BP p.l.c. (BP) - NYSE
  • Wed, Jul. 20, 4:08 PM
    • BP (BP -0.2%) plans to sell its stake in the onshore United Kingdom Oil Pipeline, a 650-km system that supplies fuel to London's Heathrow and Gatwick airports and stretches from northwest England, The Telegraph reports.
    • BP also reportedly seeks to sell its storage terminals at Belfast, Hamble and Northampton, as well its stake in the Kingsbury terminal, which is a 50-50 joint venture with Shell; the four terminals store petrol, diesel and jet fuel, and the sales would leave BP with just two such sites.
    • BP co-owns UKOP with Royal Dutch Shell (RDS.A -0.3%), Valero Energy (VLO -0.1%) and Total (TOT -0.1%).
    | Wed, Jul. 20, 4:08 PM | 11 Comments
  • Mon, Jul. 18, 6:44 PM
    • BP says it has chartered a foreign flagged vessel to transport Alaskan crude oil, pending regulatory approvals, in the latest indication that producers of Alaskan North Slope crude are eying new markets.
    • BP does not specify where it would transport the crude, but says it would charter the vessel for commercial and operational reasons.
    • Alaskan North Slope crude is mostly transported to the U.S. west coast on U.S. flagged vessels owned by BP, ConocoPhillips and Exxon Mobil, and exports of ANS are rare.
    | Mon, Jul. 18, 6:44 PM | 3 Comments
  • Mon, Jul. 18, 9:18 AM
    • Crude oil prices are lower as the market shrugs off the impact of Turkey's failed coup and turns its attention to bearish fundamentals; WTI -2% at $45.03/bbl, and Brent -1.9% at $46.70.
    • Oil tankers reportedly are loading and unloading cargoes normally at Turkey’s ports and sailing without interruption, and pipeline flows through the country to the Turkish port of Ceyhan also are at the usual levels.
    • BP, operator of the Baku-Tbilisi-Ceyhan pipeline from Azerbaijan via Georgia, confirms that oil flow is uninterrupted.
    • The Turkish Straits, including the Bosphorus and Dardanelles, are one of the world’s major choke points for seaborne crude transit, with ~2.9M barrels of oil passing through daily in 2013, the latest year of available data.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Mon, Jul. 18, 9:18 AM
  • Fri, Jul. 15, 8:27 AM
    • BP unit Pan American Energy, one of Argentina’s leading oil and gas companies, says it plans to spend $1.4B in exploring and producing the country's conventional and unconventional energy reserves.
    • Pan American's plans include a $900M investment in Golfo San Jorge - mostly in the province of Chubut, where it operates Argentina's biggest oilfield - and $300M in the shale-gas-rich province of Neuquen, home to Vaca Muerta, one of the world’s leading resources of unconventional oil and gas.
    • The company has reported a 34% increase in its oil output in Argentina from 2001 and 2015, bringing it to 108K bbl/day, and a 67% rise in its gas production to 19M cm/day.
    | Fri, Jul. 15, 8:27 AM
  • Thu, Jul. 14, 2:18 PM
    • BP (BP +0.1%) says it can now reliably estimate all remaining material liabilities in connection with the 2010 Gulf of Mexico oil spill, and expects to take a ~$2.5B after-tax non-operating charge in its Q2 results.
    • BP expects the charge to include a ~$5.2B pre-tax non-operating charge associated with the spill, which would bring the total cumulative pre-tax charge relating to the Deepwater Horizon incident to $61.6B, or $44B after-tax.
    • BP says any further outstanding Deepwater Horizon-related claims not covered by the additional charge will not have a material impact on financial performance.
    | Thu, Jul. 14, 2:18 PM | 20 Comments
  • Wed, Jul. 13, 5:27 PM
    • BP is hit with more than $20M in penalties and surrendered profits after the FERC found that the company manipulated commodity markets in Texas.
    • The U.S. regulator brought charges against BP in 2013, alleging that traders at BP's Southeast Gulf Texas desk manipulated next-day, fixed-price gas prices at the Houston Ship Channel hub during Sept.-Nov. 2008.
    • "BP manipulated the market to profit from a natural disaster, and it did not stop after a trade or two but rather kept the scheme going for nearly three months," the FERC says.
    | Wed, Jul. 13, 5:27 PM | 14 Comments
  • Tue, Jul. 5, 3:57 PM
    • Chevron (CVX -0.6%) and Royal Dutch Shell (RDS.A, RDS.B) are the top picks among supermajor oil companies, while BP (BP -0.3%), Total (TOT -3.2%) and Exxon Mobil (XOM -1%) are less desirable, according to a new report from Tudor Pickering Holt.
    • Tudor likes CVX for its high-margin growth, free cash flow turnaround from its Australian liquefied natural gas projects and its top quality Permian position, and appreciates Shell for its "safe dividend" and achievable asset sale program, which will help it reduce debt and ultimately re-initiate a stock buyback.
    • The firm is only lukewarm on BP because of its stretched balance sheet, is concerned about TOT's project execution risk and lack of longer-term projects, and says XOM remains challenged in terms of future growth which should weigh on its premium valuation.
    | Tue, Jul. 5, 3:57 PM | 7 Comments
  • Fri, Jul. 1, 11:03 AM
    • Exxon Mobil (XOM -0.5%) and BP (BP +1.2%) are at odds over a giant oil production deal with Azerbaijan, blocking renewal of what was once called "the contract of the century," Reuters reports, citing three high-level industry sources.
    • BP, which operates the Azeri-Chigar-Guneshli fields in the Caspian Sea and relies on them for 10% of its global output, is said to have tentatively agreed to terms with the Azeri government on extending the 30-year contract, but XOM, which also has a stake in the ACG consortium, is holding out for a better deal.
    • The result is a deadlock in talks over a project that could produce another $100B worth of oil at current prices and has exacerbated old tensions between XOM CEO Rex Tillerson and BP's Bob Dudley, according to the report.
    • BP holds a 35.8% interest stake in the project, and XOM owns only 8%; other members include Azeri state oil firm Socar and Chevron (CVX -0.7%) each with more than 11%, Japan's Inpex with 11%, and Norway's Statoil (STO +0.4%) with 8.6%.
    | Fri, Jul. 1, 11:03 AM | 9 Comments
  • Fri, Jul. 1, 7:44 AM
    • BP has made a final investment decision for an $8B expansion of its Tangguh liquefied natural gas project in Indonesia, the country's energy regulator says.
    • The BP-led consortium, which includes Japan's Mitsubishi and China's Cnooc (NYSE:CEO), would build a third train to boost annual LNG production capacity at the project by 50% to 11.4M metric tons, and expects the project to be operational by 2020.
    • Awards for the project's key engineering, procurement and construction contracts are expected in Q3 with construction starting thereafter.
    • BP +1.1% premarket.
    | Fri, Jul. 1, 7:44 AM
  • Thu, Jun. 30, 6:58 PM
    • Exxon Mobil (NYSE:XOM) is ramping up its lobbying of other energy companies to support a carbon tax, marking a shift in its approach to climate change, WSJ reports.
    • Top XOM officials have been more vocal about their support for a carbon tax and have met with D.C. officials and trade associations about related legislation, according to the report, citing the company’s recent lobby disclosure forms.
    • "Exxon’s positioning on a carbon tax had been passive - ‘Hey, we’re not loving it, but we’re not going to get in the way of it,’” says Michael McKenna, president of energy lobbying firm MWR Strategies. “In just the last six months, there’s been an uptick in how they are asserting themselves in meetings about how to address this issue.”
    • In actively pushing for a carbon tax behind the scenes, XOM would be the first major U.S. energy company to move closer to the positions of European energy firms such as BP and Shell (RDS.A, RDS.B) which have publicly advocated for a price on carbon.
    | Thu, Jun. 30, 6:58 PM | 76 Comments
  • Wed, Jun. 29, 5:24 PM
    • Enterprise Products Partners (NYSE:EPD) says it expects the Mississippi natural gas processing plant that shut after Monday's explosion and halted flows on a major natural gas pipeline will remain down for at least several days.
    • A prolonged outage threatens to raise energy prices by curbing production in the Gulf of Mexico, and comes as demand for natural gas to run power plants is picking up with summer heat spreading across the U.S.; the Gulf last year accounted for 16% of U.S. crude production and nearly 5% percent of gas output.
    • The pipeline disruption has the potential to “significantly” curb Gulf of Mexico crude supply should offshore platforms fail to find another place to send their gas, says Energy Aspects analyst Dominic Haywood, noting that the 10 platforms produced a combined 270K bbl/day in February; BP’s Na Kika and Thunder Horse platforms are considered especially at risk since they lack alternatives for gas.
    • EPD says its Pascagoula plant can process 1.5B cf/day of natural gas and was averaging ~400M before the blast.
    | Wed, Jun. 29, 5:24 PM | 18 Comments
  • Wed, Jun. 29, 12:36 PM
    • BP (BP +5.4%) will send the first tanker of liquefied natural gas through the expanded Panama Canal late next month, Bloomberg reports.
    • The $5.3B canal expansion will for the first time allow for the handling of the kind of massive tankers that transport LNG, and the shorter trade route between the Atlantic and Pacific will help cut costs after global LNG prices plunged during the past two years.
    • The Panama Canal Authority has estimated that 20M tons of LNG may pass through annually, which would equal ~300 ships a year.
    | Wed, Jun. 29, 12:36 PM | 4 Comments
  • Tue, Jun. 28, 5:42 PM
    • The Enterprise Products Partners (NYSE:EPD) natural gas processing plant in Pascagoula, Miss., remains closed after today's fire, which is now under control but forced the closure of the 225-mile Destin gas pipeline system that can carry 1.2B cf/day from offshore fields to Pascagoula.
    • Destin, majority-owned by BP with Enbridge (NYSE:ENB) a minority partner, declares force majeure as a result of the fire.
    • Murphy Oil (NYSE:MUR) says it shut its Thunder Hawk platform, which also is connected to the Destin system and has the capacity to handle 60K bbl/day of oil and 70M cf/day of natural gas.
    • LLOG, partially owned by the Blackstone Group (NYSE:BX), says it is shutting its Delta House floating production system, which has 100K bbl/day of oil and 240m cf/day of gas capacity.
    • Williams Partners (NYSE:WPZ) says the Gulfstream Pipeline, a joint venture with Spectra Energy Partners (NYSE:SEP), appears to be unaffected.
    • BP, whose Thunder Horse and Na Kika platforms tie into the Destin pipeline and together produce nearly 400K bbl/day of oil and more than 700M cf/day of natural gas, has not commented; the status of other Gulf producers which operate facilities that connect to Destin, including Stone Energy (NYSE:SGY) and Freeport McMoRan (NYSE:FCX), is not known.
    | Tue, Jun. 28, 5:42 PM | 10 Comments
  • Tue, Jun. 28, 12:30 PM
  • Mon, Jun. 27, 3:04 PM
    • Total (TOT -2.4%) has won a 30% stake in a new contract to operate Qatar's al-Shaheen offshore oil field, which currently produces ~300K bbl/day, Reuters reports.
    • Six global oil companies including BP and Royal Dutch Shell (RDS.A, RDS.B) placed bids to operate the field formerly run by Maersk Oil, according to the report.
    • Moller Maersk (OTCPK:AMKAF, OTCPK:AMKBF) says its 2016 financial outlook remains unaffected with no need for writedowns as a result of losing the tender process to TOT.
    • For TOT, winning the Al-Shaheen stake is its second major upstream development deal with a Gulf oil producer during 2015-16 after renewing a 40-year onshore concession in Abu Dhabi in January 2015.
    | Mon, Jun. 27, 3:04 PM | 4 Comments
  • Sat, Jun. 25, 8:25 AM
    • The U.S. currently pumps ~8.7M bbl/day of crude oil, 480K less than at the end of 2015, but more than 500K bbl/day of new crude from the Gulf of Mexico is set to come online this year and next, WSJ reports, threatening to prolong the oil glut and hold down prices.
    • One reason is a handful of massive oil fields sanctioned for development years ago by companies such as BP and Freeport McMoRan (NYSE:FCX) that will start pumping later this year, but another is that companies have found that smaller satellite fields can be tapped inexpensively by tieback wells linked to existing offshore oil platforms via underwater pipelines.
    • Exxon (NYSE:XOM) this year began pumping from the tieback Julia offshore well, with production piped back to a Chevron (NYSE:CVX) platform; CVX also recently executed a tieback that will produce 50% more oil and gas than it originally expected.
    • Noble Energy (NYSE:NBL) nearly doubled its Gulf output in Q1 and has another well starting to pump later this summer; Anadarko (NYSE:APC) has more than 30 tieback well prospects in satellite fields, and will drill up to seven this year.
    • Companies also are getting better at accessing deepwater finds; Shell (RDS.A, RDS.B) saved $1B drilling its Stones project, which will start up later this year, by using a slim-well design offshore engineers borrowed from onshore shale operations.
    | Sat, Jun. 25, 8:25 AM | 36 Comments
Company Description
BP Plc operates as an integrated oil and gas company worldwide. It operates through two segments: Upstream and Downstream. The Upstream segment engages in the oil and natural gas exploration, field development, and production; midstream transportation, and storage and processing; and marketing... More
Industry: Major Integrated Oil & Gas
Country: United Kingdom