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...BP declined to comment on whether it would continue to scale back its production target....
...BP’s shareholders are expecting the company to further soften its climate-related oil and gas production targets....
...HOLD: BP (BP.) Production increased by 2.1 per cent, but underlying prices were not favourable, writes Mark Robinson....
...“What we are going to do over the coming years, at least through 2030 and potentially beyond, is continue to grow our LNG business . . . stabilise our oil production at around 1.4mn barrels per day . . ....
...BP will contribute its existing concession and exploration agreements in Egypt, while Adnoc will make “a proportionate cash contribution” to be used for future growth opportunities, the companies said in...
...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....
...and production....
...All this fed through to a 44 per cent reduction in cash profits (ex-exploration costs) to $90.6mn....
...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....
...Meanwhile, the company has named Bob Dudley, former head of BP, to serve on its board of directors from July for three years, according to an April filing on the Saudi stock exchange....
...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”....
...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....
...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...
...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....
...What is striking is that shares in US-listed gas-focused exploration and production companies have performed surprisingly well year to date....
...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....
...China’s production of refined copper has surged in recent years, but given the huge global demand, the commodity superpower cannot be relied upon to plug the production gap....
...Oil and gas production — still very much the engine of the company — posted $3.1bn of operating profit, higher than consensus estimates....
...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....
...The company “received indications” that Boeing would increase its production rate of the wide-body jet at a slower rate. Sprit now plans to deliver 55 units for the year, rather than 80....
...Moving from exploration to production has required an average of 16 years in the past two decades, according to S&P Global Market Intelligence....
...“The UK needs a national champion to manage the decline [in oil and gas production],” he said, adding that while two Norwegian groups — Equinor and Aker BP — accounted for about four-fifths of production...
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