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...Exxon boasts a market value of about $480bn versus $300bn for Chevron, $230bn for Shell and $110bn for BP....
...BP’s latest green growth push comes as activist investor Bluebell Capital Partners calls on the company to abandon its green commitments and increase production of fossil fuels....
...Other energy companies are also looking to convert oil refineries for biofuels production....
...Auchincloss confirmed on Wednesday that BP’s transition “from international oil company to integrated energy company . . . does not change”. The overarching principle may not change....
...Now, Bluebell has turned its sights on troubled oil company BP, urging it to drop green commitments and increase production of fossil fuels....
...Still, Delaware, Inc is going to have to decide whether its brand should be based on being an even-handed, dispassionate system or something more corporate-friendly, designed to keep up in a regulatory race...
...Yet there is little love lost between hedge fund Bluebell Capital Partners and BP. The London-based activist has called BP’s strategy to cut oil and gas production “irrational”....
...The revision comes after the company pledged to devote a higher proportion of spending to oil and gas last year, and other oil groups such as BP have slowed their retreat from oil....
...While BP insists that it is committed to cutting oil and gas production, the company has moved to slow its retreat in response to pressure from shareholders and as Russia’s full-scale invasion of Ukraine...
...However, he did not rule out adjusting the company’s oil and gas production target again. “I can’t tell you what the volume will be at the end of the decade,” he said....
...In the letter, seen by the Financial Times, Bluebell said BP’s pledge to reduce oil and gas production by 25 per cent by 2030 compared with 2019 levels meant it was destroying shareholder value by moving...
...This is a lucrative but often overlooked side business that should help to insulate the company against some of the aforementioned cyclical problems....
...The settlement does not specify from whose cut the 4 bps decrease in interchange fees will come....
...in other companies to a value of more than $2mn....
...Scaringe told investors on an earnings call that the company’s bank of orders had declined....
...Oil and gas production — still very much the engine of the company — posted $3.1bn of operating profit, higher than consensus estimates....
...But the company was ultimately unable to get permission to operate locally....
...Looney announced plans in 2020 to transform BP from an oil and gas producer into an integrated energy provider by cutting fossil fuel production and investing in green technologies....
...Producers in free markets in Latin America, meanwhile, are cashing in....
...Stints in Texas and Scotland as finance chief for the company’s North America gas and North Sea operations, respectively, followed....
...“Commercial viability is fundamental for ambitious projects of this size and scale,” said Molly Morris, president of Equinor Renewables Americas....
...Crude oil production has fallen sharply in the past two decades with monthly output dropping to a four-decade low in February....
...At the COP28 climate conference in December, companies representing about a third of global oil and gas production including ExxonMobil, TotalEnergies, BP and Shell pledged to stop routine flaring of excess...
...However, Auchincloss added that BP would not follow Exxon and Chevron in acquiring additional oil production either....
...US companies investing in Venezuelan oil and gas not covered by existing licences will have until May 31 to wind down their operations....
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