It was a week when both oil and natural gas prices recorded losses.The headlines revolved around supermajor Shell (SHEL) and BP’s (BP) Q1 earnings updates. Developments associated with ExxonMobil (XOM) , Petrobras (PBR) and Chevron (CVX) also grabbed attention.Overall, it was a bearish seven-day period for the sector. West Texas Intermediate (WTI) crude futures dropped around 1.4% to close at $85.66 per barrel, while natural gas prices edged down 0.8% to end at $1.77 per million British thermal units (MMBtu ...

BP plc (BP) , a global leader in the energy sector, has announced the commencement of oil production from its latest offshore platform, Azeri Central East (“ACE”), located offshore Azerbaijan. This marks the inauguration of BP's seventh offshore platform at the Azeri-Chirag-Gunashli (“ACG”) field in the Caspian Sea.The ACG field, which kickstarted its production journey in 1997, has been a pillar in Azerbaijan's oil industry, contributing more than 4.3 billion barrels of oil to date. However, the country's ...

British oil giant BP (NYSE:BP) recently announced job cuts in its electric vehicle charging sector, the latest example of BP layoffs. Indeed, the firings are directed toward BP Pulse to redirect company attention toward its most profitable branches amid growing sentiments away from oil and gas-powered energy.What do you need to know about BP’s recent layoffs?Well, BP has cut over 10 percent of its workforce in its electric vehicle (EV) charging branch, according to an internal memo. “Our EV ambitions have n ...

Economies across the world are gradually transitioning to cleaner energy sources. There has been a steady increase in pressure on energy companies to act on climate change on multiple fronts. Most analysts believe that although renewable energy will meet future energy needs, it will not completely wipe out oil and natural gas demand. Demand for fossil fuels will also grow but at a slower pace.The U.S. Energy Information Administration, in its Annual Energy Outlook 2023, revealed that through 2050, renewable ...

BP plc (BP) , a global leader in the energy sector, anticipates robust results from its trading operations in the first quarter of 2024, with a notable uptick in oil transactions. In its latest trading update released on Tuesday, BP emphasized the positive performance of its trading arm, highlighting concurrent increases in oil and gas production and improved margins within its refining division.According to the company's statement, the initial trading figures suggest a favorable outlook for first-quarter e ...

BP plc (BP) , a multinational oil and gas giant, is on the verge of finalizing an agreement to offload a portion of its Trinidad and Tobago oil and gas assets to Anglo-French oil company Perenco, per a Reuters report.This strategic move comes amid discussions surrounding BP's declining gas output and its plans for collaborative ventures in the Caribbean.BP stands as the largest natural gas producer in Trinidad, boasting an output of more than 1.3 billion cubic feet per day (bcf/day). The majority of this ou ...

Energy stocks are jumping, helped by the strong performance of crude oil prices. In the UK, the Shell (LON: SHEL) share price surged to a high of 2,737p on Wednesday. BP (LON: BP) surged to 511p while Tullow Oil spiked to 32p, higher than this year’s low of 26.35p.XLE vs QQQ vs SPY Crude oil price is surging Copy link to section Globally, oil and gas stocks have soared to their all-time highs. As I wrote here, the Energy Select Sector SPDR Fund (XLE) has jumped to the highest point on record. It has outperf ...

Oil Is Exploding Higher and 5 Blue Chip Dividend Integrated Giants Are Cheap David McNew / Getty Images News via Getty Images Since topping out at $120 in the summer of 2022, the major oil benchmarks had traded down every month until bottoming at the beginning of December that year. The decline from the top in June of 2022 was a staggering 40%, and while the oil majors can still make money at that level, with a declining price, many opted to slow or halt production. By March of last year, West Texas Inter ...

The latest trading session saw BP (BP) ending at $38.65, denoting a +1.87% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily loss of 0.72%. Meanwhile, the Dow experienced a drop of 1%, and the technology-dominated Nasdaq saw a decrease of 0.95%.Coming into today, shares of the oil and gas company had gained 6.36% in the past month. In that same time, the Oils-Energy sector gained 6.92%, while the S&P 500 gained 2.16%.Analysts and investors alike will be keepi ...

BP plc (BP) plans to reduce the crude processing capacity of its Gelsenkirchen oil refinery in Germany by approximately one-third from 2025, citing a subdued demand outlook, on Wednesday, per a Reuters report.The decision to reduce capacity comes against the backdrop of mounting challenges faced by European refiners, including stringent environmental regulations, intensifying overseas competition and the surge in electric vehicle sales.Speaking at the CERAWeek energy conference, Amber Russell, the head of r ...