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.
BP PLC's (LSE:BP.) updated guidance ahead of its third-quarter results was not entirely clear but debt continues to be a "large concern", said analysts, and suggests share buybacks may need to be cut back.
BP PLC (LSE:BP.) expects stronger upstream and refining performance in the third quarter of 2025, though oil trading results are likely to be weak.
Third-quarter upstream production is expected to rise from the previous quarter. The company also anticipates a boost of up to $400 million from higher refining margins.
BP expects its upstream production to be above last quarter's, the company said in a trading update on Tuesday ahead of results due on November 4, adding that its oil trading result was weak.
BP PLC (LSE:BP.) has scored an unexpected legal victory that adds fresh momentum to its turnaround story.