|Bid||24.05 x 2200|
|Ask||24.06 x 3000|
|Day's range||23.86 - 24.18|
|52-week range||15.51 - 42.70|
|Beta (5Y monthly)||0.59|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||2.52 (10.83%)|
|Ex-dividend date||08 May 2020|
|1y target est||32.26|
A warning of exceptional uncertainty ahead came from BP on Tuesday (April 28). The oil major's first-quarter profits tumbled by two-thirds as the crisis hammered demand and its debt rose sharply. London-based BP said it expected significantly lower refining margins in the second quarter when global restrictions on movement reached their peak. The firm reported an underlying replacement cost profit, its definition of net income, of $800 million. That beat the $710 million forecast by analysts. But it was down from the $2.4 billion profit a year earlier. BP, like its peers, responded to a 65% drop in oil prices in the first quarter by sharply reducing spending. It slashed its 2020 budget by a quarter to around $12 billion and reduced output at its U.S. shale operations. Debt hit $51.4 billion in the first quarter and its debt-to-capital ratio rose to 36%, significantly higher than its target of 30% or less. Oil prices slumped again on Tuesday amid concern about dwindling capacity to store crude worldwide. There is also a fear that fuel demand may be slow to pick up once countries ease restrictions. U.S. benchmark crude was down 20% to around 10 dollars a barrel. Meanwhile BP shares were down over 2% on an otherwise up morning for stocks.
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BP is more than halving the size of its senior management team as part of Chief Executive Bernard Looney's drive to make the 111-year-old oil company more nimble as it prepares for the shift to low-carbon energy. In May 14 emails to staff seen by Reuters, Looney named over 100 so-called Tier 2 managers who will form the leadership teams of the 11 divisions he created in February to "reinvent" BP and move away from its traditional structure of upstream and downstream units. For example, Starlee Sykes, who remains head of production for the Gulf of Mexico and Canada, is now two steps removed from Looney whereas before it was three.
The coronavirus pandemic has indelibly impacted the global energy sector. Although the demand for oil has noticeably dropped and prices have plunged, the pace of shift to renewable energy from fossil fuel is still uncertain.
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Royal Dutch Shell's historic 66% dividend cut has paved the way for its British rival, BP (NYSE: BP), to secure the crown as the oil major with the highest dividend yield. BP management recently reaffirmed their decision to keep the quarterly dividend unchanged as of Q1 2020, meaning BP's dividend yield stands at a whopping 11.3% as of this writing.
BP has called on governments to “press ahead” with commitments to tackle climate change even if they find their budgets under strain in the aftermath of the coronavirus pandemic. Brian Gilvary, BP’s chief financial officer, said it was critical countries act with “the speed we need” to avert a catastrophic rise in global temperatures but that he feared they would be too focused on tackling the financial fallout from the crisis. “We have got to do the energy transition — this isn’t an option,” Mr Gilvary told the FT Global Boardroom online conference.
BP said on Tuesday that oil output at its projects in Azerbaijan declined to 524,000 barrels per day (bpd) in the first quarter of 2020 from 571,000 bpd a year earlier. Associated gas output at the Azeri-Chirag-Guneshli (ACG) oilfields was 7.9 million cubic metres in the quarter, up from 5.2 million cubic metres a year ago, the BP-led consortium said in a statement. The consortium said it spent about $150 million in operating expenditure and $522 million in capital expenditure on its operations at ACG oilfields in the first quarter.
BP announced some very ambitious climate goals at its latest earnings call, but reaching these goals will mean a complete strategic overhaul and possibly lower yields for investors
BP Plc has won Australian government backing for a feasibility study into producing hydrogen using wind and solar power to split water and converting the hydrogen to ammonia in Western Australia. The Australian Renewable Energy Agency said on Friday it would provide A$1.7 million ($1.1 million) toward the A$4.4 million feasibility study, part of a push by the government to make the country a major producer of hydrogen by 2030. BP expects to complete the feasibility study in early 2021 on whether to build a pilot plant in the town of Geraldton to produce 20,000 tonnes a year of ammonia and later a commerical-scale facility capable of 1 million tonnes.
BP plc (BP) missed earnings estimates, Kinder Morgan (KMI) reported in line, while Baker Hughes (BKR) came out with better-than-expected bottom-line number.
Oil giant BP (NYSE: BP) reported first-quarter 2020 earnings on Tuesday, April 28, and -- as you might expect -- it was bad. During a quarter that saw an oil price war collapse crude prices and a worldwide pandemic destroy demand, BP's "underlying replacement cost profit" (basically, adjusted net earnings) tumbled to just $791 million, down from $2.4 billion a year ago.
BP Plc said it will delay a planned turnaround at its Australian refinery to late 2021 from early next year as it cannot bring workers on site to do the preparation work this year due to coronavirus social distancing restrictions. BP had to reduce the number of people at its 146,000 barrels per day Kwinana refinery in Western Australia, Australia's biggest refinery, to meet social distancing requirements to help combat the coronavirus pandemic. "The current restrictions on people and activity at the refinery has meant we need to defer pre-turnaround preparations and this in turn will delay the start of the turnaround activity that was scheduled for early 2021," a BP spokesman said in emailed comments.
BP shares were up 1.16% at 1312 GMT, as analysts questioned whether sticking with the dividend and hiking debt was a prudent strategy. "I can see many reasons why this recovery will take longer and therefore I think we're in this for quite some time," Chief Executive Bernard Looney, who took over in February, told Reuters.