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407 stories mentioning BPUpdated 18h ago

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

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Commodities

Market Chatter: UK's EnQuest Interested in BP North Sea Oil and Gas Assets

The CEO of UK energy exploration and production company EnQuest told CNBC on Thursday his company is interested in buying BP (BP) stakes in oil and gas in the North Sea.BP had announced plans to sell its North Sea business on July 31 after operating there for about 60 years, the article said. Amjad Bseisu told CNBC that there was plentiful opportunity in the UK oil and gas industry and he told the news channel his company was interested in BP's assets.Bseisu said there was only a small number of companies left for sale and in turn, only a small pool of potential buyers.BP has two production hubs in the central North Sea and three west of Shetland. Bseisu gave the interview after EnQuest's announcement of a pre-tax profit of $54.6 million in H1, based on $529.9 million of revenue.has reached out to EnQuest and BP seeking confirmation and 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
Equities

Market Chatter: BP North Sea Assets Draw Acquisition Interest From EnQuest

BP (BP) has drawn interest from UK energy firm EnQuest regarding a potential purchase of its UK North Sea oil and gas operations, CNBC reported Thursday, citing an interview with EnQuest chief executive officer Amjad Bseisu.BP initiated a marketing process in late July to sell its UK North Sea portfolio, signaling a major retreat from the region, the report said.EnQuest has previously acquired regional interests from BP, including an initial 25% stake in the Magnus field in 2017, the report added.BP 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
Equities

BP Requests Re-Start of Contract Talks at Indiana Refinery

BP (BP), the global energy giant, on Thursday sent a letter to the union representing workers at its refinery in Whiting, Indiana, stating that it is willing re-start negotiations, or work through a federal mediator, to end a BP lock-out that began on March 19.About 800 workers in United Steelworkers Local 7-1 were locked out after BP-union contract talks, started in January, stalled. The union's contract with BP expired Jan. 31.In its letter to the union, BP said that arranging for a federal mediator to assist in negotiations would likely take several weeks, and that it was willing to meet with the union for direct talks on Sept. 9 or Sept. 16.BP requested that union representatives respond to its latest request to re-start contract talks."If your (United Steelworkers Local 7-1) position is that you are unwilling to participate in mediation or further discussions/negotiations at this time, then we ask that you confirm that intention,"BP said, in its letter to union leadership.The Whiting refinery, on the southwestern shore of Lake Michigan, remains in operation, producing about 400,000 barrels a day, BP has reported.Representatives of United Steelworkers Local 7-1 did not immediately respond to a request for comment from.

$BP
Commodities

BP Agrees to Sell Stakes in Brazil, Gulf of Mexico Exploration Assets to Shell

BP (BP) agreed to sell stakes in two offshore oil and gas exploration projects in Brazil and the Gulf of Mexico to Shell (SHEL), as the British energy company seeks to streamline its portfolio, the company said in a statement on Wednesday.Shell Brasil Petroleo will acquire a 50% stake in the Tupinamba exploration block in Brazil's Santos Basin, while Shell Offshore will acquire a 30% stake in five leases containing the Conifer exploration prospect in the deepwater Gulf of Mexico.BP will retain a 50% stake in Tupinamba and a 70% stake in Conifer and will remain operator of both projects.The Tupinamba exploration well is expected to begin drilling soon, while the Conifer well is expected to be drilled in 2027, BP said.BP was awarded the Tupinamba block in December 2023 under Brazil's second cycle of the Production Sharing Permanent Offer. Pre-Sal Petroleo, a state-owned company, will continue to manage the production-sharing contract on behalf of the Brazilian federal government.BP was awarded four of the leases covering Conifer in August 2023 in the US Gulf of Mexico's Lease Sale 259. The fifth lease was awarded in February 2026 in the BBG-1 Lease Sale. Shell Offshore will acquire a stake in all five leases.Gordon Birrell, BP's executive vice president for upstream, said Brazil and the Gulf of Mexico are important regions for BP, and bringing together two experienced operators could help unlock the potential of both opportunities.Completion of the Tupinamba transaction remains subject to regulatory approval.

$BP$SHEL
Sectors

Sector Update: Energy Stocks Decline Premarket Wednesday

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.6% lower.The United States Oil Fund (USO) was down 1% and the United States Natural Gas Fund (UNG) was fractionally lower.Front-month US West Texas Intermediate crude oil was 0.8% lower at $89.46 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.5% to $94.19 per barrel, and natural gas futures were up 0.9% at $2.93 per 1 million British Thermal Units.BP (BP) appointed Ian Tyler as board chair, effective immediately. Shares of BP were down 1.9% pre-bell.BW LPG (BWLP) shares were down more than 4% after the company said it is issuing $300 million of 2.25% senior unsecured convertible bonds due 2031.Chevron (CVX) reached agreements with Venezuela on updated joint venture terms, including enhanced fiscal, commercial and legal provisions to support investment, development and production growth, the company said. Chevron stock was down 0.7% pre-bell.

$BP$BWLP$CVX$UNG$USO$XLE
Commodities

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Wednesday Amid Escalating US-Iran Tensions

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.03%, and the actively traded Invesco QQQ Trust (QQQ) retreated 0.2% in Wednesday's premarket activity, as markets traded mixed amid escalating US-Iran tensions.US stock futures were also mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures retreating 0.1% before the start of regular trading.Mortgage applications rebounded by 0.8% in the week ended Aug. 28 despite a further increase in average 30-year fixed mortgage rates, according to Mortgage Bankers Association data released Wednesday.ADP's monthly measure of private payrolls showed a 38,000 increase in August, well below expectations compiled by Bloomberg as of 7:45 am ET for an increase of 47,000 after a 46,000 increase in July.Factory orders data for July will be released at 10:00 am ET, followed by the weekly petroleum stocks data at 10:30 am ET.The Fed's Beige Book, a compilation of economic and business reports from the 12 regional Fed branches, posts at 2 pm ET.In premarket action, bitcoin was down by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.2% lower, Ether ETF (EETH) retreated 1.2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.5%, while the Vanguard Industrials Index Fund (VIS) was up 0.8%, and the iShares US Industrials ETF (IYJ) was inactive.FuelCell Energy (FCEL) stock was down more than 12% before the opening bell after the company reported a wider-than-expected fiscal Q3 adjusted loss.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.1%, the iShares US Technology ETF (IYW) was 0.8% lower, and the iShares Expanded Tech Sector ETF (IGM) lost 0.2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) decreased by 0.1%, while the iShares Semiconductor ETF (SOXX) fell by 0.5%.Dell Technologies (DELL) shares were up 8% after the company posted higher fiscal Q2 adjusted earnings and revenue in addition to lifting its full-year guidance.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.9% lower.Manulife Financial (MFC) shares traded down 4% in early-hours activity after the company said late Tuesday it priced a $750 million public offering in the US of 6.146% subordinated notes due 2041.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.2%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 0.1%, and the iShares US Consumer Staples ETF (IYK) advanced 0.03%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) was 0.3% higher. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was down 0.4%.Nio (NIO) shares were down more than 3% pre-bell after JPMorgan downgraded the company to neutral from overweight.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.5%, the Vanguard Health Care Index Fund (VHT) was down 0.8%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.1% higher.UniQure (QURE) stock was up 3% premarket after the company submitted a Biologics License Application to the US Food and Drug Administration to request accelerated approval of ifezuntirgene inilparvovec, or AMT-130, its investigational gene therapy for Huntington's disease.EnergyThe iShares US Energy ETF (IYE) was down 0.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.5% lower.BP (BP) stock was down more than 1% before market open after the company appointed Ian Tyler as board chair.CommoditiesFront-month US West Texas Intermediate crude oil was down by 0.8% to $89.53 per barrel on the New York Mercantile Exchange. Natural gas was up 1.1% at $2.94 per 1 million British Thermal Units. The United States Oil Fund (USO) lost 1.2%, while the United States Natural Gas Fund (UNG) was 0.3% lower.Gold futures for November were down by 0.4% to $4,379.40 an ounce on the Comex. Silver futures retreated 0.6% to $64.96 an ounce. SPDR Gold Shares (GLD) increased 0.1%, and the iShares Silver Trust (SLV) was 0.4% higher.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BP$DELL$EEM$EETH$EXI$FAS$FAZ$FCEL$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MFC$NIO$PMR$QQQ$QURE$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Sectors

Sector Update: Energy

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.5% lower.The United States Oil Fund (USO) was down 1.3% and the United States Natural Gas Fund (UNG) was 0.8% lower.Front-month US West Texas Intermediate crude oil was 0.6% lower at $89.69 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.3% to $94.36 per barrel, and natural gas futures were up 1.1% at $2.94 per 1 million British Thermal Units.BP (BP) appointed Ian Tyler as board chair, effective immediately. Shares of BP were down more than 1% pre-bell.

$BP
Commodities

Pakistan Shuns BP LNG Spot Offer as Prices Triple Pre-War Levels

State-owned Pakistan LNG did not select BP's (BP) offer for a liquefied natural gas cargo arriving by Sept. 8 due to exceptionally high prices, which reached nearly three times pre-war spot levels, a source familiar with the bidding process told.The government considers the cargo, which was offered at $27 per million British thermal units, to be too expensive, the source said.The company did not receive any other offers, according to a document available on Pakistan LNG's website. It reissued its tender for an LNG shipment and is now seeking for a cargo before Sept. 12, with offers due on Friday.The news was first reported by Bloomberg.Pakistan is maximizing power generation from diesel- and coal-fired power plants to cushion the impact of high LNG prices on electricity bills, following war-driven supply disruptions.Lower availability of LNG, however, may lead to rolling blackouts at night, when solar generation drops, Bloomberg said.

$BP
Equities

BP Names Ian Tyler Board Chair

BP (BP) said Wednesday it appointed Ian Tyler as board chair, effective immediately.Tyler joined the board as a non-executive director in April 2025 and served as interim chair since May, the company said.Separately, Senior Independent Director Amanda Blanc will not stand for re-election at the 2027 annual meeting and will leave the board once a successor is appointed, BP said.

$BP
Asia Markets

European Equities Traded in the US as American Depositary Receipts Edge Higher in Tuesday Trading

European equities traded in the US as American depositary receipts were trending slightly higher late Tuesday morning, edging 0.05% to 1,953.79 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by accommodations booking site trivago (TRVG) and petroleum refiner Equinor (EQNR), which rose 5.6% and 1.8%, respectively. They were followed by biopharmaceutical company Grifols (GRFS) and consumer goods company Unilever (UL), which were up 1% and 0.9%, respectively.The decliners from continental Europe were led by biopharmaceutical company DBV Technologies (DBVT) and telecommunications company Nokia (NOK), which fell 4% and 3.3% respectively. They were followed by semiconductor company Sequans Communications (SQNS) and software firm SAP (SAP), which were down 2.1% and 1.9% respectively.The gainers from the UK were led by biopharmaceutical company Mereo BioPharma Group (MREO) and oil and gas company BP (BP), which advanced 5.4% and 2.4% respectively. They were followed by biopharmaceutical company Amarin (AMRN) and tobacco company British American Tobacco (BTI), which increased 2.3% and 2% respectively.The decliners from the UK and Ireland were led by biotech firm Trinity Biotech (TRIB) and biopharmaceutical company NuCana (NCNA), which dropped 2.1% each. They were followed by biopharmaceutical company Biodexa Pharmaceuticals (BDRX) and communications company WPP (WPP), which lost 2% and 1.9% respectively.

$AMRN$BDRX$BP$BTI$DBVT$EQNR$GRFS$MREO$NCNA$NOK$SAP$SQNS$TRIB$TRVG$UL$WPP
Wire

Update: Market Chatter: Trump to Host Oil Company Executives on Tuesday

(Updates with White House comment in last paragraph.)President Donald Trump is expected to host executives of oil refining companies on Tuesday, Reuters reported Monday, citing people familiar with the plans.The companies received invitations last week that were light on details, and they were not told who else would attend, the report said."President Trump is laser-focused on ensuring his successful energy dominance agenda translates into the most cost savings possible at the pump for consumers," White House spokeswoman Taylor Rogers said in an email to. "As part of that commitment, the president will meet with industry leaders to collaborate on the best ways to increase refining capacity, further unleash American energy dominance across the entire supply chain, and bring down prices for the American people."(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: $160.22, Change: $+3.51, Percent Change: +2.24%

$BP$CVX$SHEL$TTE$XOM
Asia Markets

European Equities Traded in the US as American Depositary Receipts Edge Lower in Monday Trading

European equities traded in the US as American depositary receipts opened the week slightly lower late Monday morning, declining 0.12% to 1,952.52 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by pharmaceutical company Ascendis Pharma (ASND) and 3D printer company Materialise (MTLS), which rose 6.6% and 2.8%, respectively. They were followed by petroleum refiner Equinor (EQNR) and oil and gas company Eni (E), which were up 2.7% and 2.6%, respectively.The decliners from continental Europe were led by internet browser company Opera (OPRA) and biotech firm Evaxion (EVAX), which fell 1.9% and 1.7% respectively. They were followed by telecommunications company Nokia (NOK) and accommodations booking site trivago (TRVG), which were down 1.3% and 1.2% respectively.The gainers from the UK were led by biopharmaceutical company Mereo BioPharma Group (MREO) and software firm Endava (DAVA), which advanced 14% and 1.9% respectively. They were followed by oil and gas companies BP (BP) and Shell (SHEL), which increased 1.3% and 0.9% respectively.The decliners from the UK and Ireland were led by biopharmaceutical companies NuCana (NCNA) and Biodexa Pharmaceuticals (BDRX), which dropped 16% and 5.9% respectively. They were followed by biopharmaceutical company Akari Therapeutics (AKTX) and pharmaceutical company Silence Therapeutics (SLN), which increased 3.7% and 2.3% respectively.

$AKTX$ASND$BDRX$BP$DAVA$E$EQNR$EVAX$MREO$MTLS$NCNA$NOK$OPRA$SHEL$SLN$TRVG
Wire

Market Chatter: Trump to Host Oil Company Executives on Tuesday

President Donald Trump is expected to host executives of oil refining companies on Tuesday, Reuters reported Monday, citing people familiar with the plans.The companies received invitations last week that were light on details, and they were not informed who else would be in attendance, the report said, citing the people.The White House 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: $160.70, Change: $+3.99, Percent Change: +2.55%

$BP$CVX$SHEL$TTE$XOM
Wire

Trump to Host Oil Company Executives on Tuesday, Reuters Reports

Trump to Host Oil Company Executives on Tuesday, Reuters Reports

$BP$CVX$SHEL$TTE$XOM
Commodities

Venezuela to Earn $209 Billion From Oil Deal With US Over 25 Years

An oil production deal between Venezuela and the US that could revive the South American country's languishing energy sector, has a duration of 25 years, said Acting President Delcy Rodriguez, in an address posted on YouTube channel FirstPost.Reuters reported that the declaration was made on Saturday.Venezuela would earn about $209.3 billion from the deal with the US or about $19 per barrel extracted, based on an illustrative price of $65 per barrel, Rodriguez said.The deal with the US will add oil production of more than 1.5 million barrels per day, while the country will produce more through separate deals with producers including Chevron (CVX), Eni (E), Shell (SHEL) and BP (BP), she said."We want to be an energy power. Big producer of oil, important gas exporter and to have a big development of petrochemicals nationally," Rodriguez said.US President Donald Trump announced the deal on Friday, offering few details other than confirming the US had secured control over more than 65 billion barrels of Venezuelan proven reserves in a partnership with the private sector, Reuters said.Despite having the world's largest proven oil reserves, the country's output has declined amid political and economic instability that has stifled investment, to about 1.25 million bpd.Reuters reported that crowds of pro-government groups gathered in the capital Caracas on Saturday to protest the presence of the US in Venezuela, while other media reported that the deal has drawn ire on all sides of the political divide.Rodriguez stressed in her declaration that Venezuela retains sovereign control and ownership over the resources.

$BP$CVX$E$SHEL
Sectors

Sector Update: Energy Stocks Mostly Lower Pre-Bell Friday

Energy stocks were mostly lower premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) bucking the trend with a 0.2% gain.The United States Oil Fund (USO) was down 1%, while the United States Natural Gas Fund (UNG) was 1.7% lower.Front-month US West Texas Intermediate crude oil was down 1% at $82.73 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 0.5% to $89.30 per barrel, and natural gas futures were 2.5% lower at $2.84 per 1 million British Thermal Units.BW LPG (BWLP) stock was down more than 4% after the company reported lower Q2 revenue.BP (BP) shares were 0.8% lower after Reuters reported Thursday that the company is in exclusive talks with Energean to sell some of its upstream oil and gas assets in Egypt.Petrobras (PBR) stock was up 0.9% following Thursday 2.8% rise when Bloomberg reported that the company is considering starting exports of liquefied natural gas to Asia, with demand strong since the loss of supply from Qatar in the midst of the US-Iran war.

$BP$BWLP$PBR$UNG$USO$XLE
Sectors

Sector Update: Energy Stocks Mixed Late Afternoon

Energy stocks were mixed late Thursday afternoon, with the NYSE Energy Sector Index up 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) fractionally lower.The Philadelphia Oil Service Sector Index was rising 3.5%, and the Dow Jones US Utilities Index was down 0.8%.In the Middle East, about 6 million to 8 million barrels a day of crude oil are now being shipped through the Strait of Hormuz, Bloomberg reported, citing estimates from traders monitoring cargo activity. Flows slipped in July, when an onslaught of Iran's attacks on supertankers led to the breakdown of an interim ceasefire agreement between Washington and Tehran and heightened risks to navigation, the news report said, adding that flows remain at roughly half prewar levels.Meanwhile, Qatar's Foreign Ministry said Iran and Qatar discussed an agreement to implement a "joint project" to clear mines from the Strait of Hormuz as well as "efforts to reduce escalation and create appropriate conditions for dialogue," according to a report from Al Jazeera, a Middle Eastern broadcaster.Front-month West Texas Intermediate crude oil rose 2.1% to $83.93 a barrel, and the global benchmark Brent crude contract advanced 2.6% to $90.11 a barrel. Henry Hub natural gas futures added 2.3% to $2.91 per 1 million BTU.In sector news, US natural gas stocks rose by 15 billion cubic feet in the week ended Aug. 21, as expected in a survey compiled by Bloomberg and following an increase of 16 billion cubic feet in the previous week.In corporate news, Shell (SHEL) ended talks with Unimot months ago over offloading its stake in Germany's Russia-linked Schwedt refinery, Bloomberg reported. The refinery, majority-owned by Russian oil firm Rosneft, has been stuck in an ownership deadlock since 2022, the report said. Shell shares were down 0.3%.BP (BP) is in exclusive talks with Energean to sell some of its upstream oil and gas assets in Egypt, Reuters reported. BP shares were down 0.3%.Enbridge (ENB) has entered into a definitive agreement with KKR (KKR) to form a joint venture that will invest about $2.7 billion Canadian dollars ($1.94 billion) to fund the expansion of the Aspen Point and Sunrise programs on the Westcoast natural gas pipeline system, the company said Thursday. Enbridge shares declined 0.9%.Canadian Solar (CSIQ) has hired Guggenheim Securities to help it evaluate strategic options for its Recurrent Energy unit, Bloomberg reported Wednesday. Canadian Solar shares were down 0.8%.

$BP$CSIQ$ENB$SHEL
Sectors

Sector Update: Energy Stocks Lower in Afternoon Trading

Energy stocks were softer Thursday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each shedding 0.3%.The Philadelphia Oil Service Sector Index was rising 1.3%, and the Dow Jones US Utilities Index was down 0.78%.In the Middle East, about 6 million to 8 million barrels a day of crude oil are now being shipped through the Strait of Hormuz, Bloomberg reported, citing estimates from traders monitoring cargo activity. Flows slipped in July, when an onslaught of Iran's attacks on supertankers led to the breakdown of an interim ceasefire agreement between Washington and Tehran and heightened risks to navigation, the news report said, adding that flows remain at roughly half prewar levels.Meanwhile, Qatar's Foreign Ministry said Iran and Qatar discussed an agreement to implement a "joint project" to clear mines from the Strait of Hormuz as well as "efforts to reduce escalation and create appropriate conditions for dialogue," according to a report from Al Jazeera, a Middle Eastern broadcaster.Front-month West Texas Intermediate crude oil rose 0.7% to $82.80 a barrel, and the global benchmark Brent crude contract advanced 0.8% to $87.67 a barrel. Henry Hub natural gas futures added 0.8% to $2.87 per 1 million BTU.In sector news, US natural gas stocks rose by 15 billion cubic feet in the week ended Aug. 21, as expected in a survey compiled by Bloomberg and following an increase of 16 billion cubic feet in the previous week.In corporate news, BP (BP) is in exclusive talks with Energean to sell some of its upstream oil and gas assets in Egypt, Reuters reported. BP shares were down 0.8%.Enbridge (ENB) has entered into a definitive agreement with KKR (KKR) to form a joint venture that will invest about $2.7 billion Canadian dollars ($1.94 billion) to fund the expansion of the Aspen Point and Sunrise programs on the Westcoast natural gas pipeline system, the company said Thursday. Enbridge shares declined 0.9%.Canadian Solar (CSIQ) has hired Guggenheim Securities to help it evaluate strategic options for its Recurrent Energy unit, Bloomberg reported Wednesday. Canadian Solar shares fell 1.1%.T1 Energy (TE) shares jumped past 6% after it said Thursday that local officials in Mo i Rana, Norway, have rezoned part of the company's Giga Arctic campus for the development of a data center.

$BP$CSIQ$ENB$TE
Oil & Energy

Market Chatter: Energean Eyes Part of BP's Egypt Oil, Gas Portfolio in Deal Worth About $1 Billion

Energean is holding exclusive talks to buy part of BP's (BP) upstream oil and gas portfolio in Egypt in a deal that could generate about $1 billion for BP, Reuters reported Thursday, citing two people involved in the process.The proposed transaction spans BP's West Nile Delta interests, held jointly with Harbour Energy, plus a 50% contractor working interest in the Temsah concession. Eni (E), a Temsah co-owner, said the Denise West well uncovered an estimated 2 trillion cubic feet of gas, with partners and Egypt targeting a final investment decision in the coming months.BP would keep its Egyptian holdings in the Arcius joint venture with UAE-based XRG, including the Zohr gas field, as it works to cut debt and simplify its portfolio, the sources said. Energean has signaled that it seeks to expand beyond its gas fields off Israel, which were shut down amid regional conflicts.BP and Energean did not immediately reply 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.)Price: $42.15, Change: $-0.35, Percent Change: -0.82%

$BP$E
Sectors

Sector Update: Energy

Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each shedding 0.3%.The Philadelphia Oil Service Sector Index was rising 1.3%, and the Dow Jones US Utilities Index was down 0.78%.Front-month West Texas Intermediate crude oil rose 0.7% to $82.80 a barrel, and the global benchmark Brent crude contract advanced 0.8% to $87.67 a barrel. Henry Hub natural gas futures added 0.8% to $2.87 per 1 million BTU.In corporate news, BP (BP) is in exclusive talks with Energean to sell some of its upstream oil and gas assets in Egypt, Reuters reported. BP shares were down 0.9%.

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