BP – The News Desk

Iran-Backed Forces Widen Their Attacks on Commercial Shipping

25Dec

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World

Iran-Backed Forces Widen Their Attacks on Commercial Shipping

Updated Dec. 25, 2023 2:29 pm ETEscalating Iran-backed attacks against global commercial shipping in the Red Sea have heightened pressure on the Biden administration as officials scramble to protect trade while trying to avoid a direct confrontation with Tehran.The U.S. Navy said late Saturday that two more vessels had been attacked that day by Iranian-backed Houthi forces in Yemen, bringing the number of commercial ships attacked near a crucial passageway between the Horn of Africa and the Middle East to 15. The Pentagon said earlier in the day that a chemical tanker in the Indian Ocean was struck by a drone launched directly from Iran, a claim Tehran denied.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

U.S. Gas Startup at Center of Epic Feud With Global Energy Giants

6Dec

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World

U.S. Gas Startup at Center of Epic Feud With Global Energy Giants

Venture Global is becoming one of the world’s biggest natural-gas exporters. Shell, BP and others say it got there by reneging on their contracts.

COP28 Climate Summit Takes Aim at Powerful Methane Emissions

4Dec

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COP28 Climate Summit Takes Aim at Powerful Methane Emissions

Updated Dec. 2, 2023 3:45 pm ETFrom Texas to Turkmenistan, global leaders at the COP28 climate summit in Dubai are taking a big swing at cutting methane, a potent greenhouse gas produced by oil and gas drilling, livestock and rotting vegetation. They are using financial incentives combined with strict new regulations to get countries and energy firms on board.On Saturday, the Biden administration announced a final methane rule for U.S. oil and gas producers, requiring them to plug methane leaks and stop burning excess gas with flares. The regulations also mandate regular inspections of facilities to make sure the planet-warming compound isn’t escaping into the atmosphere.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

These Oil Giants Don't Seem Tempted by Merger Mania

2Nov

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These Oil Giants Don't Seem Tempted by Merger Mania

Shell and BP say they aren’t feeling pressure to bulk up after Exxon Mobil and Chevron’s multibillion-dollar deals.

31Oct

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Energy & Utilities Roundup: Market Talk

The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.0802 GMT – BP reported weak 3Q numbers, with a large miss to net income, partly driven by weaker gas trading, RBC Capital Markets analyst Biraj Borkhataria writes in a research note. “This may come as a surprise given commentary from peers, however notably, BP has reported exceptional gas trading results on several occasions in the last couple of years, including last quarter,” he says. Despite some solid indicators segmentally, earnings missed across all divisions, he says, adding that the downstream, customers and products business reported $2.1 billion in underlying replacement cost profit before interest and taxes versus consensus of $2.4 billion despit...

BP Profit Rose on Higher Refining Margins, Strong Oil Trading

31Oct

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BP Profit Rose on Higher Refining Margins, Strong Oil Trading

Updated Oct. 31, 2023 3:51 am ETBP said its third-quarter profit rose on quarter, benefiting from higher realized refining margins and oil and gas production, although it missed expectations.The British oil-and-gas major said Tuesday that it made an underlying replacement cost profit—a metric similar to net income that U.S. oil companies report—of $3.29 billion in the three months to the end of September, up from $2.59 billion in the preceding quarter. This missed an averaged analysts’ forecast compiled by the company of $4.01 billion.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8