$BP

European Equities Traded in the US as American Depositary Receipts Decline in Wednesday Trading

European equities traded in the US as American depositary receipts were tracking lower late Wednesday morning, declining 0.48% to 1,880.02 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by internet advertising firm Criteo (CRTO) and biopharmaceutical company argenx (ARGX), which rose 5% and 2.8% respectively. They were followed by consumer goods company Unilever (UL) and biotech firm BioNTech (BNTX), which were up 2.1% and 1.9% respectively.The decliners from continental Europe were led by telecommunications companies Ericsson (ERIC) and Nokia (NOK), which dropped 4.1% and 3.4% respectively. They were followed by semiconductor company Sequans Communications (SQNS) and oil and gas company Eni (E), which lost 3.3% and 3% respectively.The gainers from the UK were led by biotech firm Autolus Therapeutics (AUTL) and software company Endava (DAVA), which advanced 3.7% and 3.4% respectively. They were followed by pharmaceutical company Silence Therapeutics (SLN) and alcoholic beverage company Diageo (DEO), which increased 3% and 2.7% respectively.The decliners from the UK and Ireland were led by biopharmaceutical company Akari Therapeutics (AKTX) and oil and gas company BP (BP), which fell 13% and 3.2% respectively. They were followed by utilities company National Grid (NGG) and oil and gas company Shell (SHEL), which were down 2.2% and 2.1% respectively.

Ex-BP Chair Reportedly Says He Was Dismissed Without Explanation

Former BP (BP) Chairman Albert Manifold said on Wednesday that he was dismissed without warning or explanation and intends to challenge the energy firm's version of events, according to multiple media reports.BP ousted Manifold on Tuesday after eight months, citing "serious concerns" regarding "governance standards, oversight and conduct."Though the British energy major provided no further details, the decision reportedly followed complaints concerning Manifold's behavior toward employees, the mishandling of sensitive information, and attempts to bypass the board."I was removed without warning and without explanation," Manifold reportedly said. "I dispute entirely the characterization of my conduct, and I will not allow a false narrative to go unchallenged."BP did not immediately respond to' request for comment.Manifold's dismissal marks the latest chapter in a prolonged period of leadership upheaval at BP, which has cycled through three CEOs in as many years. The move raises fresh questions about internal processes as the company attempts to reverse years of poor performance.Manifold, who joined BP in October after leading building-materials giant CRH, was viewed as a driving force behind the energy firm's strategic reboot.His departure consolidates the authority of CEO Meg O'Neill, whom Manifold hired last year. O'Neill, the first female CEO of a major integrated oil company, began reshaping the firm with a restructuring plan announced within weeks of taking the role last month.Prior to his departure, investors had welcomed several of Manifold's initiatives, including his push to prioritize core oil and gas investments, improve operational efficiency and divest non-core assets.BP signaled on Tuesday that it intends to maintain the strategy initiated under Manifold.Price: $41.44, Change: $-1.21, Percent Change: -2.84%

Sector Update: Energy Stocks Decline Premarket Wednesday

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.6% lower.The United States Oil Fund (USO) was down 4.4% and the United States Natural Gas Fund (UNG) was 1.7% higher.Front-month US West Texas Intermediate crude oil was 5.1% lower at $89.13 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 4.2% to $95.41 per barrel, and natural gas futures were up 1.2% at $2.93 per 1 million British Thermal Units.TotalEnergies (TTE) is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country, Bloomberg reported, citing an unnamed person familiar with the matter. Shares of TotalEnergies were down more than 2% pre-bell.BP (BP) removed Chairman Albert Manifold, citing governance and oversight concerns, though Manifold rejected the company's account and said his dismissal came without explanation, Bloomberg reported, citing unnamed people familiar with the matter. BP stock was down more than 2% premarket.Gran Tierra Energy (GTE) said it has finalized all conditions tied to its previously announced agreement with Ecopetrol (EC) to acquire a 49% working interest in Colombia's Tisquirama block, expanding its footprint in the Middle Magdalena Valley Basin. Ecopetrol shares were nearly 2% lower pre-bell.

Market Chatter: Trinidad's Atlantic LNG Shuts Major Export Unit for Maintenance as Global Supplies Tighten

Trinidad and Tobago's Atlantic LNG facility has shut its 6 million metric tons per annum Train 4 unit for two months of planned maintenance, Reuters reported, citing Gerald Ramdeen, Chairman of the National Gas Company of Trinidad and Tobago.With the outage set to take nearly half of Atlantic LNG's production capacity temporarily offline, near-term LNG supplies are expected to tighten further when global markets are already grappling with disruptions from the closure of the Hormuz Strait.Ramdeen told Reuters on Tuesday that the plant, which is jointly owned by Shell (SHEL), BP (BP) and NGC, was undergoing scheduled maintenance, which wasn't linked to any particular fault or issue.With a total capacity of 12 million metric tons per annum of LNG, the Atlantic LNG facility is the largest in Latin America, and has struggled in recent years amid declining domestic natural gas supplies.The National Gas Company of Trinidad and Tobago did not immediately respond to' request for a comment on this story.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Market Chatter: BP Removes Chairman Over Governance Concerns; Manifold Pushes Back

BP (BP) removed Chairman Albert Manifold, citing governance and oversight concerns, though Manifold rejected the company's account and said his dismissal came without explanation, Bloomberg reported Tuesday, citing unnamed people familiar with the matter.The concerns centered on Manifold's conduct toward employees, handling of sensitive information and efforts to bypass the board, which he denied as a "false narrative," according to the report.Analysts said the departure could raise concerns about the pace and continuity of BP's turnaround efforts, Bloomberg added.BP didn't 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.)

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks declined late Tuesday afternoon with the NYSE Energy Sector Index falling 2.2% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.5%.The Philadelphia Oil Service Sector Index shed 0.2%, and the Dow Jones US Utilities Index rose 0.3%.West Texas Intermediate crude oil fell 2.7% to $93.96 a barrel, and global benchmark Brent rose 3.8% to $99.79 a barrel. Henry Hub natural gas futures was slightly lower at $2.91 per 1 million BTU.In corporate news, Occidental Petroleum (OXY) is acquiring a 10% stake in Exxon Mobil's (XOM) deepwater exploration block off the coast of Trinidad and Tobago, Reuters reported. Occidental shares were down 1.9%, and Exxon fell 3.1%.BP's (BP) board unanimously removed Albert Manifold as chair and director, effective immediately. BP shares fell 3.9%.Oklo (OKLO) shares jumped 4.5% after it said Tuesday it has been selected by the US Department of Energy, along with four other nuclear companies, for advanced talks under the surplus plutonium utilization program.Baker Hughes (BKR) shares rose 1.1% after it said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down 2.3%.

Sector Update: Energy Stocks Fall Tuesday Afternoon

Energy stocks declined Tuesday afternoon with the NYSE Energy Sector Index falling 1.6% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2%.The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index rose 0.5%.West Texas Intermediate crude oil fell 2.7% to $93.97 a barrel, and global benchmark Brent rose 3.7% to $99.69 a barrel. Henry Hub natural gas futures advanced 0.7% to $2.93 per 1 million BTU.In corporate news, BP's (BP) board unanimously removed Albert Manifold as chair and director, effective immediately. BP shares fell 4.4%.Oklo (OKLO) shares jumped 7.1% after it said Tuesday it has been selected by the US Department of Energy, along with four other nuclear companies, for advanced talks under the surplus plutonium utilization program.Baker Hughes (BKR) shares rose 1.4% after it said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down 2.1%.

Sector Update: Energy

Energy stocks declined Tuesday afternoon with the NYSE Energy Sector Index falling 1.6% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2%.The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index rose 0.5%.West Texas Intermediate crude oil fell 2.6% to $94.12 a barrel, and global benchmark Brent rose 3.9% to $99.90 a barrel. Henry Hub natural gas futures advanced 1.2% to $2.94 per 1 million BTU.In corporate news, BP's (BP) board unanimously removed Albert Manifold as chair and director, effective immediately. BP shares fell 4.6%.

Top Midday Stories: Micron's Market Cap Briefly Hits $1 Trillion; Qualcomm Reportedly Strikes AI Chip Deal With ByteDance

The Nasdaq Composite and S&P 500 were up, while the Dow Jones Industrial Average was down slightly to kick off a shortened week of trading due to the holiday weekend.In company news, Micron Technology's (MU) market capitalization eclipsed $1 trillion for the first time Tuesday after several bullish analyst reports. Micron shares were up 16% around midday.Qualcomm (QCOM) is set to supply ByteDance with millions of chips for AI data centers to support the TikTok owner's AI agent software under a new deal the companies struck, Bloomberg reported Tuesday, citing people familiar with the matter. Qualcomm shares were up over 5%.Ferrari (RACE) has launched a new all-electric sports car called Luce, the company said Monday. The four-door model includes four electric motors, a 122 kWh battery and electric all-wheel drive, delivering 0-100 km/h acceleration in 2.5 seconds, the company said. The EV's starting price is 550,000 euros ($640,000), multiple media outlets reported. Ferrari shares were down 4.7%.Eli Lilly (LLY) has agreed to acquire Curevo, LimmaTech Biologics and Vaccine Company in deals worth up to nearly $3.83 billion in total, the company said Tuesday. The deals include potential payments of up to $1.5 billion for Curevo, up to $780 million for LimmaTech and up to $1.55 billion for Vaccine Company, the company said. Eli Lilly shares were up 1.2%.BP (BP) said Tuesday its board unanimously decided to remove Albert Manifold as chair and director, effective immediately. BP shares were down 4.6%.AutoZone (AZO) reported fiscal Q3 net income Tuesday of $38.07 per diluted share, up from $35.36 a year earlier and above the FactSet consensus analyst estimate of $36.21. Fiscal Q3 net sales were $4.84 billion, up from $4.46 billion a year ago but below the FactSet consensus of $4.86 billion. AutoZone shares were down 11.3%.Modine Manufacturing (MOD) on Tuesday said it signed a major long-term agreement with one of its strategic data center customers to supply its Airedale cooling solutions. Under the terms of the agreement, Modine said it will reserve production capacity to supply over $4 billion worth of Airedale by Modine cooling products between 2027 and 2029. The customer has also provided an upfront payment of $165 million to support capacity expansion and other investments required to meet future demand, the company said. Modine shares were up 19%.American Airlines Group (AAL) said Tuesday it is installing SpaceX's Starlink to provide wireless internet on over 500 of its narrowbody aircraft starting in Q1 2027. American Airlines shares were up 6%.Price: $872.85, Change: $+121.85, Percent Change: +16.23%

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

European equities traded in the US as American depositary receipts were trending higher late Tuesday morning, rising 0.73% to 1,891.94 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by accommodations booking site trivago (TRVG) and telecommunications company Nokia (NOK), which rose 6.4% and 4.8% respectively. They were followed by lenders Banco Bilbao Vizcaya Argentaria (BBVA) and Banco Santander (SAN), which were up 4.4% and 3.8% respectively.The decliners from continental Europe were led by pharmaceutical company Ascendis Pharma (ASND) and petroleum refiner Equinor (EQNR), which fell 3% and 2% respectively. They were followed by internet advertising firm Criteo (CRTO) and pharmaceutical company Novo Nordisk (NVO), which were down 1.1% and 0.2% respectively.The gainers from the UK were led by biopharmaceutical company Mereo BioPharma Group (MREO) and pharmaceutical company Silence Therapeutics (SLN), which climbed 16% and 6.3% respectively. They were followed by biotech firm Trinity Biotech (TRIB) and biopharmaceutical company Biodexa Pharmaceuticals (BDRX), which advanced 4.5% and 3.1% respectively.The decliners from the UK and Ireland were led by oil and gas company BP (BP) and biopharmaceutical company NuCana (NCNA), which dropped 5% and 2.4% respectively. They were followed by biopharmaceutical company Amarin (AMRN) and communications company WPP (WPP), which lost 1.6% and 1.5% respectively.

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%