Company
BP plc is a major British multinational oil and gas company, involved in exploration, production, refining, and energy trading worldwide.
International Energy Agency says the global diesel shortage will stretch into 2027 despite planned sanctions easing and stockpile releases. Heavy diesel users face high costs into next year while refiners expect record profits.
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Saudi Arabia kept its World Energy Congress running in Riyadh after Houthi strikes that closed the airport killed 13 and injured over 300. Operators with Gulf travel or freight exposure have a closed airport to plan around and a wider closure to price.
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BP expects net debt of $13.5 billion to $14.5 billion at the end of September, down from $22.3 billion in June. New chief executive Meg O'Neill sets out her strategy in New York on December 15.
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BP told markets on Tuesday that its third-quarter update will include a post-tax impairment charge of $3bn to $4.5bn. City AM ties the charge to investor pressure, but the wording BP gave points only to its transition assets.
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Pipeline buyers led by Williams and ONEOK paid about $14.7 billion in five midstream deals while upstream M&A largely stalled, Fortune reports. Most sellers are private equity firms getting their price from buyers betting on Gulf Coast LNG and data-center gas demand.
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The memorandum signed at Miraflores Palace on September 19 follows deals BP, Eni, Repsol and Chevron struck with the new government this year. Venezuela still pumps under a million barrels a day against about three million in the late 1990s.
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A widely shared theory says large companies will prompt their way out of paying for CRM and ERP seats. One practitioner's answer is that the buying decision turns on security review and audit trail, and on who signs the liability clause.
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Fortune's fourth Europe 500 counts a record $15.5 trillion of combined revenue at a 6.5% margin, down from 7.1% two years ago, with two fifths of the profit sitting in 105 finance companies. Part of this year's rebound came from oil.
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Venezuela's new petroleum minister pitched 916 exploration opportunities and 192 trillion cubic feet of gas. The names on paper so far are Hunt Oil and SLB.
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