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...BP declined to comment on whether it would continue to scale back its production target....
...HOLD: BP (BP.) Production increased by 2.1 per cent, but underlying prices were not favourable, writes Mark Robinson....
...Production could be higher, production could be lower,” he said....
...“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 . . ....
...In its most recent financial results, BP said it expected oil production to increase and production from natural gas and low-carbon energy “to be slightly lower”....
...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....
...Exxon boasts a market value of about $480bn versus $300bn for Chevron, $230bn for Shell and $110bn for BP....
...One investor said he would “not be surprised if [BP] decided they had been too ambitious”, and opted to “not cut oil and gas production as much as they initially said”....
...Markets responded well last February when BP pared back its commitment to cut oil and gas production by the end of the decade, for instance....
...Now, Bluebell has turned its sights on troubled oil company BP, urging it to drop green commitments and increase production of fossil fuels....
...The US Securities and Exchange Commission alleged Tyler Loudon had made $1.76mn in illegal profits after buying up thousands of shares in TravelCenters of America ahead of its $1.3bn acquisition by BP in...
...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 kingdom has also led efforts by Opec+ producers to make cuts to crude oil production in order to prop up the oil price globally....
...BP is the only group committed to cut oil and gas production in the sector, meaning it will produce about 2mn barrels of oil equivalent a day at the end of the decade....
...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...
...Growing oil production and profitable renewables suggest BP will make more money than its share price implies....
...Tyler Loudon admitted to making more than $1.7mn in illegal profits from buying up thousands of shares in TravelCenters of America ahead of its $1.3bn acquisition by BP in February 2023, the US Attorney’...
...“Commercial viability is fundamental for ambitious projects of this size and scale,” said Molly Morris, president of Equinor Renewables Americas....
...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....
...Interim chief executive Murray Auchincloss said oil and gas production was 3 per cent higher than last year and production costs 6 per cent lower....
...The coalition supports binding restrictions on plastic production....
...Stints in Texas and Scotland as finance chief for the company’s North America gas and North Sea operations, respectively, followed....
...Surging petrochemical production in the US and China is making new plastic cheaper than recycled material....
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