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Showing results for Stiel v. BP Exploration & Production, Inc.
...“It is fair to assume that virtually every company focused on oil and gas exploration, production and refining is continuously looking to expand its oil and gas activities,” said Hortense Bioy, global director...
...The unsolicited offer for Total’s Canadian oil exploration and production business includes the company’s stakes in two main oil sands projects with a combined production share of 135,000 barrels of bitumen...
...BP said in a statement that while it “will no longer have interests in oil sands production” in Canada it “will shift its focus to future potential offshore growth”....
...A separate resolution filed with Imperial Oil calls on Canada’s second-biggest integrated oil company to halt all new exploration projects....
...“Positioning ourselves as a private company will allow us to take maximum advantage of our greatest strength — our strong heritage as one of the leading exploration companies in the world,” Hamm wrote to...
...Pursing older assets marks a significant switch from the old mindset of the $100-oil era, when small exploration and production companies used to pitch high hopes of discoveries in frontier basins as the...
...In addition, BP will not seek further exploration in countries where it does not already have upstream activities (the company also highlights its stake in Rosneft as a fundamental part of BP’s broader portfolio...
...Aker BP is our only Buy rating. Lundin Energy: We upgrade our rating to Hold from Reduce given the shares’ defensive qualities, owing to a low-cost/long-life production base....
...The “Pickens Plan” failed to revolutionise Detroit, though gas and renewable energy production have since soared in the US....
...We arrive at favourable answers for all four: we expect a V-shaped recovery. Even if 2020 is down €-5b, 2021 will be up by €+8b....
...Lebanon is also opening its waters to exploration....
...Production has started at the Chevron-led Wheatstone liquefied natural gas project in Australia after six years of construction and investment of $34bn....
...Despite this risk factor, production in the region was cash generative last year....
...Earnings from refining, marketing and chemicals are expected by analysts to have been about $7.61bn in 2016, compared with a loss of $2.53bn from upstream exploration and production....
...However, weak oil prices have made upstream exploration and production businesses hard to offload as potential buyers seek fire-sale prices while sellers hold out for a so-far elusive recovery....
...The upstream business — responsible for exploration and production — inched back into the black with profits of $29m, compared with a loss of $747m in the first quarter but down from $494m a year ago....
...BP’s 48 per cent fall in profits reflected weak downstream margins as well as losses in exploration and production....
...The likes of BP and ExxonMobil disclose financial information by division, such as refining, and exploration and production....
...ConocoPhillips, the largest US exploration and production company, was also put on watch for a possible downgrade within 90 days....
...As Ryan Lance, chief executive of ConocoPhillips, the largest US exploration and production company, puts it, the upturn will come, “it’s just you can’t bet on it coming quickly . . ....
...This year companies have typically been focusing on projects that have quick paybacks in production, while slamming the brakes on exploration and longer-term developments, but the natural decline of oilfields...
...Last year, the company managed to extract 3m barrels from its Thistle oilfield, once owned by BP, for the first time since 1997....
...Coincidentally, a few days later his former employer, BP, agreed a $18.7bn settlement of disputes over the 2010 Deepwater Horizon disaster, which took place after he had resigned as chief executive....
...It is also arguing that because the spill was caused by its US subsidiary, BP Exploration and Production Inc, which operates its wells in the Gulf of Mexico, the financial impact of the penalty should be...
...As a result, Exxon is under much less pressure to cut spending than smaller exploration and production companies, which are coming under varying degrees of financial strain....
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