From The Wall Street Journal BP PLC tripled its annual earnings and swung to a fourth-quarter profit on increased output and higher crude prices, in line with other major oil companies that registered boosts on their balance sheets last year. The U.K. energy company said Tuesday that it recorded a $2.7 billion replacement-cost profit—a measure akin to the net income
From Reuters Buoyed by the success of seismic imaging that found an extra billion barrels of oil in the Gulf of Mexico, BP is looking to take its latest technology to Angola and Brazil. The software used in the Gulf, based on an algorithm created by Xukai Shen, a geophysicist straight out of Stanford University, led to BP discovering the
From Bloomberg BP Plc and its partners just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start. The British oil major intends to drill six new exploration wells in the country by 2020, according to Gary Jones, BP’s regional president for Azerbaijan, Georgia and Turkey. If his expectations are met,
Atlantis Phase 3 FID announced BP (stock ticker: BP) has big plans for the Gulf of Mexico, as the company announced several new developments in the GOM today. BP has approved Phase 3 development at the Atlantis field, authorizing a new subsea production system that will be tied into the existing platform. The company will drill eight new wells targeting
Offshore gas resource estimated at 15 Tcf Dallas-based deepwater oil and gas company Kosmos Energy Ltd (stock ticker: KOS) and its partners agreed today on a Final Investment Decision (FID) for Phase 1 of its Greater Tortue Ahmeyim project. The project will produce gas from a deepwater subsea system and mid-water floating production storage and offloading unit (FPSO) to a
ConocoPhillips Closes Sale of 16.5 Percent Interest in Clair Field in United Kingdom and Acquisition of Additional 39.2 Percent Interest in Greater Kuparuk Area in Alaska
BP has completed the $10.5 billion acquisition of BHP’s U.S. unconventional assets in a landmark deal that will significantly upgrade BP’s U.S. onshore oil and gas portfolio. The acquisition – which was announced in July and closed October 31– adds oil and gas production of 190,000 barrels of oil equivalent per day (boe/d) and 4.6 billion oil equivalent barrels (boe)
From Bloomberg BP Plc is gearing up to leave European competitors in the dust, at least when it comes to spending the industry’s enormous cash pile. While Total SA and Equinor ASA both signaled last week they’re still keeping a tight rein on spending, BP showed Tuesday it’s prepared to take some risks. After smashing earnings estimates in the third quarter, the U.K. oil
Anadarko, Chevron, BHP, BP among affected producers in Gulf of Mexico From Reuters/gCaptain (Reuters) – Energy companies on Monday halted nearly a fifth of Gulf of Mexico oil production and evacuated staff from 13 platforms as Hurricane Michael intensified and headed for a path up the eastern U.S. Gulf. Offshore producers including Anadarko Petroleum Corp , BHP Billiton, BP and Chevron Corp
From Reuters In the pine forests of eastern Texas, oilfield workers equipped with virtual-reality goggles are helping BP’s (BP.L) shale business turn a profit for the first time. Thousands of automated wells feed data on their performance into the firm’s supercomputers each evening. If they show a need for maintenance, an Uber-style system summons a subcontracted repair firm to keep
ConocoPhillips (NYSE: COP) announced that it has entered into an agreement to sell a ConocoPhillips subsidiary to BP for an undisclosed price. The subsidiary will hold a 16.5 percent interest in the BP-operated Clair Field, with ConocoPhillips retaining a 7.5 percent interest in the field. ConocoPhillips also announced it has entered into simultaneous agreements to acquire BP’s 39.2 percent interest
6,500 charging points brings opportunity for 10+ minutes of retail sales per visitor – adding varied types of energy to meet vehicle-owner demand to get customers to spend money at BP’s retail stores – about half of the gross margin at the company’s retail sites is from non-fuel items like candy and drinks From Bloomberg BP Plc plans to acquire the
