BP's deal to develop Iraq's Kirkuk oil and gas fields will be based on a profit-sharing model and a final agreement is expected to be reached by the end of this year, Iraqi oil ministry officials said on Tuesday.
BP has signed a preliminary agreement with Iraq to rehabilitate and develop four oil and gas fields in Kirkuk, aiming to stabilize production and reverse decline in the region's crucial oilfields.
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BP saw a broker downgrade on Thursday after analysts said its stock buyback is less sustainable than rival integrated oil companies.
There's trouble brewing in the oil patch. Prices for crude oil in America are below $75 a barrel and at their lowest level in six months amid growing fears of a recession in the U.S. economy.
BP p.l.c. BP shares are trading higher today. Goldman Sachs analyst Michele Della Vigna revised estimates after the company reported second-quarter FY24 results yesterday.
Higher volumes and improved liquids realizations aid BP's earnings in Q2.
BP p.l.c. (NYSE:BP ) Q2 2024 Earnings Conference Call July 30, 2024 8:00 AM ET Company Participants Craig Marshall - Group Head, IR Murray Auchincloss - CEO & Director Katherine Thomson - CFO, SVP, Finance for Production & Operations & Director Emma Delaney - EVP Customers & Products Carol Howle - EVP, Trading & Shipping Conference Call Participants Irene Himona - Bernstein Biraj Borkhataria - RBC Capital Markets Paul Cheng - Scotiabank Michele Della Vigna - Goldman Sachs Lydia Rainforth - Barclays Bank Peter Low - Redburn Atlantic Roger Read - Wells Fargo Securities Ryan Todd - Piper Sandler Lucas Herrmann - BNP Paribas Martijn Rats - Morgan Stanley Alastair Syme - Citigroup Christopher Kuplent - Bank of America Merrill Lynch Josh Stone - UBS Doug Leggate - Wolfe Research Craig Marshall A warm welcome to everyone joining us in person at our headquarters today and to those joining online and on the phones. I trust everyone has had a chance to watch the second quarter 2024 video presentation and read our stock exchange announcement, both of which were posted this morning on our website, bp.com.
6 Dividend Increases Expected In August 2024
BP said on Tuesday it has given the green light to development of a green hydrogen facility at its Castellon refinery in Spain.
The higher profit came despite warnings about weaker refining margins and lower oil prices than a few years ago.
BP reported second-quarter profit of $2.76 billion on Tuesday, beating expectations as the energy company increased its dividend and extended its share repurchasing programme.