Source: Reuters LONDON (Reuters) – BP has yet to decide whether to boost its dividend by the end of the year, it said on Wednesday, after its shares fell sharply on the previous day on fears it would defer a decision to 2020. BP reported a 40% drop in third-quarter profits on Tuesday due to lower oil and gas prices,
Reuters Former Exxon Mobil Corp Chief Executive Rex Tillerson is expected to take the stand on Wednesday in a closely watched civil lawsuit accusing the company of hiding the true cost of climate change from investors. The case in Manhattan state court, which kicked off last week, is the first of several lawsuits pending against major oil companies related to
Source: Houston Chronicle BP Plc reported profit that beat analyst estimates as a strong refining performance offset the effect of lower oil and natural gas prices, and bad weather that curbed production. The positive result will please investors expecting a gloomy third quarter for Big Oil. Crude prices have fallen as the U.S.-China trade war stokes demand concerns, while American
Source: Houston Chronicle The British energy major BP said Thursday it will build a new pilot plant for recycling plastics at its refining complex in Illinois. The $25 million pilot plant, which is expected to be completed next year, would test BP’s new “Infinia” technology to transform currently un-recyclable plastics into new plastic feedstock. The technology specifically would recycle polyethylene terephthalate,
Source: Reuters LONDON (Reuters) – BP is increasing its Asian presence with an initial agreement, or memorandum of understanding, with China’s Zhejiang Petroleum and Chemical Corporation (ZPCC) to build a 1 million tonne a year acetic acid plant, BP said on Friday. The planned production site for acetic acid, which is used in chemical products such as paints and adhesives,
Source: Reuters BP Plc, Chevron Corp and Royal Dutch Shell Plc are among the companies that will compete for exploration and production rights off the Brazilian coast on Thursday, in the first of three oil bidding rounds scheduled for coming weeks. Combined, the minimum signing bonuses for the blocks in the so-called 16th post-salt oil bidding round in the Latin
From Bloomberg Hildebrand gained fortune buying old, conventional oil assets, bet may be timely as investors begin to sour on shale Texas oilman Jeffery Hildebrand became a billionaire by shunning the shale revolution taking place in his home state. Now, he’s making his biggest bet yet — Alaska — just as shale producers run out of steam. Hildebrand’s Hilcorp Energy
From The Houston Chronicle With a massive shift in the marine fuel market just months away from implementation, a Galveston fuel storage operator says it plans to operate a 50,000 barrel a day crude processing facility to meet new stricter environmental regulations set to take affect in January. Texas International Terminals confirmed Wednesday reports from Reuters that it plans to
By Tyler Losier, Energy Reporter, Oil & Gas 360 BP sells its entire Alaskan business to Hilcorp for a total consideration of $5.6 billion BP (stock ticker: BP), through its subsidiary BP Alaska, has agreed to sell its entire business in the state to Hilcorp Alaska, a subsidiary of Hilcorp Energy Company, for a total consideration of $5.6 billion. Under
UPDATE: Venture Global Announces Final Investment Decision and Financial Close for Calcasieu Pass LNG…
By Tyler Losier, Energy Reporter, Oil & Gas 360 Proceeds from Venture Global’s debt and equity financing will fully fund the construction and commissioning of its Calcasieu Pass LNG facility Venture Global LNG Inc., headquartered in Arlington, Virginia, has closed on the project financing for its Calcasieu Pass LNG facility and associated TransCameron pipeline in Cameron Parish, Louisiana. The proceeds
From Reuters Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said. With Aramco talking again to banks about an initial public offering (IPO), its board is meeting later this
