austria unit, which houses its mobility, convenience, and electric vehicle charging businesses in the country, to Volenergy, according to a Monday statement.Financial terms were not disclosed.The sale includes 250 bp branded retail sites that will continue to operate under the BP brand due to a brand license deal, but excludes Castrol and the company's aviation business in Austria, BP said.BP expects to close the sale at the end of the year, according to the statement.

$BP
Oil & Energy

US, Iraq Ink $60 Billion in Deals, MoUs During Business Summit

US and Iraqi companies, including energy majors and their respective governments have concluded deals and MoUs worth more than $60 billion during a US-Iraq Business Summit on Friday, the US Chamber of Commerce said in a statement.Energy executives from BP (BP), Chevron (CVX), ConocoPhillips (COP), ExxonMobil (XOM), Excelerate Energy (EE), GE Vernova (GEV), HKN Energy and Shell (SHEL) took part along with "top-tier" representation from both governments, the statement said.The event took place during Iraqi Prime Minister Ali al-Zaidi's visit to Washington, DC.BP has agreed to sell a 42% interest in BP Energy Company of Kirkuk to ConocoPhillips to support redevelopment of northern Iraq's Kirkuk oil fields, as last week.ConocoPhillips will thus support redevelopment of four large-scale operational fields in the Kirkuk area of northern Iraq.Chevron will also invest in a pipeline that bypasses the Strait of Hormuz, opening up another export route out of Iraq, Jake Spiering, Chevron president of corporate business development, said during the event, according to a Reuters report.The proposed pipeline could carry Iraqi oil to Syria's west coast on the Mediterranean coast, the report said.Earlier on Thursday, Zaidi visited the company's headquarters in Houston, Texas before Iraq signed deals with the energy giant to advance its possible entry into the West Qurna 2 and Nassiriya oilfields, Reuters reported.

$BP$COP$CVX$EE$GEV$SHEL$XOM
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index rising 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.9%.The Philadelphia Oil Service Sector Index was up 0.1%, and the Dow Jones US Utilities Index was shedding 0.7%.Crude oil prices jumped amid Washington intensifying strikes against Iran. US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz. President Donald Trump has threatened to launch broad-based air strikes on Iranian infrastructure and has also declined to rule out a ground assault on Iran's coast or islands, Reuters reported.Front-month West Texas Intermediate crude oil jumped 4% to $82.12 a barrel, and the global benchmark Brent crude contract climbed 4.2% to $87.77 a barrel. Henry Hub natural gas futures rose 2% to $2.92 per 1 million BTU.In sector news, incoming UK Prime Minister Andy Burnham is preparing to announce support for new North Sea oil and gas drilling and plans to bring Thames Water under public control shortly after taking office, Bloomberg reported. Burnham, who is due to succeed Keir Starmer on Monday, has asked civil servants to prepare energy and water policy proposals that could be announced as early as next week, according to the report. Options under consideration include backing development of the Jackdaw gas and Rosebank oil fields and expanding drilling tied to existing North Sea projects.In corporate news, Chevron (CVX) subsidiary Chevron Exploration Services and Iraqi state-owned Basra Oil have signed an agreement to further their commercial negotiations regarding the West Qurna Phase 2 oil field, a company spokesperson toldin an emailed response Friday. Chevron shares rose 1.7%.ConocoPhillips (COP) said Friday it has agreed to acquire a 42% stake in BP's (BP) BP Energy Co. of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. ConocoPhillips shares rose 1.3%, and BP climbed 1.8%.PBF Energy (PBF) shares gained 3.3% after Evercore ISI started coverage of the firm with an in-line rating and $58 price target.Valero Energy (VLO) shares were rising 2.7%. The company said in a filing Thursday that its board has authorized the purchase of the company's common stock worth $5 billion, in addition to the amount remaining under its existing buyback program.

$BP$COP$CVX$PBF$VLO
Sectors

Sector Update: Energy Stocks Gain Friday Afternoon

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.8%.The Philadelphia Oil Service Sector Index was up 0.3%, and the Dow Jones US Utilities Index was shedding 0.5%.Crude oil prices jumped amid Washington intensifying strikes against Iran. US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz. President Donald Trump has threatened to launch broad-based air strikes on Iranian infrastructure and has also declined to rule out a ground assault on Iran's coast or islands, Reuters reported.Front-month West Texas Intermediate crude oil jumped 4.2% to $82.23 a barrel, and the global benchmark Brent crude contract climbed 4.1% to $87.64 a barrel. Henry Hub natural gas futures rose 2.1% to $2.92 per 1 million BTU.In sector news, incoming UK Prime Minister Andy Burnham is preparing to announce support for new North Sea oil and gas drilling and plans to bring Thames Water under public control shortly after taking office, Bloomberg reported. Burnham, who is due to succeed Keir Starmer on Monday, has asked civil servants to prepare energy and water policy proposals that could be announced as early as next week, according to the report. Options under consideration include backing development of the Jackdaw gas and Rosebank oil fields and expanding drilling tied to existing North Sea projects.In corporate news, ConocoPhillips (COP) said Friday it has agreed to acquire a 42% stake in BP's (BP) BP Energy Co. of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. ConocoPhillips shares rose 0.8%, and BP climbed 1.3%.PBF Energy (PBF) shares rose 3% after Evercore ISI started coverage of the company with an in line rating and $58 price target.JERA, a Japan power generator, has begun a feasibility study for a potential US stock market listing as it explores ways to expand overseas and broaden its funding options, Reuters reported.

$BP$COP$PBF
Sectors

Sector Update: Energy

Energy stocks gained Friday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.6%.The Philadelphia Oil Service Sector Index was up 0.1%, and the Dow Jones US Utilities Index was shedding 0.5%.Crude oil prices jumped amid Washington intensifying strikes against Iran. US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz. President Donald Trump has threatened to launch broad-based air strikes on Iranian infrastructure and has also declined to rule out a ground assault on Iran's coast or islands, Reuters reported.Front-month West Texas Intermediate crude oil jumped 4.1% to $82.22 a barrel, and the global benchmark Brent crude contract climbed 4.1% to $87.66 a barrel. Henry Hub natural gas futures rose 1.6% to $2.91 per 1 million BTU.In corporate news, ConocoPhillips (COP) said Friday it has agreed to acquire a 42% stake in BP's (BP) BP Energy Co. of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. ConocoPhillips shares rose 0.8%, and BP climbed 1.2%.

$BP$COP
Oil & Energy

BP to Sell 42% Stake in Iraq's Kirkuk Venture to ConocoPhillips

BP (BP) agreed to sell a 42% interest in BP Energy Company of Kirkuk to ConocoPhillips (COP) to support redevelopment of northern Iraq's Kirkuk oil fields, BP said in a statement on Friday.The companies will sign the agreement during Iraqi Prime Minister Ali Al-Zaidi's official visit to Washington, DC. BP said the partnership combines the companies' expertise while supporting its disciplined capital allocation strategy."Kirkuk is a world-class resource base that can support Iraq's long-term energy ambitions while creating value for both the country and BP," said chief executive officer Meg O'Neill.The initial phase of the development and production contract targets more than 3 billion barrels of oil equivalent from the Baba and Avanah domes of the Kirkuk field, along with the nearby Bai Hassan, Jambur and Khabbaz fields.Beyond the producing assets, the agreement includes additional exploration potential. Northern Oil currently operates all of the fields covered under the contract, BP said.After the transaction closes, BP will retain a majority stake in BP Energy Company of Kirkuk and remain a key member of the contractor group.The transaction remains subject to regulatory approvals. BP said the agreement will not change the contract framework, current operatorship or the planned transition to a new operating organization.BP said BP Energy of Kirkuk will earn fees based on production, prices and costs. The company also does not expect the joint venture to require significant capital contributions.Price: $41.68, Change: $+0.59, Percent Change: +1.45%

$BP$COP
Commodities

Reliance Posts Lower Q1 Production, Advances Energy Infrastructure Projects

Reliance Industries reported Q1 earnings on Friday, showing KGD6 hydrocarbon production of 59.2 billion cubic feet equivalent, compared with 63.9 Bcfe a year earlier.Coal Bed Methane hydrocarbon production increased to 3.1 Bcfe for the quarter ended June 30, from 2.8 Bcfe a year earlier.The company produced an average of 24.8 million standard cubic meters of gas per day and about 16,721 barrels per day of oil and condensate from KGD6.Oil-to-Chemicals throughput declined to 18.1 million metric tons during the quarter, compared with 19.1 million mt a year earlier.Production available for sale also decreased to 15.6 million mt from 17.3 million mt.Reliance expanded Jio-BP's fuel retail network to 2,221 outlets, up from 1,991 a year earlier. Jio-BP is a joint venture between Reliance Industries and BP (BP), where Reliance Industries holds a 51% stake.Motor spirit sales volumes increased 16.8% over the year, while High-Speed Diesel volumes declined 1.9%, according to the company.The company continued the second phase of its CBM development program by drilling 31 of 40 planned multi-lateral wells and connecting 29 wells to production.Current CBM output stands at about 1 million standard cubic meters per day.The company completed planned maintenance at its crude distillation and coker units during the quarter while keeping secondary processing units running to limit the impact on throughput.Jio-bp expanded its electric vehicle charging network to 5,820 live charging points and grew its Clean N Green network to 131 compressed biogas outlets.Compressed biogas volumes rose 161% over the year, while compressed natural gas volumes increased 13%, Reliance said.Price: $41.72, Change: $+0.64, Percent Change: +1.56%

$BP
Asia Markets

European Equities Traded in the US as American Depositary Receipts Decline Friday

European equities traded in the US as American depositary receipts were lower on Friday morning, shedding 0.6% to 1,899.52 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by energy companies Equinor (EQNR) and Eni (E), which climbed 4.1% and 3.1% respectively.They were followed by biotech companies Genenta Science (GNTA) and DBV Technologies (DBVT), which added 3% and 2.2%.The decliners from continental Europe were led by tech company Nokia (NOK), which dropped 3%, and semiconductor companies STMicroelectronics (STM) and ASML (ASML), which fell 2.6% each.They were followed by software company SAP (SAP), which shed 1.8%.From the UK and Ireland, the gainers were led by pharmaceutical company Compass Pathways (CMPS), which climbed 4.8%, and energy companies Shell (SHEL) and BP (BP), which added 2.3% and 1.4% respectively.The decliners from the UK and Ireland were led by budget airline Ryanair (RYAAY) and pharmaceutical company GSK (GSK), which lost 3.6% and 2.8% respectively. They were followed by bank Barclays (BCS), which shed 2.1%.

$ASML$BCS$BP$CMPS$DBVT$E$EQNR$GNTA$GSK$NOK$RYAAY$SAP$SHEL$STM
Sectors

Sector Update: Energy Stocks Advance Premarket Friday

Energy stocks were advancing premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.5% higher.The United States Oil Fund (USO) was up 3.1% and the United States Natural Gas Fund (UNG) was 0.2% higher.Front-month US West Texas Intermediate crude oil was 3.2% higher at $81.46 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3% to $86.77 per barrel, and natural gas futures were up 1.4% at $2.90 per 1 million British Thermal Units.ConocoPhillips (COP) said it has agreed to acquire a 42% interest in BP's (BP) BP Energy Company of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. Shares of ConocoPhillips were up more than 2% and BP stock rose past 1% premarket.Chevron (CVX) is expected to sign accords with Iraq on Friday that will further the company's negotiations about investing in large oil fields, Bloomberg said, citing a senior company executive. Chevron shares were up more than 1% pre-bell.

$BP$COP$CVX$UNG$USO$XLE
Sectors

Sector Update: Energy

Energy stocks were advancing premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.5% higher.The United States Oil Fund (USO) was up 2.8% and the United States Natural Gas Fund (UNG) was 0.1% lower.Front-month US West Texas Intermediate crude oil was 2.4% higher at $80.86 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.3% to $86.16 per barrel, and natural gas futures were up 0.7% at $2.88 per 1 million British Thermal Units.ConocoPhillips (COP) said it has agreed to acquire a 42% interest in BP's (BP) BP Energy Company of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. Shares of ConocoPhillips were up more than 2% and BP stock rose past 1% premarket.

$BP$COP
Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Friday as Investors Retreat From Chipmaker Stocks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7%, and the actively traded Invesco QQQ Trust (QQQ) fell 1.8% in Friday's premarket activity, as investors continued to pull back from chipmakers.US stock futures were also lower, with S&P 500 Index futures down 0.8%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures declining 1.6% before the start of regular trading.June housing starts jumped by 19% from the previous month to a 1.427 million annual rate, above expectations compiled by Bloomberg as of 7:30 am ET for a 1.310 million rate after a decrease to a 1.199 million pace in May.US import prices rose by 0.3% in June, compared to the 0.7% decrease expected in a survey compiled by Bloomberg and following a 1.7% increase in May.Industrial production data for June will be released at 9:15 am ET, followed by the preliminary University of Michigan consumer sentiment reading for July at 10:00 am ET.In premarket action, bitcoin was down by 1.5%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.7% lower, Ether ETF (EETH) retreated 2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.3%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.6%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.7%, and the iShares US Consumer Staples ETF (IYK) advanced 0.9%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.7%. The VanEck Retail ETF (RTH) gained 1%, while the State Street SPDR S&P Retail ETF (XRT) was 0.5% lower.XPeng (XPEV) shares were down more than 5% pre-bell after closing the prior session with a 1% rise. The Wall Street Journal reported Thursday that the company is launching its L03 SUV in Munich, marking its first global vehicle launch outside China as it expands in Europe and other overseas markets.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.2%, and the iShares US Technology ETF (IYW) was 2.1% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.1%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined 3.4%, while the iShares Semiconductor ETF (SOXX) fell by 3.9%.Cadence Design Systems (CDNS) shares were down more than 5% in premarket activity following a 1.8% fall at the prior close. The company said it will work with logic semiconductor manufacturer Rapidus to advance "agentic AI" for advanced-node system-on-chip design under a new collaboration.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.6%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were flat.SpaceX's (SPCX) stock was down more than 4% before the opening bell after CEO Elon Musk said in a Thursday post on X that the company's Starship rocket triggered an "automatic launch abort," with the next launch to be rescheduled possibly "in a few days".Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was up 0.1%, while the iShares US Healthcare ETF (IYH) slipped 0.5%. The iShares Biotechnology ETF (IBB) was down 0.4%.GSK (GSK) stock was down more than 2% premarket after the company said it would discontinue development of camlipixant for refractory chronic cough after the drug produced mixed results in the phase 3 CALM-1 and CALM-2 trials.EnergyThe iShares US Energy ETF (IYE) was up 0.6%, while the State Street Energy Select Sector SPDR ETF (XLE) was 1.5% higher.BP (BP) stock was up more than 1%, and ConocoPhillips (COP) was 2% higher before market open. CNBC reported Friday that the companies plan to reveal billions of dollars in new investments in Iraq to help build its energy sector and increase resilience against Iranian disruptions.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% lower.Truist Financial (TFC) shares traded down 1% in early hours activity, even after the company reported higher Q2 earnings and revenue.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 2.7% to $81.04 per barrel on the New York Mercantile Exchange. Natural gas was up by 0.5% to $2.87 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 2.4%, while the United States Natural Gas Fund (UNG) was 1% lower.Gold futures for July retreated 0.1% to $3,988.00 an ounce on the Comex. Silver futures were down 1.1% to $55.59 an ounce. SPDR Gold Shares (GLD) decreased 0.2%, and the iShares Silver Trust (SLV) was 0.9% lower.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BP$CDNS$COP$EEM$EETH$EXI$FAS$FAZ$GLD$GSK$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$RTH$SLV$SOXX$SPCX$SPY$TFC$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XPEV$XRT$XSD
Oil & Energy

ConocoPhillips to Buy 42% Stake in BP Iraqi Development

ConocoPhillips (COP) will buy a 42% interest in BP Energy Company of Kirkuk in Iraq, it said on Friday, after agreeing terms with BP (BP).ConocoPhillips will thus support redevelopment of four large-scale operational fields in the Kirkuk area of northern Iraq. The deal is due to be signed during Iraqi Prime Minister Ali al-Zaidi's visit to Washington, DC.BP ECKL holds the Development and Production Contract, or DPC, covering the Baba and Avanah domes of the Kirkuk oil field plus three adjacent fields in Federal Iraq - Bai Hassan, Jambur and Khabbaz.The DPC includes initial gross recoverable resources of more than 3 billion barrels of oil equivalent, that will be recovered through field rehabilitation, redevelopment and optimization.The contract also contains areas for exploration. The deal is due to close by the end of this year, subject to regulatory approvals.After deal closure, the BP ECKL joint venture will be accounted for as "an equity affiliate" and it is not expected to need significant capital outlays from ConocoPhillips.Remuneration will be linked to a proportionate share of incremental production and costs.

$BP$COP
Equities

ConocoPhillips to Acquire 42% Interest in BP Northern Iraq Joint Venture

ConocoPhillips (COP) said Friday it has agreed to acquire a 42% interest in BP's (BP) BP Energy Company of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region.Financial terms were not provided.The Kirkuk joint venture will be accounted as an equity affiliate and is not expected to require "significant" capital contributions, ConocoPhillips said.The agreement is expected to be signed during Iraqi Prime Minister Ali al-Zaidi's visit to Washington, the company said.The transaction is expected to close by the end of 2026, the company added.Shares of ConocoPhillips and BP were each up by about 1% in premarket activity Friday.

$BP$COP
Equities

Market Chatter: BP, ConocoPhillips Plan Major Investments in Iraq

BP (BP) and ConocoPhillips (COP) plan to reveal billions of dollars in new investments in Iraq to help build its energy sector and increase resilience against Iranian disruptions, CNBC reported Friday, citing people familiar with the plans.The agreements are expected to be shared at a US-Iraq business meeting in Washington, the sources told the news outlet.The event could have over $60 billion in deals between US companies and the Iraqi government, and the BP and ConocoPhillips investment could be tens of billions, CNBC quoted the people as saying.BP and ConocoPhillips 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.)

$BP$COP
Commodities

BP to Sell Stakes in Energy Tech Startups to Investor Verdane

BP (BP) BP (BP) will sell BP Ventures' minority assets in more than 10 companies to Verdane, the oil major said on Wednesday, including interests across various energy-related technologies, with completion targeted for Q2, 2027.The company said the transaction would support company strategy for a simpler portfolio and discipline in capital allocation while ensuring the portfolio companies are passed on to an investor supportive of their development.BP said it would retain investments in a number of companies whose technologies can potentially generate value directly for its businesses, its statement said.In a separate statement, Verdane, which describes itself as a European specialist growth buyout investment firm, said the purchases reflect its focus on investing in companies that pursue digitalization of the global economy.It said the target companies are working towards making the energy transition more efficient through technological innovation, with companies in the portfolio working on digitalization in energy and decarbonization of transport.Verdane said its in-house operational advisors would work with the management teams in the portfolio companies to tackle scale, go-to-market, data, finance and talent.The investor, which has offices around Europe, said it is part-owned by the Verdane Foundation which is focused on climate change and more inclusive communities.

$BP
Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1%.The Philadelphia Oil Service Sector Index shed 0.5%, and the Dow Jones US Utilities Index was down 0.8%.Front-month West Texas Intermediate crude oil rose 0.4% to $79.68 a barrel, and the global benchmark Brent crude contract added 0.3% to $85.02 a barrel. Henry Hub natural gas futures advanced 0.8% to $2.93 per 1 million BTU.In sector news, Iran is now signaling it could use Yemen's Houthi allies to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world's most important energy arteries at risk, Reuters reported. As US strikes deepen inside Iran and Houthi attacks escalate in tandem, analysts said Tehran is widening the conflict and seeking to increase pressure on Washington by extending the threat to global trade and energy supplies beyond the Gulf, the report said.US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 4.7 million barrels in the week ended July 10 following a decrease of 3.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.7 million barrels after a 3.0-million-barrel gain in the previous week, a smaller decline than the 1.8 million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Shell's (SHEL) acquisition of ARC Resources adds portfolio optionality and supports LNG growth, though the company may still fall short of what investors are seeking, RBC Capital Markets said in a note. RBC resumed coverage of Shell with a sector perform rating. Separately, Shell has kicked off a tendering process for drilling services at its Dragon offshore gas project in eastern Venezuela, pressing ahead with its plan to start drilling four wells from Q2 2027, Reuters reported. Shell shares were up 0.3%.BP (BP) said Wednesday it agreed to sell BP Ventures' minority interests in more than 10 portfolio companies to European private equity firm Verdane. BP shares were off 0.1%.Halliburton (HAL) said it was awarded a multiyear contract from Aramco to provide stimulation and completion services supporting unconventional gas development in Saudi Arabia. Halliburton shares were shedding 0.7%.SunPower (SPWR) said in a Tuesday Form 8-K filing that Jeanne Nguyen stepped down as Chief Accounting Officer on July 8. Its shares were shedding 0.6%.

$BP$HAL$SHEL$SPWR
Sectors

Sector Update: Energy Stocks Fall Wednesday Afternoon

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.6%.The Philadelphia Oil Service Sector Index shed 1.2%, and the Dow Jones US Utilities Index was down 0.6%.Iran is now signaling it could use Yemen's Houthi allies to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world's most important energy arteries at risk, Reuters reported. As US strikes deepen inside Iran and Houthi attacks escalate in tandem, analysts said Tehran is widening the conflict and seeking to increase pressure on Washington by extending the threat to global trade and energy supplies beyond the Gulf, the report said.Front-month West Texas Intermediate crude oil eased 0.5% to $78.92 a barrel, and the global benchmark Brent crude contract shed 0.5% to $84.32 a barrel. Henry Hub natural gas futures rose 0.9% to $2.93 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 4.7 million barrels in the week ended July 10 following a decrease of 3.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.7 million barrels after a 3.0-million-barrel gain in the previous week, a smaller decline than the 1.8 million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, BP (BP) said Wednesday it agreed to sell BP Ventures' minority interests in more than 10 portfolio companies to European private equity firm Verdane. BP shares were off 0.7%.Shell (SHEL) has kicked off a tendering process for drilling services at its Dragon offshore gas project in eastern Venezuela, pressing ahead with its plan to start drilling four wells from Q2 2027, Reuters reported. Shell shares were down 0.2%.Halliburton (HAL) said it was awarded a multiyear contract from Aramco to provide stimulation and completion services supporting unconventional gas development in Saudi Arabia. Halliburton shares were shedding 1.2%.

$BP$HAL$SHEL

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