Equities
BP to Acquire Woodside's 70% Stake in Trinidad Gas Project
BP to Acquire Woodside's 70% Stake in Trinidad Gas Project
$BP$WDS
BP
$BPNYSEEnergy
407 stories mentioning BPUpdated 22h 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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Sectors
Sector Update: Energy Stocks Fall Late Afternoon
Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.1%.The Philadelphia Oil Service Sector Index declined 2.3%, and the Dow Jones US Utilities Index shed 1.1%.In geopolitical news, the US, Iran and Oman are moving toward an interim deal to reopen the Strait of Hormuz, with Washington looking at a Wednesday announcement, Axios reported, citing two regional sources and a US official. President Donald Trump reportedly said late Tuesday that an agreement to reopen the strait, the world's most important chokepoint for crude flows, was imminent. Meanwhile, Yemen's Iran-aligned Houthis claimed an attack on a Saudi Arabian tanker near the coast of Yanbu, a major port for Saudi crude oil exports, according to a CNBC report.Front-month West Texas Intermediate crude oil fell 0.7% to $75.23 a barrel, and the global benchmark Brent crude contract rose 0.2% to $79.50 a barrel. Henry Hub natural gas futures shed 0.4% to $2.67 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 400,000 barrels in the week ended July 31 following a decrease of 11.0 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.5 million barrels after a 7.2-million-barrel decline in the previous week, compared with the 1.5-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Constellation Energy (CEG) said Wednesday its board has elected Chief Executive Officer and President Joe Dominguez as chairman. Constellation shares were down 0.9%.Gran Tierra Energy (GTE) shares surged 36% after the company said Wednesday it agreed to sell its oil business in Colombia and Ecuador to Paris-listed Etablissements Maurel & Prom for an enterprise value of $1.33 billion.BP's (BP) push to boost its balance sheet is set to pick up speed in H2, helped by firmer refining margins and ongoing asset sales, RBC Capital Markets said in a note. BP shares were down 3%.Natural Resource Partners (NRP) shares jumped past 8% after it reported its Q2 results.
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Sectors
Sector Update: Energy Stocks Decline Wednesday Afternoon
Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 1.7% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.9%.The Philadelphia Oil Service Sector Index declined 2.1%, and the Dow Jones US Utilities Index shed 1.3%.In geopolitical news, Iran and Oman have reached an agreement on the geographical coordinates of a proposed shipping route through the Strait of Hormuz, Bloomberg reported Wednesday, citing a statement from Iran's Foreign Ministry Spokesman Esmail Baghaei.Front-month West Texas Intermediate crude oil fell 1.6% to $74.52 a barrel, and the global benchmark Brent crude contract decreased 0.8% to $78.73 a barrel. Henry Hub natural gas futures rose 0.2% to $2.69 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 400,000 barrels in the week ended July 31 following a decrease of 11.0 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.5 million barrels after a 7.2-million-barrel decline in the previous week, compared with the 1.5-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, MGE Energy (MGEE) shares were shedding 0.3% after the company reported its Q2 results.Natural Resource Partners (NRP) shares gained 8.8% after it reported Q2 financial results.BP's (BP) push to strengthen its balance sheet is set to pick up speed in H2, helped by firmer refining margins and ongoing asset sales, RBC Capital Markets said in a note. BP shares were down 2%.
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Wire
BP's Balance Sheet Set to Strengthen Further in H2, RBC Says
BP's (BP) push to strengthen its balance sheet is set to pick up speed in H2, helped by firmer refining margins and ongoing asset sales, RBC Capital Markets said Tuesday in a report.Although BP has become more selective about divestments, stronger-than-expected cash generation is more than offsetting the slower pace of sales, the report said.RBC expects BP to outline a clearer medium-term growth plan in early 2027 and said improving market conditions should leave the company's balance sheet closer to peers within the next 12 months. BP is expected to resume share buybacks by Q2 2027, the report said.RBC maintained its outperform rating on BP's stock with a price target of 700 pence ($9.42).Price: $41.61, Change: $-0.83, Percent Change: -1.96%
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Sectors
Sector Update: Energy Stocks Decline Late Afternoon
Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.5%.The Philadelphia Oil Service Sector Index was climbing 3.5%, and the Dow Jones US Utilities Index was shedding 0.6%.The US and Iran could reach a deal Tuesday or Wednesday to reopen the Strait of Hormuz for commercial ships, Treasury Secretary Scott Bessent said Tuesday in an interview with CNBC.Front-month West Texas Intermediate crude oil fell 5.7% to $75.74 a barrel, and the global benchmark Brent crude contract dropped 5.2% to $79.39 a barrel. Henry Hub natural gas futures declined 3.8% to $2.68 per 1 million BTU.In corporate news, NRG Energy (NRG) shares fell past 16%. The company reported Q2 adjusted earnings Tuesday of $1.49 per share, down from $1.73 a year earlier. Analysts polled by FactSet expected $1.69.BP (BP) reported Q2 underlying replacement cost profit Tuesday of $2.22 per American depositary share, up from $0.90 a year earlier. Separately, BP said Tuesday it plans to sell its US biogas business Archaea after making progress in strengthening its balance sheet and taking steps to simplify the company. BP shares were down 3.9%.Energy Transfer (ET) shares were up 0.5% after the company posted higher Q2 earnings and revenue.Duke Energy (DUK) reported Q2 adjusted earnings Tuesday of $1.43 per share, up from $1.25 a year earlier. Analysts polled by FactSet expected $1.30. Duke shares rose 0.1%.
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Commodities
ONGC Reports Lower Fiscal Q1 Production, Expects Recovery From Strategic Projects
India's state-owned Oil and Natural Gas Corporation reported Tuesday fiscal Q1 standalone crude oil production of 4.452 million metric tons, compared with 4.683 mmt a year earlier.For the quarter ended June 30, crude oil production from joint venture operations was down to 262,000 mt, compared with 306,000 mt in the same period last year.Condensate production decreased to 236,000 mt from 250,000 mt a year earlier, while crude oil production from joint ventures fell to 262,000 mt from 306,000 mt.Natural gas production from ONGC's standalone operations totaled 4.756 billion cubic meters for the quarter ended June 30, compared with 4.846 Bcm a year earlier.JV gas production declined to 95 million cubic meters for the quarter, down from 117 million cubic meters a year earlier.Standalone oil and oil-equivalent gas production slipped to 9.444 mmt for the quarter, down from 9.779 mmt in the year-ago quarter.ONGC attributed the production decline over the year to reservoir complexities in the KG-98/2 field, rough sea conditions in the Western Offshore, and delays to the PRP-8 and PRP-9 Pipeline Replacement Projects.The company also shut wells during commissioning of the MHN-TCPP-PGC-BGC Project, off India's West Coast, and the Daman Upside Development Project. Operational disruptions at customer facilities also reduced gas offtake from isolated fields, ONGC said.The company expects strategic projects, including Technical Service Provider programs and Discovered Small Field initiatives, to halt the production decline and gradually restore growth. ONGC has engaged BP (BP) for the entire Western Offshore under the TSP program after positive early results from TSP-1.ONGC is investing over 40,000 crore Indian rupees ($4.21 billion) in Western Offshore projects covering reservoir management, enhanced water injection, pipeline replacement and other capital projects. The company expects those investments to begin lifting production and recovery from fiscal 2027 onward.The company also reported two discoveries during the quarter, including one onshore and one offshore.ONGC additionally spudded its first deepwater well under the Samudra Manthan program in the Mahanadi Basin at a water depth of about 765 meters.Price: $42.60, Change: $-1.66, Percent Change: -3.76%
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Sectors
Sector Update: Energy Stocks Lower in Afternoon Trading
Energy stocks declined Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.3%.The Philadelphia Oil Service Sector Index was climbing 3.6%, and the Dow Jones US Utilities Index was shedding 0.6%.The US and Iran could reach a deal Tuesday or Wednesday to reopen the Strait of Hormuz for commercial ships, Treasury Secretary Scott Bessent said Tuesday in an interview with CNBC.Front-month West Texas Intermediate crude oil fell 5.5% to $75.92 a barrel, and the global benchmark Brent crude contract dropped 5.2% to $79.40 a barrel. Henry Hub natural gas futures declined 3.8% to $2.68 per 1 million BTU.In corporate news, BP (BP) reported Q2 underlying replacement cost profit Tuesday of $2.22 per American depositary share, up from $0.90 a year earlier. Separately, BP said Tuesday it plans to sell its US biogas business Archaea after making progress in strengthening its balance sheet and taking steps to simplify the company. BP shares were down 3.7%.Energy Transfer (ET) shares were up more than 1% after the company posted higher Q2 earnings and revenue.Duke Energy (DUK) reported Q2 adjusted earnings Tuesday of $1.43 per share, up from $1.25 a year earlier. Analysts polled by FactSet expected $1.30. Duke shares rose 0.2%.
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Sectors
Sector Update: Energy
Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.3%.The Philadelphia Oil Service Sector Index was climbing 3.6%, and the Dow Jones US Utilities Index was shedding 0.6%.The US and Iran could reach a deal Tuesday or Wednesday to reopen the Strait of Hormuz for commercial ships, Treasury Secretary Scott Bessent said Tuesday in an interview with CNBC.Front-month West Texas Intermediate crude oil fell 5.5% to $75.92 a barrel, and the global benchmark Brent crude contract dropped 5.2% to $79.40 a barrel. Henry Hub natural gas futures declined 3.8% to $2.68 per 1 million BTU.In corporate news, BP (BP) reported Q2 underlying replacement cost profit Tuesday of $2.22 per American depositary share, up from $0.90 a year earlier. Separately, BP said Tuesday it plans to sell its US biogas business Archaea after making progress in strengthening its balance sheet and taking steps to simplify the company. BP shares were down 3.7%.
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Wire
Correction: Update: BP Q2 Profit, Revenue Rise; Shares Up Pre-Bell
(Corrects the quarter-end date in the second paragraph to June 30.)BP (BP) reported Q2 underlying replacement cost profit Tuesday of $2.22 per American depositary share, up from $0.90 a year earlier.Sales and other operating revenue for the quarter ended June 30 were $69.11 billion, up from $46.63 billion a year ago.Analysts polled by FactSet expected $58.93 billion.The company expects Q3 reported upstream production to be 2,100 to 2,250 million barrels of oil equivalent per day.BP said it now expects full-year reported upstream production to be 2,180 to 2,270 mboe/d, compared with 2,312 mboe/d reported in 2025. The outlook includes factors such as the impact of disruption in the Middle East, the divestment of the Culzean gas field in the UK North Sea and the company's reduced equity interest in Latin America, it said.BP now expects 2026 capital expenditure to be $13.5 billion to $14 billion. In April, the company projected 2026 CapEx at $13 billion to $13.5 billion.BP shares were up 2.5% in premarket activity.Price: $42.29, Change: $-1.98, Percent Change: -4.46%
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Wire
BP Plans to Sell US Biogas Business Archaea
BP (BP) said Tuesday it plans to sell its US biogas business Archaea after making progress in strengthening its balance sheet and taking steps to simplify the company."In recent weeks, we sold our Gelsenkirchen refinery, agreed to sell our retail business in Austria and announced our intention to sell our North Sea business in the UK," the company said."Today, we are announcing our intention to sell Archaea, our biogas business in the US," it added.Price: $42.35, Change: $-1.91, Percent Change: -4.32%
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Asia Markets
European Equities Traded in US as ADRs Advance in Tuesday Trading
European equities traded in the US as American depositary receipts rose late Tuesday morning with the S&P Europe Select ADR Index gaining 0.6% to 1,941.81.From continental Europe, the gainers were led by semiconductor company Sequans Communications (SQNS) and medical device maker EDAP TMS (FOCL), which climbed 11% and 5.3%, respectively. They were followed by telecommunications company Nokia (NOK) and internet ad firm Criteo (CRTO), which advanced 5.2% and 3.2%, respectively.The decliners from continental Europe were led by petroleum refiner Equinor (EQNR) and oil and gas company Eni (E), which fell 2.1% and 1.8%, respectively. They were followed by accommodations platform trivago (TRVG) and pharmaceutical company Ascendis Pharma (ASND), which were down 0.9% each.The gainers from the UK were led by mining company BHP Group (BHP) and pharmaceutical company Silence Therapeutics (SLN), which rose 3.8% and 3%, respectively. They were followed by biotech firm Autolus Therapeutics (AUTL) and lender Barclays (BCS), which were up 2.5% and 1.3%, respectively.The decliners from the UK and Ireland were led by medical device maker Smith & Nephew (SNN) and oil and gas company BP (BP), which dropped 5.8% and 4%, respectively. They were followed by educational publisher Pearson (PSO) and oil and gas company Shell (SHEL), which lost 1.6% and 1.4%, respectively.
$ASND$AUTL$BCS$BHP$BP$CRTO$E$EQNR$FOCL$NOK$PSO$SHEL$SLN$SNN$SQNS$TRVG
Sectors
Sector Update: Energy Stocks Decline Pre-Bell Tuesday
Energy stocks were declining pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) down 1.3%.The United States Oil Fund (USO) was down 3.1% and the United States Natural Gas Fund (UNG) was 3% lower.Front-month US West Texas Intermediate crude oil was 3.5% lower at $77.57 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 2.8% to $81.39 per barrel, and natural gas futures were down 3.1% at $2.69 per 1 million British Thermal Units.Energy Transfer (ET) shares were up more than 1% after the company posted higher Q2 earnings and revenue.Marathon Petroleum (MPC) stock was down more than 1% even after the company reported higher Q2 adjusted earnings and revenue.BP (BP) reported higher Q2 underlying replacement cost profit as sales and other operating revenue increased during the period. BP shares were down 0.6% pre-bell.
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Commodities
Market Chatter: BP North Sea Business Receives Strong Interest
Oil supermajor BP (BP) has received strong interest for its North Sea business, which it is marketing for a potential sale, Bloomberg reported Tuesday, citing company chief executive Meg O'Neill.The company has decided to divest the assets after more than 50 years of operation considering the shifting oil and gas policies in the UK, and as part of its efforts to strengthen its balance sheet and exercise capital discipline, O'Neill told the news agency.BP reportedly believes that the basin still has untapped oil and gas potential. It is the only remaining global oil major operating independently in the North Sea, following Shell's (SHEL) and TotalEnergies' (TTE) decisions to combine operations with other companies, Bloomberg said.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.)
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Commodities
BP Puts US Largest Renewable Natural Gas Producer Up for Sale
Energy major BP (BP) revealed plans Tuesday to market its multi-billion-dollar US biogas unit, Archaea Energy, to streamline its low-carbon portfolio.The planned sale marks a major pivot in BP's low-carbon strategy. Originally acquired by BP to expand its footprint in lower-carbon fuels, Archaea Energy is the largest renewable natural gas producer in the US."Today, we are announcing our intention to sell Archaea, our biogas business in the US," said Meg O'Neill, chief executive officer.Although the biogas unit was originally acquired to expand BP's low-carbon footprint, parts of the renewable energy portfolio underperformed relative to expectations, leading to multi-billion-dollar asset write-downs.Selling the roughly $4 billion biogas business is part of a turnaround strategy to focus on higher-value operations and repair the balance sheet.
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Equities
Update: BP Q2 Profit, Revenue Rise; Shares Up Pre-Bell
(Updates with production and CapEx guidance.)BP (BP) reported Q2 underlying replacement cost profit Tuesday of $2.22 per diluted American depositary share, up from $0.90 a year earlier.Sales and other operating revenue for the quarter ended March 31 were $69.11 billion, up from $46.63 billion a year ago.Analysts polled by FactSet expected $58.93 billion.The company expects Q3 reported upstream production to be 2,100 to 2,250 million barrels of oil equivalent per day.BP said it now expects full-year reported upstream production to be 2,180 to 2,270 mboe/d, compared with 2,312 mboe/d reported in 2025. The outlook includes factors such as the impact of disruption in the Middle East, the divestment of the Culzean gas field in the UK North Sea and the company's reduced equity interest in Latin America, it said.BP now expects 2026 capital expenditure to be $13.5 billion to $14 billion. In April, the company projected 2026 CapEx at $13 billion to $13.5 billion.BP shares were up 2.5% in premarket activity.
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Equities
Market Chatter: BP North Sea Business Garners Strong Early Buyer Interest
BP's (BP) North Sea business has attracted interest from several potential suitors, Bloomberg News reported Tuesday, citing BP Chief Executive Meg O'Neill.The British energy giant launched a sale process for the unit just a few days ago.BP didn't immediately respond to' request for comment.The company's shares were up 2.3% in premarket activity.(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.)
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Oil & Energy
BP Production, Refining Slips YOY in Q2
BP (BP) produced 2.20 million barrels of oil equivalent per day in Q2, its results showed on Tuesday, down 6% from 2.34 mmboe/d in the year-ago period, in a quarter which, like its peers, saw output slip but profits surge due to the impact of the US-Iran war.Refinery throughput fell to 1,467 million bbl/d from 1,527 bbl/d a year earlier, while refining availability slipped to 94.7% from 96.3% due to planned maintenance.Recently-appointed CEO Meg O'Neill said that while progress had been made in a number of areas, the company has some way to go in terms of operational performance, portfolio simplification, strengthening the balance sheet and raising performance and accountability.She noted that the company's costs and liabilities "are not resilient enough in a low price environment"."Operationally, our plants didn't run as well as they did last quarter - upstream plant reliability was 92.4%, compared to 95.7%, and production was down and our refineries processed less crude," O'Neill said."This was due, in part, to planned maintenance and the conflict in the Middle East, but this is a reminder that we have more to do to deliver consistent operational performance."Full-year guidance for upstream production is 2.18 mmboe/d to 2.27 mmboe/d, down from 2025's 2.31 million, while refinery throughputs have been estimated at 1.36 million barrels per day to 1.41 mmbbl/d, down from 1.44 million last year.Capex will decrease from 2025 to $13.5 billion to $14 billion, versus last year's $14.5 billion as the company seeks to slow asset farm-downs.
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Equities
BP Q2 Profit, Revenue Rise
BP (BP) reported Q2 underlying replacement cost profit Tuesday of $2.22 per diluted American depositary share, up from $0.90 a year earlier.Sales and other operating revenue for the quarter ended March 31 were $69.11 billion, up from $46.63 billion a year ago.Analysts polled by FactSet expected $58.93 billion.Shares of BP were up over 1% in premarket activity Tuesday.
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Sectors
Sector Update: Energy Stocks Fall Late Afternoon
Energy stocks declined late Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling 1.6%.The Philadelphia Oil Service Sector Index was down 1.5%, and the Dow Jones US Utilities Index was easing 0.2%.Crude oil prices fell after US President Donald Trump said talks with Iran were set to begin Monday after he called off a planned military strike against the Gulf nation. Over the weekend, Trump said negotiations with Iran would begin Monday, without revealing the venue or participants, news outlets reported. In a social media post, Trump said he had called off a planned attack against Iran after being asked by Tehran and other Middle Eastern countries because the "perimeters of a deal has been agreed to."Front-month West Texas Intermediate crude oil fell 5.1% to $80.34 a barrel, and the global benchmark Brent crude contract dropped 4.5% to $83.98 a barrel. Henry Hub natural gas futures rose 1% to $2.77 per 1 million BTU.In corporate news, Shell (SHEL) said Monday it has agreed to sell its European onshore renewables portfolio to TotalEnergies (TTE). Shell was down 0.8%, and TotalEnergies eased 0.5%.Chevron (CVX) said it will expand its North American base oils distribution network through new agreements with HF Sinclair Lubricants & Specialties and Renkert Oil, starting May 1, 2027. Chevron shares were shedding 1.9%.President Donald Trump said Exxon Mobil (XOM) and Chevron are making "too much money" and that "they better cut the retail price," Bloomberg reported Monday, citing comments made by him at the White House. Exxon shares were down 0.5%.BP (BP) has completed the sale of its Gelsenkirchen refinery and related businesses in Germany to Klesch, the company said. BP shares were falling 2.3%.
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Sectors
Sector Update: Energy Stocks Fall Monday Afternoon
Energy stocks declined Monday afternoon, with the NYSE Energy Sector Index falling 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.1%.The Philadelphia Oil Service Sector Index was down 1.1%, and the Dow Jones US Utilities Index was fractionally lower.Crude oil prices fell after US President Donald Trump said talks with Iran were set to begin Monday after he called off a planned military strike against the Gulf nation. Over the weekend, Trump said negotiations with Iran would begin Monday, without revealing the venue or participants, news outlets reported. In a social media post, Trump said he had called off a planned attack against Iran after being asked by Tehran and other Middle Eastern countries because the "perimeters of a deal has been agreed to."Front-month West Texas Intermediate crude oil fell 5.6% to $79.97 a barrel, and the global benchmark Brent crude contract dropped 4.6% to $83.85 a barrel. Henry Hub natural gas futures rose 0.5% to $2.76 per 1 million BTU.In corporate news, Shell (SHEL) said Monday it has agreed to sell its European onshore renewables portfolio to TotalEnergies (TTE). Shell was down 0.8%, and TotalEnergies eased 0.4%.Chevron (CVX) said it will expand its North American base oils distribution network through new agreements with HF Sinclair Lubricants & Specialties and Renkert Oil, starting May 1, 2027. Chevron shares were shedding 1.6%.BP (BP) has completed the sale of its Gelsenkirchen refinery and related businesses in Germany to Klesch, the company said. BP shares were falling 1.8%.
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