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 has built a stake in the fossil fuel giant worth nearly £3.8 billion, according to reports, making it the third biggest investor in the company. On a call with analysts on Tuesday, chief executive Murray Auchincloss declined to comment on the hedge fund’s activities, calling news reports around the issue “speculation”. BP’s shares have languished in the past two years on investor concerns over a shift under previous boss Bernard Looney towards becoming a net zero energy company by 2050. Mr Auchincloss was appointed to the top role in January last year, having been acting chief executive since September 2023 following the surprise resignation of Mr Looney after BP’s former boss failed to disclose his past relationships with company colleagues.

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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?
1 month 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
1 month 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
1 month 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
1 month 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 investors demand vote on any plans to scrap climate goals
1 month ago

BP investors demand vote on any plans to scrap climate goals

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 Nearly 50 major investors in …

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 …

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 …

Focus on your savers instead of net zero, critics tell BP pension funds
1 year, 10 months ago

Focus on your savers instead of net zero, critics tell BP pension funds

The Telegraph  

Pension funds have been accused of abandoning their financial duty to savers amid a growing rebellion over BP’s plans to keep pumping fossil fuels. They don’t seem to be concerned about profits.” The pension funds argue that BP should have sought their views after watering down its long-term plans to shift towards cleaner energy, with less stringent targets to cut …

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 …

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 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” …

BP more than doubles boss’ annual pay amid soaring gas prices
3 years ago

BP more than doubles boss’ annual pay amid soaring gas prices

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Profits bumped up by soaring gas prices have seen the …

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 …

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 …

BP beats expectations for third-quarter earnings
7 years, 4 months ago

BP beats expectations for third-quarter earnings

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 British oil producer BP beat …

BP misses forecasts as annual earnings slide for second consecutive year
8 years, 1 month ago

BP misses forecasts as annual earnings slide for second consecutive year

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. “Maybe people were expecting things to turn around too …

Oil stand-off threatens dividends at BP and Shell amid fears that a deal to prop up prices is about to collapse
8 years, 4 months ago

Oil stand-off threatens dividends at BP and Shell amid fears that a deal to prop up prices is about to collapse

Daily Mail  

Dividends at BP and Shell are set to come under threat as fears grow that a deal to prop up oil prices is about to collapse. The two oil giants yesterday reported better-than-expected results – and gave a boost to their millions of small shareholders by protecting payouts. Neil Wilson, at analysts ETX Capital, said: 'The meeting of Opec later …

BP profit fall 80% on oil price crash
8 years, 11 months ago

BP profit fall 80% on oil price crash

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 reported a 80 per …

BP chief Bob Dudley's pay rises to £14m despite 2015 record loss
9 years ago

BP chief Bob Dudley's pay rises to £14m despite 2015 record loss

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 Bob Dudley, BP chief executive, …

BP profit falls 91% as oil price cuts put thousands of jobs at risk
9 years, 1 month ago

BP profit falls 91% as oil price cuts put thousands of jobs at risk

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 has said its fourth …

BP slashes billions from investment plans as it reveals £645m loss
10 years, 1 month ago

BP slashes billions from investment plans as it reveals £645m loss

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 and BG Group slashed …

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 …

BP sells some Gulf of Mexico assets for $5.55 billion
12 years, 6 months ago

BP sells some Gulf of Mexico assets for $5.55 billion

The Hindu  

Oil company, British Petroleum said on Monday it is selling some deep-water assets in the Gulf of Mexico to Plains Exploration & Production Co. for $5.55 billion, a big step in the BP’s drive to cover the cost of its oil well blowout in the Gulf two years ago and concentrate investment elsewhere. The deal also includes BP’s stakes in …

BP profits dive in wake of $5bn writedowns
12 years, 7 months ago

BP profits dive in wake of $5bn writedowns

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 booked an extra $5bn …

BP posts $17.15 bn Q2 loss
14 years, 7 months ago

BP posts $17.15 bn Q2 loss

The Hindu  

Bogged down by soaring costs related to the Gulf of Mexico oil spill, BP Plc today posted a mammoth second-quarter loss of $17.15 billion and also announced the departure of embattled CEO Tony Hayward. Commenting on Mr. Hayward stepping down, BP Chairman Carl-Henric Svanberg said the company’s board was deeply saddened to lose a CEO whose success in driving the …

BP decision on fund and dividends gets thumbs up in Britain
14 years, 9 months ago

BP decision on fund and dividends gets thumbs up in Britain

The Hindu  

The establishment of a 20—billion—dollar fund for claims resulting from the massive BP oil spill in the Gulf of Mexico met with a positive response in London on Thursday, with BP shares rising sharply in early trading. Energy Secretary Chris Huhne said the deal, announced after talks between US President Barack Obama and BP executives in Washington on Wednesday, underlined …

BP agrees to set up $20-billion claims fund
14 years, 9 months ago

BP agrees to set up $20-billion claims fund

The Hindu  

Oil giant British Petroleum has agreed to set up a $20-billion fund to compensate local Gulf Coast businesses that have been devastated by the ongoing oil spill, U.S. President Barack Obama said after his first meeting with BP’s top executives on Wednesday. Mr. Obama met with Mr. Svanberg, chief executive Tony Hayward and other BP heads for the first time …

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