BP

European Equities Traded in the US as American Depositary Receipts Declining in Thursday Trading

European equities traded in the US as American depositary receipts were trending lower late Thursday morning, declining 0.42% to 1,823.55 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by biopharmaceutical company Cellectis (CLLS) and internet browser company Opera (OPRA), which advanced 4.4% and 3.7%, respectively. They were followed by petroleum refiner Equinor (EQNR) and software firm SAP (SAP), which increased 3.6% and 3.1%, respectively.The decliners from continental Europe were led by semiconductor company Sequans Communications (SQNS) and biotech firm Evaxion (EVAX), which dropped 3% and 1.6%, respectively. They were followed by biopharmaceutical companies DBV Technologies (DBVT) and argenx (ARGX), which fell 1.3% and 1.1%, respectively.The gainers from the UK were led by pharmaceutical company Silence Therapeutics (SLN) and communications company WPP (WPP), which rose 4.3% and 2.8%, respectively. They were followed by educational publisher Pearson (PSO) and oil and gas company BP (BP), which were up 2.4% and 2.1%, respectively.The decliners from the UK and Ireland were led by cruise line operator Carnival (CUK) and biopharmaceutical company Bicycle Therapeutics (BCYC), which lost 4.6% and 2.8%, respectively. They were followed by biopharmaceutical company NuCana (NCNA) and pharmaceutical company GSK (GSK), which were down 1.7% and 0.9%, respectively.

UBS Upgrades BP to Buy From Neutral

Sector Update: Energy Stocks Mixed Wednesday Afternoon

Energy stocks were mixed Wednesday afternoon, with the NYSE Energy Sector Index easing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.3%.The Philadelphia Oil Service Sector Index was adding 0.5%, and the Dow Jones US Utilities Index was shedding 0.7%.In sector news, President Donald Trump downplayed the possibility of an extended war in Iran. Trump said the war with Iran was close to over, telling the world to brace for an "amazing two days," as the army chief of mediator Pakistan arrived in Tehran in a bid to prevent a renewed conflict, Reuters reported. Pakistan's military confirmed Field Marshal Asim Munir had arrived in Tehran, the news report said. A senior Iranian source told Reuters that Munir, who had mediated the last round of talks, was heading to Iran "to narrow gaps" between the two sides.Front-month West Texas Intermediate crude oil was rising 0.7% to $91.87 a barrel, and the global benchmark Brent crude contract was advancing 0.6% to $95.40 a barrel. Henry Hub natural gas futures increased 0.2% to $2.61 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 5.1 million barrels in the week ended April 10 following an increase of 1.3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 900,000 barrels after a 3.1-million-barrel increase in the previous week, compared with the 1.9-million-barrel increase expected in a survey compiled by Bloomberg.In corporate news, Spire (SR) has agreed to sell its natural gas storage assets in Wyoming and Oklahoma to I Squared Capital for $650 million, the companies said Wednesday. Spire shares were down 0.4%.Equinor's (EQNR) Danske Commodities said it eliminated about 28 positions in March, as the company aims to further its new commercial strategy. Equinor shares fell 1.7%.NOV (NOV) shares decreased 0.4% after the company said disruptions linked to the war in the Middle East are expected to weigh on its Q1 results, with revenue and earnings coming in below prior guidance due to logistical challenges and delayed equipment deliveries in the region.BP (BP) plans to simplify its business into two main divisions focused on oil and gas production and downstream operations, marking a shift away from its earlier energy transition strategy, multiple media sources reported Tuesday. BP shares were up 0.4%.

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks fell late Tuesday afternoon with the NYSE Energy Sector Index declining 2.4% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2%.The Philadelphia Oil Service Sector Index shed 2.8%, and the Dow Jones US Utilities Index gained 0.4%.In sector news, oil prices fell amid optimism that the US and Iran may revive peace talks. The two countries could resume talks later this week, possibly in Pakistan, news outlets reported, citing US President Donald Trump. Trump continues to be open to resuming in-person negotiations soon if he believes Iran is ready to submit to his demands, CNN reported, citing people familiar with the matter.Separately, the International Energy Agency on Tuesday forecast global oil demand to turn negative this year due to the Middle East conflict, penciling in the sharpest consumption decline in Q2 since the COVID-19 pandemic.West Texas Intermediate crude oil tumbled 7.5% to $91.65 a barrel, and global benchmark Brent dropped 4.5% to $94.92 a barrel. Henry Hub natural gas futures decreased 0.9% to $2.60 per 1 million BTU.In corporate news, BP (BP) said its Q1 upstream production is expected to be "broadly flat" from the previous quarter, while cautioning that energy market volatility may pressure results and widen price fluctuations. BP shares shed 0.7%.Exxon Mobil (XOM) and Dow (DOW) are among companies raising prices for plastics as the US-Israel war with Iran drives fuel and feedstock costs higher, Bloomberg reported. Exxon shares fell 2.2%.Shell (SHEL) is in late-stage talks to sell its South African retail fuel network to Abu Dhabi National Oil, Bloomberg reported. The prospective $1 billion deal includes 600 fueling locations and would secure a 10% regional market share for the buyer, the report said. Shell shares fell 1.4%.Bloom Energy (BE) shares jumped 24%, a day after the company said it will provide up to 2.8 gigawatts of its fuel cell systems to Oracle (ORCL) under an expanded partnership to support the software giant's AI infrastructure buildout.

BP Reportedly Plans to Simplify Structure Under New CEO

BP (BP) plans to simplify its business into two main divisions focused on oil and gas production and downstream operations, marking a shift away from its earlier energy transition strategy, multiple media sources reported Tuesday.Chief Executive Meg O'Neill told staff on Tuesday that the company would reorganize into one unit centered on upstream production and another covering refining, distribution and retail, though she did not provide a timeline or name new leadership, the Financial Times reported.Reuters said BP operates through three core divisions, a gas and low-carbon unit, an oil production and operations branch, including refineries and US onshore assets, and a customers and products arm for retail and lubricants.BP did not immediately reply to a request for comment from.Price: $45.82, Change: $-0.62, Percent Change: -1.34%

Sector Update: Energy Stocks Fall Tuesday Afternoon

Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 2.5% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.4%.The Philadelphia Oil Service Sector Index was shedding 2.3%, and the Dow Jones US Utilities Index was decreasing 0.2%.In sector news, optimism over the resumption of Iran peace talks sent crude oil futures sharply lower. President Donald Trump remains open to resuming in-person negotiations soon if he believes Iran is ready to submit to his demands, CNN reported, citing people familiar with the matter. He said that "something could be happening" over the next two days in Pakistan, where previous talks faltered.Separately, the International Energy Agency on Tuesday forecast global oil demand to turn negative this year due to the Middle East conflict, penciling in the sharpest consumption decline in Q2 since the COVID-19 pandemic.Front-month West Texas Intermediate crude oil was slumping 6.5% to $92.69 a barrel, and the global benchmark Brent crude contract was dropping 4.2% to $95.21 a barrel. Henry Hub natural gas futures fell 2.1% to $2.57 per 1 million BTU.In corporate news, Shell (SHEL) is in late-stage talks to sell its South African retail fuel network to Abu Dhabi National Oil, Bloomberg reported. The prospective $1 billion deal includes 600 fueling locations and would secure a 10% regional market share for the buyer, the report said. Shell shares were down 1.8%.BP (BP) said Tuesday its Q1 upstream production is expected to be "broadly flat" from the previous quarter, while cautioning that energy market volatility may pressure results and widen price fluctuations. BP shares fell 1.3%.Bloom Energy (BE) shares jumped 21% after it said late Monday it will provide up to 2.8 gigawatts of its fuel cell systems to Oracle (ORCL) under an expanded partnership to support the software giant's AI infrastructure buildout.

Sector Update: Energy Stocks Lean Lower Premarket Tuesday

Energy stocks were leaning lower premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.9%.The United States Oil Fund (USO) was down 1.2% and The United States Natural Gas Fund (UNG) was 0.6% higher.Front-month US West Texas Intermediate crude oil was 3% lower at $96.08 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.5% to $97.91 per barrel, and natural gas futures were up 0.1% at $2.63 per 1 million British Thermal Units.Chevron (CVX) said it agreed to an asset swap with Petroleos de Venezuela via its subsidiaries in the country to consolidate its heavy oil position. Chevron stock was down more than 1% pre-bell.BP (BP) said its Q1 upstream production is expected to be "broadly flat" from the previous quarter, while cautioning that energy market volatility may pressure results and widen price fluctuations. BP shares were 0.4% higher premarket.Transocean (RIG) said its Deepwater Corcovado drillship was awarded a 1,156-day contract extension with Petrobras (PBR) through November 2030. Petrobras shares were down more than 1% pre-bell.

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Tuesday Amid Hopes of Long-Term US-Iran Truce

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% higher in Tuesday's premarket activity amid hopes of a long-term truce between Iran and the US.US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.5% before the start of regular trading.The National Federation of Independent Business said its Small Business Optimism Index fell to 95.8 in March from 98.8 in February, marking the lowest level since April 2025.US producer prices rose 0.5% in March, below expectations for a 1.1% increase and matching the prior month's gain.Core producer prices, which exclude food and energy, gained 0.1% in March, below forecasts for a 0.4% increase and slowing from a 0.3% advance in the prior month.Chicago Federal Reserve President Austan Goolsbee and Fed Governor Michael Barr are due to speak today.In premarket activity, bitcoin was up by 1.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.5% higher, Ether ETF (EETH) advanced 4.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.3%, while the Vanguard Industrials Index Fund (VIS) was up 0.3% and the iShares US Industrials ETF (IYJ) was 0.6% higher.American Airlines (AAL) stock was gaining more than 8% in premarket activity, while United Airlines (UAL) was up more than 3% before the opening bell after Reuters reported that United Chief Executive Scott Kirby proposed a potential combination with American during a late February meeting with President Donald Trump.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.04%, the Vanguard Health Care Index Fund (VHT) was 1% higher, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was up 0.5%.Novo Nordisk (NVO) stock was up more than 3% premarket after the UK's Medicines and Healthcare products Regulatory Agency approved a new single-dose 7.2 mg of Wegovy to treat adults with obesity. The company also announced a partnership with OpenAI to deploy advanced AI across its operations.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.6% higher.BlackRock (BLK) shares were up more than 2% pre-bell after the company reported higher Q1 adjusted earnings and revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.6%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.4%. The iShares US Consumer Staples ETF (IYK) gained 0.5%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced by 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 1.2% lower.Tesla's (TSLA) shares were up more than 1% pre-bell after Dutch vehicle regulator RDW said it has informed the European Commission of its intention to seek approval for Tesla's Full-Self Driving system across the European Union.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.7%, and the iShares US Technology ETF (IYW) was 0.6% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 2.5% while the iShares Semiconductor ETF (SOXX) rose by 1.2%.Microsoft (MSFT) shares were up more than 1% in Tuesday's premarket activity. Bloomberg News reported, citing Chief Sustainability Officer Melanie Nakagawa, that the company's carbon removal program "has not ended."EnergyThe iShares US Energy ETF (IYE) was down 0.2%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.6%.BP (BP) stock was up nearly 1% before Tuesday's opening bell after the company said that it expects "exceptional" results from its oil trading business for Q1 2026, amid the spike in prices driven by the US and Israeli war against Iran.CommoditiesFront-month US West Texas Intermediate crude oil fell by 2.6% to $96.48 per barrel on the New York Mercantile Exchange. Natural gas retreated by 1.8% to $2.58 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 0.7%, while the United States Natural Gas Fund (UNG) was 1.7% lower.Gold futures for May were up by 0.6% at $4,797.10 an ounce on the Comex. Silver futures rose by 3% to $77.92 an ounce. SPDR Gold Shares (GLD) was 0.5% higher, and the iShares Silver Trust (SLV) advanced by 2.5%.

BP Expects Flat Q1 Output, Flags Higher Net Debt

BP (BP) said Tuesday its Q1 upstream production is expected to be "broadly flat" from the previous quarter, while cautioning that energy market volatility may pressure results and widen price fluctuations.The company expects its group underlying effective tax rate to be around 35% and forecasts capital expenditure to remain broadly steady with the prior quarter at approximately $3.5 billion.Net debt is projected to rise to between $25 billion and $27 billion, driven largely by a $4 billion to $7 billion working capital build linked to higher commodity prices.BP said gas and low-carbon output will be slightly higher and oil production lower, with weaker retail volumes offset by stronger refining margins and exceptional oil trading.

BP Expects 'Exceptional' Oil Trading Performance in Q1, Flags Higher Debt

British oil and gas giant BP (BP) said on Tuesday that it expects "exceptional" results from its oil trading business for Q1 2026, amid the spike in prices driven by the US and Israeli war against Iran.This marks a sharp shift compared to the segment's "weak" performance during Q4 2024. However, the gas trading business is expected to perform broadly in line with prior quarter figures, according to the company's Q1 trading statement, providing estimates for the quarter.Meanwhile, upstream production is expected to remain flat compared to the prior quarter, at 2.34 million barrels of oil equivalent per day, while gas production is expected to be "slightly higher."In its report, the company noted that Brent prices averaged $81.13 per barrel during Q1, compared to $63.73 the prior quarter, while Henry Hub prices stood at $5.05 per Metric Million British Thermal Unit, against $3.55 per MMBtu.Refining margins too witnessed an uptick, at $16.9 per barrel, from $15.2, which the company said could help boost results in its refined products business by $100 million to $200 million.The company, however, warned that net debt was set to rise from $22 billion in the previous quarter, to between $25 and $27 billion, due to "a significant working capital build" in the range of $4 billion and $7 billion.Analysts at Citigroup have raised their earnings outlook for BP by 20%, expecting Q1 adjusted net income of $2.6 billion, as a result of the company's high trading income during this period, alongside higher oil and gas prices since the beginning of the Middle East conflict.

Petrobras Makes New Hydrocarbon Discovery in Campos Basin

Brazil's state-run energy firm Petrobras (PBR) said on Monday it had discovered hydrocarbons in the pre-salt layer of the Campos Basin.The discovery was made in an exploratory well drilled in Block CM-477, about 201 kilometers offshore Rio de Janeiro, at a water depth of nearly 3,000 meters.The well, identified as 1-BRSA-1404DC-RJS, confirmed the presence of hydrocarbons through electrical logs, gas shows, and fluid sampling, the energy firm said in a statement.Petrobras said further laboratory analysis of the collected samples will determine the characteristics of the reservoirs and fluids, helping the company assess the commercial viability of the find.The company operates block CM-477 with a 70% stake, alongside BP (BP), which holds the remaining 30%.The block was awarded under Brazil's 16th bidding round, organized by the National Agency of Petroleum, Natural Gas and Biofuels under a concession regime.Petrobras said the discovery aligns with its strategy to replenish oil and gas reserves through exploration in frontier areas, while ensuring energy supply during the broader energy transition.Price: $46.80, Change: $+0.36, Percent Change: +0.76%

TotalEnergies, TPAO Sign MOU to Explore Black Sea

TotalEnergies (TTE) has signed a memorandum of understanding with Turkey Petrolleri Anonim Ortakligi to pursue joint exploration opportunities in the Black Sea, the companies said on Monday.The pact establishes a framework for technical cooperation between the two firms, including a joint assessment of exploration prospects in the Black Sea and potential international projects."We are pleased to launch this cooperation with TPAO, leveraging the technical expertise of both companies to evaluate exploration opportunities in the Black Sea region and internationally on a mutually beneficial basis," said Nicola Mavilla, senior vice-president for exploration at TotalEnergies.TPAO signed an agreement with Shell (SHEL) in February to jointly explore for oil and natural gas in Bulgaria's offshore Black Sea waters.Since the beginning of the year, the Turkish state energy firm has signed energy cooperation agreements with ExxonMobil (XOM), Chevron (CVX) and BP (BP) for possible exploration work in the Black Sea and the Mediterranean.Price: $93.13, Change: $+0.48, Percent Change: +0.52%

Sector Update: Energy Stocks Rise Premarket Monday

Energy stocks were rising premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1.6%.The United States Oil Fund (USO) was up 6.7% and The United States Natural Gas Fund (UNG) was 1.6% higher.Front-month US West Texas Intermediate crude oil was 7.3% higher at $103.59 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 6.8% to $101.68 per barrel, and natural gas futures were up 2% at $2.70 per 1 million British Thermal Units.BP's (BP) Namibia unit agreed to acquire a 60% participating interest and operatorship across three offshore exploration licenses from the business, Eco Atlantic said. Shares of BP were up 0.8% pre-bell.Baker Hughes (BKR) shares were up more than 1% after the company said it has signed a deal to sell its Waygate Technologies operations to Stockholm-based Hexagon for about $1.45 billion in cash.EQT (EQT) and KKR (KKR) are among private equity firms showing takeover interest in PolyPeptide Group, Bloomberg News reported, citing people with knowledge of the matter. EQT stock was up more than 1% premarket.

Sector Update: Energy

Energy stocks were rising premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1.6%.The United States Oil Fund (USO) was up 7% and the United States Natural Gas Fund (UNG) was 1.9% higher.Front-month US West Texas Intermediate crude oil was 7.3% higher at $103.57 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 6.9% to $101.85 per barrel, and natural gas futures were up 1.9% at $2.70 per 1 million British Thermal Units.BP's (BP) Namibia unit agreed to acquire a 60% participating interest and operatorship across three offshore exploration licenses from the business, Eco Atlantic said. Shares of BP were up 0.9% pre-bell.

BP to Acquire Interest in 3 Namibian Offshore Blocks

Oil major BP (BP) said Monday it will acquire Eco Atlantic Oil & Gas's 60% interest in three offshore exploration blocks in Namibia for an undisclosed amount.Once the transaction is finalized and approved by the authorities, BP will be the operator of PEL97, PEL99, and PEL 100 offshore blocks in Walvis Basin, with Eco Atlantic and National Petroleum Corp. of Namibia serving as partners.This agreement marks BP's entry into the country as an operator, following hydrocarbon discoveries in the region through BP-Eni joint venture Azule Energy, the company said.BP's recent exploration discoveries in Namibia include Volans-1X and Capricornus-1X in the Orange Basin.The company's exploration portfolio has recently expanded with 12 discoveries in 2025 and another two so far this year.

BP's Namibia Unit to Acquire 60% Stake in Eco Atlantic Namibian Licenses

BP's (BP) Namibia unit agreed to acquire a 60% participating interest and operatorship across three offshore exploration licenses from the business, Eco Atlantic said Monday.The arrangement provides a $2.7 million initial cash payment upon closing and requires BP to fully fund the remaining 25% stake held by Eco Atlantic during the current exploration period, the company said.The BP unit will also cover the proportional exploration costs for the state-owned oil firm and local partners during this initial development phase, Eco Atlantic said.The proposed work program involves finalizing seismic data reprocessing for one license and executing a new three-dimensional seismic survey across the other two blocks, the company added.The company also said if the joint venture enters the second renewal period in 2028, Eco Atlantic can transfer an additional 10% interest in exchange for up to $63 million in carried drilling costs.

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

European equities traded in the US as American depositary receipts were tracking lower late Thursday morning, declining 0.48% to 1,803.06 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by biotech firm Evaxion (EVAX) and pharmaceutical company Ascendis Pharma (ASND), which advanced 4% and 3.1% respectively. They were followed by oil and gas company Eni (E) and telecommunications company Nokia (NOK), which increased 3% and 0.3% respectively.The decliners from continental Europe were led by biopharmaceutical company Grifols (GRFS) and software firm SAP (SAP), which dropped 4.4% and 3.8% respectively. They were followed by internet browser company Opera (OPRA) and biopharmaceutical company Cellectis (CLLS), which lost 3% and 2.5% respectively.The gainers from the UK were led by biopharmaceutical company NuCana (NCNA) and oil and gas company BP (BP), which rose 5.5% and 2.2% respectively. They were followed by biotech firm Trinity Biotech (TRIB) and biopharmaceutical company Amarin (AMRN), which were up 1.8% and 0.5% respectively.The decliners from the UK and Ireland were led by biopharmaceutical company Biodexa Pharmaceuticals (BDRX) and pharmaceutical company Silence Therapeutics (SLN), which fell 12% and 4.3% respectively. They were followed by communications company WPP (WPP) and cruise line operator Carnival (CUK), which were down 3.7% and 3.3% respectively.