BP

Sector Update: Energy Stocks Rise Friday Afternoon

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.6%.The Philadelphia Oil Service Sector Index was decreasing 0.5%, and the Dow Jones US Utilities Index fell 2.4%.Front-month West Texas Intermediate crude oil gained 3.9% to $105.12 a barrel, and the global benchmark Brent crude contract was advancing 3.2% to $109.08 a barrel. Henry Hub natural gas futures rose 2.4% to $2.96 per 1 million BTU.In sector news, US Secretary of Energy Chris Wright told CNBC on Friday he expects China to increase oil imports from the US because the two nations are natural partners and because China relies heavily on imports from the Middle East that have mostly been cut off for weeks.In corporate news, BP (BP) plans to cut its pipeline gas trading team and focus on expanding its liquified natural gas trading, Reuters reported. Separately, BP is contemplating selling some natural gas assets in Egypt, Reuters reported. BP shares were up 1%.ConocoPhillips (COP) shares rose 2.2% after Argus lifted the company's price target to $136 from $128, while keeping its buy rating.Exxon Mobil (XOM) was found not liable by a Texas jury in a lawsuit accusing the oil major of misleading investors about its Canadian oil sands and Rocky Mountain gas operations, Reuters reported late Thursday. Exxon shares climbed 2.9%.

Sector Update: Energy

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.6%.The Philadelphia Oil Service Sector Index was decreasing 0.5%, and the Dow Jones US Utilities Index fell 2.4%.Front-month West Texas Intermediate crude oil gained 3.6% to $104.81 a barrel, and the global benchmark Brent crude contract was advancing 3.2% to $109.08 a barrel. Henry Hub natural gas futures rose 2.4% to $2.96 per 1 million BTU.In corporate news, BP (BP) plans to cut its pipeline gas trading team and focus on expanding its liquified natural gas trading, Reuters reported. Separately, BP is contemplating selling some natural gas assets in Egypt, Reuters reported. BP shares were up 1%.

Market Chatter: BP to Cut Pipeline Gas Trading Team, Focus More on LNG

BP (BP) plans to cut its pipeline gas trading team and focus on expanding its liquified natural gas trading, Reuters reported Friday, citing two sources familiar with the matter.The oil major will lay off about 20 people on the pipeline gas team and fold the remaining workers into its LNG book, the report said, citing the sources.BP didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $44.10, Change: $+0.47, Percent Change: +1.09%

BP to Cut Pipeline Gas Trading Team, Focus More on LNG, Reuters Reports

BP to Cut Pipeline Gas Trading Team, Focus More on LNG, Reuters Reports

European Equities Traded in the US as American Depositary Receipts Down Sharply in Friday Trading

European equities traded in the US as American depositary receipts were sharply lower late Friday morning, falling 1.90% to 1,808.55 on the S&P Europe Select ADR Index, which is down 1.6% for the week so far.From continental Europe, the gainers were led by software firm SAP (SAP) and biopharmaceutical company Cellectis (CLLS), which were up 2.2% and 2.1% respectively. They were followed by internet advertising firm Criteo (CRTO) and accommodations booking site trivago (TRVG), which increased 1.6% and 1% respectively.The decliners from continental Europe were led by semiconductor company Sequans Communications (SQNS) and telecommunications company Nokia (NOK), which fell 5.2% and 4.7% respectively. They were followed by 3D printer company Materialise (MTLS) and pharmaceutical company Novo Nordisk (NVO), which lost 2.6% and 2.1% respectively.The gainers from the UK were led by biopharmaceutical company NuCana (NCNA) and software firm Endava (DAVA), which advanced 12.1% and 3.9% respectively. They were followed by biotech firm Trinity Biotech (TRIB) and oil and gas company BP (BP), which rose 3.4% and 1% respectively.The decliners from the UK and Ireland were led by pharmaceutical company Silence Therapeutics (SLN) and utilities company National Grid (NGG), which dropped 8.8% and 7.9% respectively. They were followed by mining company BHP Group (BHP) and biopharmaceutical company Biodexa Pharmaceuticals (BDRX), which were down 5.1% and 2.7% respectively.

Sector Update: Energy Stocks Rise Pre-Bell Friday

Energy stocks were advancing pre-bell Friday, with the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.The United States Oil Fund (USO) was up 2% and the United States Natural Gas Fund (UNG) was 1.7% higher.Front-month US West Texas Intermediate crude oil was 2.7% higher at $103.89 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.1% to $107.96 per barrel, and natural gas futures were up 1.9% at $2.95 per million British Thermal Units.Exxon Mobil (XOM) was found not liable by a Texas jury in a lawsuit accusing the oil major of misleading investors about its Canadian oil sands and Rocky Mountain gas operations, Reuters reported. Exxon Mobil stock was 0.5% higher premarket.BP (BP) is contemplating selling certain natural gas assets in Egypt, Reuters reported, citing sources familiar with the matter. BP shares were marginally lower pre-bell.

Market Chatter: BP Mulls Sale of Some Egyptian Gas Assets

BP (BP) is contemplating selling certain natural gas assets in Egypt, Reuters reported Friday, citing sources familiar with the matter.The British oil and gas giant has yet to make a final decision regarding the move, according to the report.The company didn't 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.)

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) fractionally lower.The Philadelphia Oil Service Sector Index was down 0.5%, and the Dow Jones US Utilities Index was falling 1.1%.Front-month West Texas Intermediate crude oil declined 1% to $101.12 a barrel, and the global benchmark Brent crude contract dropped 1.8% to $105.81 a barrel. Henry Hub natural gas futures rose 0.5% to $2.86 per 1 million BTU.In sector news, the International Energy Agency on Wednesday forecast a sharper decline in global oil demand this year than previously expected as the Middle East conflict drives up energy prices. The agency anticipates oil consumption to contract by 420,000 barrels a day in 2026, compared with an 80,000-barrel drop expected last month. Oil demand is projected to plunge by 2.45 million barrels per day in the second quarter.Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 12.9 million barrels in the week ended May 8 following a decrease of 7.5 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 4.3 million barrels after a 2.3-million-barrel decline in the previous week, more than the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, BP (BP) has stopped contract discussions with the US steelworkers' union after the lockout of over 800 employees at its Whiting, Indiana, facility, Reuters reported, citing a statement from the union. BP shares were down 0.5%.Fervo Energy (FRVO) stock surged 34% in Wednesday trading following its Nasdaq debut.Ring Energy (REI) shares dropped 27% after the company overnight said it priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.Enphase Energy (ENPH) shares jumped past 13% after the company said it opened US pre-orders for its new IQ9S-3P Commercial Microinverter.

Sector Update: Energy Stocks Softer Wednesday Afternoon

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) easing 0.2%.The Philadelphia Oil Service Sector Index was down 0.7%, and the Dow Jones US Utilities Index was falling 1.1%.Front-month West Texas Intermediate crude oil was declining 0.4% to $101.81 a barrel, and the global benchmark Brent crude contract was dropping 1.4% to $106.24 a barrel. Henry Hub natural gas futures rose 0.9% to $2.87 per 1 million BTU.In sector news, the International Energy Agency on Wednesday forecast a sharper decline in global oil demand this year than previously expected as the Middle East conflict drives up energy prices. The agency anticipates oil consumption to contract by 420,000 barrels a day in 2026, compared with an 80,000-barrel drop expected last month. Oil demand is projected to plunge by 2.45 million barrels per day in the second quarter.Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 12.9 million barrels in the week ended May 8 following a decrease of 7.5 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 4.3 million barrels after a 2.3-million-barrel decline in the previous week, more than the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, BP (BP) has stopped contract discussions with the US steelworkers' union after the lockout of over 800 employees at its Whiting, Indiana, facility, Reuters reported, citing a statement from the union. BP shares were down 0.9%.Ring Energy (REI) shares dropped 25% after the company overnight said it priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.Equinor (EQNR) plans to hold talks with major European customers on whether they would support ambitious and expensive new projects to recover oil and gas supplies, Bloomberg reported. Equinor shares fell 1.2%.

Sector Update: Energy

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) easing 0.1%.The Philadelphia Oil Service Sector Index was down 0.7%, and the Dow Jones US Utilities Index was falling 1.1%.Front-month West Texas Intermediate crude oil was declining 0.4% to $101.81 a barrel, and the global benchmark Brent crude contract was dropping 1.4% to $106.24 a barrel. Henry Hub natural gas futures rose 0.9% to $2.87 per 1 million BTU.In corporate news, BP (BP) has stopped contract discussions with the US steelworkers' union after the lockout of over 800 employees at its Whiting, Indiana, facility, Reuters reported, citing a statement from the union. BP shares were down 0.4%.

BP Whiting Refinery, USW Labor Union Set May 18 Talks as Lockout Continues

BP (BP) and the United Steelworkers Local 7-1 union will resume labor contract negotiations on May 18, marking the first scheduled talks in months amid a prolonged dispute at the Whiting refinery.In a Wednesday email to, BP media relations manager Cesar Rodriguez said the company and union leadership have agreed to meet on Monday to continue bargaining."The bp Whiting Refinery and the USW Local 7-1 union leadership have agreed to meet for continued labor contract negotiations on Monday, May 18th," Rodriguez said.He added that the company is seeking an agreement that maintains site competitiveness and safety."We look forward to returning to the negotiating table to work toward an agreement that preserves strong jobs by improving refinery performance, strengthening safety, and keeping the site competitive in a range of economic conditions over the long term," he said, adding, "We have negotiated in good faith from the start and will keep doing so."The planned meeting comes amid an ongoing dispute between BP and the union representing over 800 workers at the refinery in Whiting, Indiana, which has been locked out since March 18. The two sides last met on March 17.In a Facebook post on May 12, USW Local 7-1 criticized the firm's handling of negotiations, alleging that BP delayed talks and bargained in bad faith.Union president Eric Schultz said the union had repeatedly sought to resume negotiations, including a recent email request asking whether BP's bargaining committee was available to meet.Schultz said BP responded by asking for the agenda and indicating it would not be available to meet for nearly two weeks."They know exactly why we need to meet," Schultz said. "Asking what the agenda is, is not a serious response. It is just another delay tactic."The union also disputed BP's claims that it had sought to resume bargaining earlier, calling those statements "100% false," and accused the company of locking out workers after members rejected its proposals.Schultz said the union remains committed to reaching a settlement and returning experienced workers to the refinery."Our solidarity is our strength," he said. "Our continued resolve will eventually cause the company to bend."Price: $44.04, Change: $-0.37, Percent Change: -0.82%

BP Forays Into Uzbekistan with 40% Stake in Ustyurt Oil, Gas Project

BP (BP) has agreed to acquire a 40% interest in a production sharing agreement covering six exploration blocks in Uzbekistan's Ustyurt oil and gas project, marking the company's first project in the Central Asian country.The energy firm said the deal includes the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks.Under the deal, BP acquired its 40% stake, 20% each from Azerbaijan's state-owned energy firm Socar and Uzbekneftegaz. Following the deal's closure, participating interests in the PSA are BP 40%, Uzbekneftegaz 30%, and Socar 30%, with the Azerbaijani energy firm acting as operator.BP said the investment marks its first project in Uzbekistan and forms part of its strategy to expand its exploration portfolio for long-term organic growth.The North Ustyurt region, located in western Uzbekistan, is considered prospective for hydrocarbons as the country seeks to attract foreign investment and develop its upstream sector.BP did not disclose financial details of the agreement.Price: $44.07, Change: $-0.33, Percent Change: -0.74%

Sector Update: Energy Stocks Decline Premarket Wednesday

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.2% lower.The United States Oil Fund (USO) was down 0.4% and The United States Natural Gas Fund (UNG) was 2.6% higher.Front-month US West Texas Intermediate crude oil was slightly lower at $102.15 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 0.3% to $107.44 per barrel, and natural gas futures were up 2.5% at $2.92 per 1 million British Thermal Units.FLEX LNG (FLNG) shares were more than 1% higher after the company raised its 2026 revenue guidance.BP (BP) has stopped contract discussions with the US steelworkers' union after the lockout of over 800 employees at its Whiting, Indiana, facility, Reuters reported, citing a statement from the union. BP shares were 0.4% lower pre-bell.Ring Energy (REI) stock was down more than 23% after the company priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.

Market Chatter: BP Whiting Refinery Negotiations Stalled, Union Says

BP (BP) has stopped contract discussions with the US steelworkers' union after the lockout of over 800 employees at its Whiting, Indiana, facility, Reuters reported Wednesday, citing a statement from the union.The United Steelworkers alleged the energy firm is intentionally slowing down the bargaining process, after the union attempted to initiate new talks last week but was informed the corporation would be unavailable to meet for roughly 14 days, the news outlet reported.BP and the United Steelworkers 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 Acquires 40% Interest in North Ustyurt PSA in Uzbekistan

BP (BP) entered a production sharing agreement for six blocks in Uzbekistan's North Ustyurt region, marking the company's first project in the country, the company said Tuesday.Under the agreement, BP acquired a 40% stake in the PSA from existing partners SOCAR and Uzbekneftegaz, which will each retain 30%, with SOCAR remaining the operator, the company said.The PSA covers the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks and is currently in its initial phase, with SOCAR carrying out seismic activities, it added.

Sector Update: Energy Stocks Gain Late Afternoon

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

Sector Update: Energy Stocks Rise Monday Afternoon

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

Sector Update: Energy

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

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

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

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