BP to spend $1 billion on thousands of job cuts
10 years, 3 months ago

BP to spend $1 billion on thousands of job cuts

Live Mint  

London: BP Plc will cut thousands of jobs cut across its global oil and gas business by the end of next year in a $1 billion restructuring programme announced on Wednesday following steep falls in oil prices. The British oil major said it was also considering deeper cuts to its 2015 budget beyond the $1-$2 billion reduction already announced in October, as a result of the oil slump. “Given the recent position taken by Organization of the Petroleum Exporting Countries and with oil prices where they are today, we will continue to review this further,” BP head of upstream Lamar McKay said in a presentation during an investor day in London. Global oil and gas exploration projects worth more than $150 billion are likely to be put on hold next year as plunging oil prices render them uneconomic, data shows.

Oil Prices Billion Restructuring  barrel  gas  thousands  saidbp  billion  restructuring  taken  job  bp  oil  prices  worth  spend  cuts

History of this topic

BP boss vows to double value of the oil giant after Elliott pours cold water on revamp plans
3 weeks, 5 days ago

BP boss vows to double value of the oil giant after Elliott pours cold water on revamp plans

Daily Mail  

The boss of BP has vowed to more than double the value of the oil giant after activist investor Elliott poured cold water on his revamp. Speaking just a day after unveiling his new strategy to investors, chief executive Murray Auchincloss said BP could be worth £160billion within five years – up from £70billion today. Pressure: BP chief exec Murray …

BP slashes ‘net zero’ renewable energy spending by $5 billion, turns to fossil fuels: What’s behind the strategy shift?
3 weeks, 6 days ago

BP slashes ‘net zero’ renewable energy spending by $5 billion, turns to fossil fuels: What’s behind the strategy shift?

Live Mint  

British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners. In a statement titled “Reset BP,” the company said it will reduce its spending on net …

BP slashes green energy spending and turns back towards fossil fuels
Trending News
3 weeks, 6 days ago

BP slashes green energy spending and turns back towards fossil fuels

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP is making a drastic …

BP to slash spending on net zero ventures as it focuses on oil and gas again
Trending News
3 weeks, 6 days ago

BP to slash spending on net zero ventures as it focuses on oil and gas again

Associated Press  

LONDON — British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners. In a statement titled “Reset BP,” the company said it will reduce its spending …

BP to slash green spending, pivot back to oil
3 weeks, 6 days ago

BP to slash green spending, pivot back to oil

Live Mint  

LONDON : BP said it would boost oil-and-gas production and sharply cut investments in clean energy, pivoting back to fossil fuels in a bid to revive its flagging share price. Higher investment in oil-and-gas fields would enable BP to pump high-margin fossil fuels for years to come, he said, adding that the company would be very selective in the investments …

BP set to cut renewable investment and boost oil and gas production
Trending News
1 month ago

BP set to cut renewable investment and boost oil and gas production

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Competitors like Shell and Norwegian company Equinor have already …

BP cuts investment in clean energy and boosts oil and gas in major strategy shift
1 month ago

BP cuts investment in clean energy and boosts oil and gas in major strategy shift

CNN  

BP slashed planned investment in renewable energy and said Wednesday that it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and shareholder returns. The oil giant cut planned annual investment in energy transition businesses by more than $5 billion, compared with its previous forecast, to between $1.5 billion and …

BP drops climate targets in pivot back to oil and gas
1 month ago

BP drops climate targets in pivot back to oil and gas

Al Jazeera  

BP slashes planned investment in renewable energy and is increasing annual oil and gas spending. Oil major BP says it has slashed planned investment in renewable energy and would increase annual oil and gas spending to $10bn. “This move by oil giant BP clearly demonstrates why super-rich corporations and individuals, chasing short-term profit for themselves and shareholders, cannot be trusted …

Hedge fund’s BP stake worth £3.8bn as firm expected to ditch green promises
1 month, 1 week ago

Hedge fund’s BP stake worth £3.8bn as firm expected to ditch green promises

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The hedge fund targeting BP …

BP announce plans to cut 4,700 jobs in £1.6bn cost-cutting drive
2 months, 1 week ago

BP announce plans to cut 4,700 jobs in £1.6bn cost-cutting drive

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy London-based energy firm BP plan …

Oil heads for weekly loss as Chinese demand continues to underperform
Trending News
4 months, 1 week ago

Oil heads for weekly loss as Chinese demand continues to underperform

Live Mint  

By Nicole Jao and Gabrielle Ng SINGAPORE -Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery. The decline in run rates occurred as China's factory output growth slowed last month and demand woes in its property sector showed few signs of abating even though consumer spending …

MARKET REPORT: Oil falls as fears ease of wider Middle East war
4 months, 3 weeks ago

MARKET REPORT: Oil falls as fears ease of wider Middle East war

Daily Mail  

Oil stocks took a knock as the price of crude fell nearly $5 a barrel on hopes full-blown war in the Middle East can be avoided. London-listed energy stocks fell oil prices lower on Monday The slump in the oil price sent BP down 1.4pc, or 5.8p, to 399.1p and Shell off by 1.4pc, or 34.5p, to 2516p. Back among …

Oil producers, OPEC+, led by Saudis extended supply cuts amid slack prices
9 months, 3 weeks ago

Oil producers, OPEC+, led by Saudis extended supply cuts amid slack prices

India TV News  

Dubai: OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025, exceeding expectations, as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production. On Sunday, OPEC+ agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025 …

BP sees oil and gas production move higher in first quarter
11 months, 2 weeks ago

BP sees oil and gas production move higher in first quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Energy giant BP told investors …

BP earns USD 3 billion at the end of last year but saw its annual profit fall by half from 2022
1 year, 1 month ago

BP earns USD 3 billion at the end of last year but saw its annual profit fall by half from 2022

Hindustan Times  

London-based BP reported its underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, was down from USD 3.3 billion in the previous quarter. HT Image It brought in USD 13.8 billion for all of last year, a huge drop from the USD 27.7 billion it earned in 2022, when Russia's war in Ukraine sent …

BP profits top $1bn a month amid criticism over shareholder payouts
1 year, 1 month ago

BP profits top $1bn a month amid criticism over shareholder payouts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “It’s clear that BP and other fossil-fuel giants can’t …

BP hikes dividend by 10% despite profits falling 70% as energy prices tumble
1 year, 7 months ago

BP hikes dividend by 10% despite profits falling 70% as energy prices tumble

Daily Mail  

BP profits slumped during the latest quarter after energy prices fell back from spikes caused by Russia’s war with Ukraine. The oil giant revealed profits fell 70 per cent to £2billion between April and June, down from the £6.6billion profits in the same quarter of last year – a period covering the early stages of Russia’s invasion of Ukraine. Resilient: …

BP posts £2bn quarterly profit but falls below expectations
1 year, 7 months ago

BP posts £2bn quarterly profit but falls below expectations

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “We’re delivering our strategy at pace – we’ve started …

Is the decline of oil in sight?
1 year, 8 months ago

Is the decline of oil in sight?

BBC  

Is the decline of oil in sight? The single biggest thing that we have to do to mitigate climate change is to stop burning fossil fuels – Krista Halttunen "We think that peak will be before the end of the decade, but just after 2028, so 2029 or 2030, most likely," says Ciarán Healy, an IEA oil market analyst and …

OPEC+ begins meetings that may agree further output cuts
1 year, 9 months ago

OPEC+ begins meetings that may agree further output cuts

The Hindu  

OPEC and its allies began two days of meetings on June 3 that may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the group faces flagging oil prices and a looming supply glut. "This number is premature, we didn’t go into these things," Iraq's oil minister Hayan Abdel-Ghani said …

BP posts quarterly profit of $5bn and unveils share repurchase
1 year, 10 months ago

BP posts quarterly profit of $5bn and unveils share repurchase

Daily Mail  

BP made a near-$5billion profit in the first quarter, rising from the previous quarter on the back of strong oil and gas trading. First-quarter underlying replacement cost profit, the company's definition of net income, reached $4.96billion in the three months to 31 March, up from $4.8billion in the fourth quarter of last year and beating expectations of $4.3billion. Oil giant …

Oil Surges As OPEC+ Surprise Output Cuts Shake Markets
1 year, 11 months ago

Oil Surges As OPEC+ Surprise Output Cuts Shake Markets

News 18  

Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets. “It’s hard to buy the ‘pre-emptive’ and ‘precautionary’ reasoning – especially now, when the banking crisis had tailed off and Brent had crawled back up towards $80 from its 15-month lows earlier in March,” …

OPEC+ oil alliance announces surprise production cuts from May
1 year, 11 months ago

OPEC+ oil alliance announces surprise production cuts from May

Al Jazeera  

Saudi Arabia and other OPEC+ oil producers have announced voluntary cuts to their production amounting to about 1.15 million barrels per day, calling it a “precautionary measure” aimed at market stability. The 23-nation group had been largely expected to stick to its already agreed 2 million bpd cuts when its ministerial panel, which includes Saudi Arabia and Russia, meets virtually …

Column: Big oil companies are already reneging on their global warming promises
2 years, 1 month ago

Column: Big oil companies are already reneging on their global warming promises

LA Times  

The Kern River Oil Field in Bakersfield: Don’t expect scenes like this to go away any time soon. “We need continuing near-term investment into today’s energy system — which depends on oil and gas — to meet today’s demands and to make sure the transition is an orderly one,” Looney said in BP’s strategy update, published Tuesday. BP and Shell …

Tumbling oil price weighs on London’s top stocks
2 years, 4 months ago

Tumbling oil price weighs on London’s top stocks

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Reports that Saudi Arabia and …

Oil soars as OPEC+ mulls largest output cut since 2020
2 years, 5 months ago

Oil soars as OPEC+ mulls largest output cut since 2020

Al Jazeera  

The Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, significantly halted oil production at the start of the coronavirus pandemic as economies came to a standstill. Oil prices jumped $3 a barrel on Monday as OPEC+ considered reducing output by more than one million barrels per day to buttress prices with what would be its …

BP profits triple as UK customers face even higher energy bills
2 years, 7 months ago

BP profits triple as UK customers face even higher energy bills

CNN  

London CNN Business — UK energy giant BP reported its biggest quarterly profit in 14 years on Tuesday — a development that’s likely to stir anxieties around eye-watering energy bills that have driven a cost of living crisis in the country. The average energy bill is expected to rise 83% from its current level to top £3,600 a year beginning …

BP takes $25.5 billion hit from Russia exit
2 years, 10 months ago

BP takes $25.5 billion hit from Russia exit

Live Mint  

BP PLC took a $25.5 billion pretax accounting charge related to its decision to exit its Russia holdings, including its stake in government-controlled oil producer Rosneft, by far the biggest financial hit tallied by companies pulling back from the country after its invasion of Ukraine. The London-based company said Tuesday that the charge dragged it into a $20.4 billion headline …

BP profit more than doubles on ‘exceptional’ oil trading
2 years, 10 months ago

BP profit more than doubles on ‘exceptional’ oil trading

CNN  

London CNN Business — BP took a hit of more than $24 billion from ditching its business in Russia but reported a huge jump in profit for the first quarter. The UK-based energy giant said Tuesday that its underlying profit soared to $6.2 billion from $2.6 billion in the same period last year, boosted by “exceptional oil and gas trading” …

More than £40bn wiped off London shares as fears build over Ukraine
3 years, 1 month ago

More than £40bn wiped off London shares as fears build over Ukraine

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Energy markets are clearly on edge and if supplies …

Sliding oil prices pull BP and FTSE lower at the close
3 years, 1 month ago

Sliding oil prices pull BP and FTSE lower at the close

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The FTSE 100 opened in …

OPEC+ sticks to planned output hikes despite surging oil prices
3 years, 1 month ago

OPEC+ sticks to planned output hikes despite surging oil prices

Al Jazeera  

The Organization of the Petroleum Exporting Countries and allies has faced calls from the US and India to pump more oil. OPEC+ agreed on Wednesday to stick to moderate rises in its oil output, with the group already struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to …

OPEC says oil will remain number one, despite green energy push
3 years, 5 months ago

OPEC says oil will remain number one, despite green energy push

Al Jazeera  

OPEC’s latest World Oil Outlook warns that failure to keep investing in fossil fuels could risk geopolitical instability. Halting new investments in fossil fuels is “wrongheaded” despite global commitments to transition to greener energy, the head of the Organization of the Petroleum Exporting Countries said on Tuesday, as he warned that oil demand will continue to accelerate in the coming …

Oil falls more than $2 after OPEC+ producers agree to raise output
3 years, 8 months ago

Oil falls more than $2 after OPEC+ producers agree to raise output

Live Mint  

Oil prices fell sharply on Monday after OPEC+ overcame internal divisions and agreed to boost output, sparking concerns about a crude surplus as COVID-19 infections rise in many countries. OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices that this month hit their highest level in more than two years as the global economy recovers …

OPEC+ could add 2 million bpd oil to market by December: Report
3 years, 8 months ago

OPEC+ could add 2 million bpd oil to market by December: Report

Al Jazeera  

Monthly increases would amount to less than 0.5 million barrels per day, a source told Reuters news agency. OPEC+ is moving towards gradually adding about 2 million barrels per day to the oil market from August to December, an OPEC+ source told Reuters news agency as the group eases back on output curbs amid a recovering global economy and an …

BP to launch share buyback program after big profit spike
3 years, 10 months ago

BP to launch share buyback program after big profit spike

Associated Press  

LONDON — BP said Tuesday that it would be returning around a half-billion dollars to shareholders after “significantly” higher oil prices contributed to a big rise in profits and a reduction in debt levels. BP, which is seeking to transform its business to a lower-carbon future, said it will launch a $500 million share buyback program in the second quarter …

John Kerry’s warning to Big Oil: Embrace change or be on the wrong side of this battle
4 years ago

John Kerry’s warning to Big Oil: Embrace change or be on the wrong side of this battle

CNN  

New York CNN Business — John Kerry had some tough talk for the leaders of Big Oil. You’re gonna wind up on the wrong side of this battle,” Kerry said Tuesday atthe energy conference CERAWeek by IHS Markit. Kerry, the former US secretary of stateand President Joe Biden’s special envoy for climate, urged the oil-and-gas industry to welcome change, including …

Hit by pandemic, oil giants Exxon, BP post huge 2020 losses
4 years, 1 month ago

Hit by pandemic, oil giants Exxon, BP post huge 2020 losses

Associated Press  

DALLAS — Oil giants Exxon and BP reported staggering losses for 2020 on Tuesday as the pandemic crushed energy demand and undercut oil prices. “Energy consumption collapsed as economies shut down, oil prices hit their lowest point in history, and refining margins fell well below their 10-year lows,” said Exxon CEO Darren Woods. The company said Tuesday it will reduce …

Shell to cut up to 9,000 jobs in shift to low-carbon energy
4 years, 5 months ago

Shell to cut up to 9,000 jobs in shift to low-carbon energy

CNN  

London CNN Business — Royal Dutch Shell will slash as many as 9,000 jobs as the oil giant accelerates a shift away from fossil fuels. The huge slump in demand for oil and gas caused by the coronavirus pandemic is pushing some of Europe’s biggest energy companies to speed up a shift to cleaner fuels. Van Beurden said Wednesday that …

Oil Prices Fall After Surprise Rise in US Crude Inventories, Adding to Demand Worries
4 years, 6 months ago

Oil Prices Fall After Surprise Rise in US Crude Inventories, Adding to Demand Worries

News 18  

Oil prices fell on Wednesday after an industry group reported a rise in US crude inventories against expectations for a decline, adding to worries about demand that led to a steep selloff earlier in the week. Gasoline stocks fell by nearly 7.7 million barrels, nearly 8 times expectations suggesting some demand for fuel in the world’s biggest oil consuming nation. …

BP’s ‘green’ promises are anything but – their latest investments are a slap in the face for humanity and nature
4 years, 7 months ago

BP’s ‘green’ promises are anything but – their latest investments are a slap in the face for humanity and nature

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. With similar fanfare, in 2000, then …

Does BP’s conversion signal the end of Big Oil?
4 years, 7 months ago

Does BP’s conversion signal the end of Big Oil?

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. See here: BP said last week that it would slash oil and gas production and pour billions of dollars into clean energy, speeding up a transition it teased earlier this year. “Energy markets have begun a process of fundamental lasting change, shifting increasingly towards low carbon …

BP is getting out of petrochemicals with $5 billion sale
4 years, 8 months ago

BP is getting out of petrochemicals with $5 billion sale

CNN  

London CNN Business — BP has agreed to sell its petrochemicals business to Ineos for $5 billion, the latest in a series of asset sales by the UK oil company as it tries to refocus on cleaner energy. BP’s petrochemicals business has interests in 14 plants in Asia, Europe and the United States, producing 9.7 million tonnes of petrochemicals last …

Aviation crisis means oil demand may not recover until 2022: IEA
4 years, 9 months ago

Aviation crisis means oil demand may not recover until 2022: IEA

Al Jazeera  

Air travel is still down by more than 70 percent from 2019 levels: International Energy Agency Oil demand is recovering from the greatest fall in its history in 2020, the International Energy Agency said on Tuesday, but less flying due to coronavirus fears means the world will not return to pre-pandemic demand levels before 2022. “Our first forecast for 2021 …

BP warns of $17.5 billion hit as pandemic knocks oil demand
4 years, 9 months ago

BP warns of $17.5 billion hit as pandemic knocks oil demand

CNN  

London CNN Business — BP is writing down the value of its assets by as much as $17.5 billion as a shift away from fossil fuels is accelerated by the coronavirus pandemic. The UK oil company said in a statement Monday that the health crisis could have an “enduring impact on the global economy,” resulting in less demand for energy …

BP to cut 10,000 jobs after oil price crash
4 years, 9 months ago

BP to cut 10,000 jobs after oil price crash

CNN  

London CNN Business — BP is cutting 10,000 jobs as it reels from a crash in oil prices and tries to pivot toward renewable energy. “The oil price has plunged well below the level we need to turn a profit,” Looney, who took over BP’s top job earlier this year, said in an email to employees. “While the external environment …

India’s biggest asset sale to attract China-wary oil majors
4 years, 9 months ago

India’s biggest asset sale to attract China-wary oil majors

Live Mint  

The growing disquiet over China could see oil investors headed to India, said a top executive at a refiner that Prime Minister Narendra Modi’s government has put up for sale. “Global companies are cutting down on capex, preserving cash now, but Exxon Mobil, Shell, BP or Saudi Aramco aren’t going to perish,” Vijayagopal said. “When they come back after demand …

Oil prices rise again as output cuts kick in to offset slump in fuel demand; US crude inventories grow less than expected
4 years, 10 months ago

Oil prices rise again as output cuts kick in to offset slump in fuel demand; US crude inventories grow less than expected

Firstpost  

Oil prices gave up some of their earlier gains as the month of May began with more of the volatility that made last month one of the most turbulent in the history of oil trading, when US futures briefly crashed into negative territory. Tokyo: Oil prices rose on Friday, extending the previous session’s gains, as major producers began output cuts …

'Unprecedented' oil price collapse hammers BP profits
4 years, 10 months ago

'Unprecedented' oil price collapse hammers BP profits

The Telegraph  

BP's profit slumped by two thirds in the first three months of the year after coronavirus triggered a collapse in global oil prices. The drilling titan warned that some companies will have no choice but to shut down wells as it unveiled a plunge in its preferred measure of underlying replacement cost profits to $791m, down from $2.4bn in the …

Oil crash adds new shock to limping world economy
4 years, 11 months ago

Oil crash adds new shock to limping world economy

Live Mint  

-- The historic collapse in the price of oil is inflicting another shock on a weakened world economy, creating a disinflationary risk for some and severely denting budgets in producers from Saudi Arabia to Russia and Canada.The rock-bottom price comes amid the worst global slump since the Great Depression, which has already led to interest-rate cuts and other stimulus, stretching …

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