BP’s new chief executive Bernard Looney yesterday announced plans to become a net zero emissions company by 2050 or sooner, in what would be a drastic reorganisation of the global oil giant’s business. Along with absolute net zero commitments across all of BP’s operations, the company...
BP has increased its shareholding in the UK-based solar energy firm Lightsource BP, creating a simplified 50:50 joint venture structure. The oil major returned to the solar market by acquiring 43% of Lightsource in December 2017, which was subsequently rebranded to Lightsource BP. BP yesterday announced that...
BP’s profits in the third quarter took a significant hit after taking a one-off US$2.6 billion charge linked to asset sales, however outgoing chief executive Bob Dudley said underlying cash flow and earnings remained strong in the period. The $2.6 billion charge resulted in a $700...
BP is on the brink of a new era after long-standing chief executive Bob Dudley announced he would be stepping down from the role, to be replaced by the oil major’s current head of exploration and production Bernard Looney. Since taking the top job in the...
Oil and gas companies have approved US$50 billion of new investment in major projects since 2018, undermining climate change targets set out in the Paris Agreement and threatening shareholder returns. Think tank Carbon Tracker found that no major oil company is investing in projects that will...
BP yesterday announced that a US$5.6 billion divestment deal had been agreed with private oil and gas firm Hilcorp for its entire remaining business in the US state of Alaska. The UK-based oil and gas giant said the deal is part of its plans to raise...
Royal Dutch Shell outperformed rival oil majors ExxonMobil, Chevron and BP in the first quarter of 2019, after the Anglo-Dutch company reported only a marginal fall in profits in a lower oil price environment. Shell said that on a current cost of supplies (CCS) basis, earnings attributable...
BP has made a discovery of one billion barrels of crude at an existing oilfield in the Gulf of Mexico and announced the approval of a major expansion of the Atlantis field in the same oil play. The one billion barrels find came at its Thunder...
The world’s largest oil companies spent only around 1% of their budgets on clean energy in 2018, but European firms have made greater investments in low carbon technology compared to their US and Asian counterparts. A fresh study by environmental research organisation CDP found that Europe’s...
BHP will pay out a massive US$10.4 billion to its shareholders through a special dividend and share buyback, after completing the sale of its remaining onshore US shale oil and gas assets. The world’s biggest mining company announced this week that it had finalised the sale...