Oil prices fell below $60 per barrel before rallying back above that key level recently due to a combination of oversupply and weak demand.
BP said on Monday it would sell its non-controlling stakes in the Permian and Eagle Ford midstream assets of its U.S. onshore oil and gas business for $1.5 billion.
Citi has reiterated its buy rating on BP PLC (LSE:BP.) after the company released more details about its Bumerangue oil discovery offshore Brazil, which the bank believes could prove transformational.
Get a deeper insight into the potential performance of BP (BP) for the quarter ended September 2025 by going beyond Wall Street's top-and-bottom-line estimates and examining the estimates for some of its key metrics.
The company is pressing ahead with plans for its largest oil and gas discovery in 25 years after confirming that the site offshore Brazil holds a significant volume of liquids.
BP said on Thursday the carbon dioxide level in its huge Bumerangue oil and gas discovery in Brazil's offshore Santos basin could be managed.
BP said on Friday power had been restored at its 440,000 barrel-per-day oil refinery in Whiting, Indiana, after an external power outage prompted a temporary evacuation at the plant.
BP is refocusing on oil and gas, scaling back green investments, and accelerating asset sales to simplify its portfolio and reduce debt. Despite lower oil prices, BP maintains strong cash flow, supports a 5.85% dividend yield, and continues share buybacks, though at a decreasing pace. Risks include oil price volatility, macroeconomic uncertainty, and execution risk in management's turnaround strategy, but catalysts like rate cuts and China demand could help.
BP (BP) closed at $35 in the latest trading session, marking a +1.98% move from the prior day.
JERA Nex BP, a joint venture between Japan's top power generator JERA and BP , plans to halt development of the U.S. Beacon offshore wind power project and lay off its U.S. employees in the coming months, the company said in a statement.
BP (BP) reached $33.11 at the closing of the latest trading day, reflecting a -1.75% change compared to its last close.
Oil prices fell below $60 per barrel recently due to a combination of oversupply and weak demand.