BP has cut its prized investor dividend in half after reporting a record US$6.7 billion loss in the second quarter of the year, when the COVID-19 pandemic destroyed fuel demand and oil prices. On Tuesday, the British oil major announced that it will "reset" its shareholder...
Oil prices built by more than 2% on Monday based on confidence in OPEC+ members complying with a record production cuts agreement and reported signs of rising oil demand. However, the gains were tempered by lingering fears of a fresh wave of COVID-19 infections as lockdown...
BP has informed its staff that 10,000 jobs will be cut following the crash in oil prices earlier this year and as the company prepares for the energy transition towards lower carbon emissions. The oil giant will let go of 14% of its workforce, mostly those...
BP said yesterday it had amended financial terms of the US$5.6 billion sale of its Alaska business to privately owned Hilcorp Energy following the collapse in oil prices due to the COVID-19 outbreak. The original sale price will not be changed under the new terms, but...
BP’s 50%-owned solar energy firm Lightsource BP yesterday closed a US$250 million financing package for a US-based project, while fellow oil major Total followed suit in confirming a deal to acquire a French wind power company. Despite fears surrounding the potential impact of the COVID-19 outbreak,...
BP has announced it will sever ties with three US industry lobby groups, citing disagreements with their climate policies. The oil and gas major will end its associations with the American Fuel and Petrochemical Manufacturers (AFPM), the Western States Petroleum Association (WSPA) and the Western Energy...
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...