BP rose on plans to venture into the Canadian oil sands on Tuesday amid a surge in energy stocks on tight oil inventories and plans by OPEC to hold production steady.
The overall market also provided a big lift, with the Dow Jones Industrial Average ($DJ:13,444.96, ...
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BP rose on plans to venture into the Canadian oil sands on Tuesday amid a surge in energy stocks on tight oil inventories and plans by OPEC to hold production steady. The overall market also provided a big lift, with the Dow Jones Industrial Average ($DJ:13,444.96, +196.23, +1.5%) rallying nearly 200 points in midday action on strong U.S. productivity gains and private-sector hiring. Crude-oil stocks fell by 8 million barrels to 305.2 million barrels in the past week, well below the forecast for a dip of 1.7 million barrels. Crude-oil futures rose 50 cents to $88.82. In a move to tap into what's often regarded as the largest oil reserves in the world outside Saudi Arabia, BP (BP:73.68, +1.33, +1.8%) said it will exchange half of a stake in its Toledo refinery for a half share of Husky Energy's Sunrise field in Alberta. "BP's move into oil sands is an opportunity to b
BP has launched a search for a new chairman in a move that will draw a line under the turmoil that has engulfed the British oil giant for two years.BP, which has a market value of £107 billion, has...
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Shares in BP fell yesterday after a newspaper reported that the oil company's chief executive had warned staff of poor third-quarter results. The Financial Times said CEO Tony Hayward told a staff meeting in Houston that he planned a shakeup of the company's structure after its worst financial performance in 15 years. Hayward told staff that third-quarter revenues, due to be announced October 23, would be 'dreadful' and that BP needed to streamline its overly complicated structure. "There is massive duplication and lack of clarity of who does what," Hayward said. "We will reduce the number of organisation units. (We) will reduce the number of layers from the workers up to the CEO from 11 to about seven." BP confirmed the staff meeting had taken place but said Hayward's comments had focused on operating performance rather than a major hit to revenue. BP shares closed 2.8pc lower at 572.5 pence on the London Stock Exchange. Via|Gulf Daily News|BRITISHPETROLEUM|BP,Tony Hayward,London
Shares in BP fell yesterday after a newspaper reported that the oil company's chief executive had warned staff of poor third-quarter results. The Financial Times said CEO Tony Hayward told a staff meeting in Houston that he planned a shakeup of the company's structure after its worst financial performance in 15 years. Hayward told staff that third-quarter revenues, due to be announced October 23, would be 'dreadful' and that BP needed to streamline its overly complicated structure. "There is massive duplication and lack of clarity of who does what," Hayward said. "We will reduce the number of organisation units. (We) will reduce the number of layers from the workers up to the CEO from 11 to about seven." BP confirmed the staff meeting had taken place but said Hayward's comments had focused on operating performance rather than a major hit to revenue. BP shares closed 2.8pc lower at 572.5 pence on the London Stock Exchange. Via|Gulf Daily News|BRITISHPETROLEUM|BP,Tony Hayward,London
Computerworld posted an article this morning that references how British Petroleum (BP) is using a mashup of Microsoft’s VE, weather feeds (web services), and data from a corporate data warehouse to visualize the company’s equipment in the Gulf Coast. In essence, BP is using the mashup for both preventive measures and operation responses for hurricane damage.
This is a great example of how mashups at the enterprise level are becoming part of key business processes. As mentioned earlier, it is likely that the development of enterprise mashups will continue to expand in the near future. In the context of the geospatial industry, this begs the question of how companies will be positioned within the mashup food chain, both in terms of providing content and fulfilling mashup development. Thoughts?
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Tony Hayward, BP's new chief executive, has warned staff that the oil giant's third-quarter revenue will be "dreadful" and raised the specter of massive layoffs by pledging to simplify the corporate structure, a according to a published report. Hayward issued his grim assessment during a "town-hall" staff meeting in Houston, saying the group's financial performance was its worst in more than 10 years, the Financial Times newspaper reported. Shares of BP (BP:69.33, -1.91, -2.7%) were down 3.3% in afternoon trades on the New York Stock Exchange. The company's London-traded shares also gave up ground, dropping 3.1%, with others in the European oil sector showing similar weakness as crude-oil prices receded. Shares of Royal Dutch Shell (RDSA:82.83, -0.87, -1.0%) lost 1.5% and Total gave up 1.6%. Hayward took over the top spot at BP from John Browne in May. Browne had lost a court
Buy-recommended BP offers unlevered appreciation potential of 17% to estimated net present value [NPV] of $87 a share, revised up from $80 a share on May 29 when we raised longterm oil price to $66 a barrel from $60. Second quarter results reported on July 24 trace a rising trend in unlevered cash flow (Ebitda) connected primarily to crude oil price.Concentrated 59% on oil production, NPV for the mega cap stock looks slightly high compared to our estimates for some thirty other producers. Resolution of a dispute over Kovykta, a large undeveloped natural gas field in Russia, improves BP’s prospects for profit as half-owner of large Russian producer, TNK-BP.New Chief Executive Tony Hayward also strives to restore operating shortfalls in refining that contributed to higher industry margins, but limited incremental profit for BP. Regardless, the trend in long-term oil price appears to be up despite volatility of short-term quotes. Finally, BP stock also has positive momentum as it trade
A BP-owned oil company is among 17 international corporations facing demands to pay £385m for ecological damage across a region in Patagonia six times the size of England.The Argentine government claims Pan American Energy, in which BP has 60 per cent control, has increased deforestation by building roads and facilities for 10,000 rigs in the 900,000 sq km area. The wastage is allegedly spreading disease through water contamination.Ombudsman Eduardo Mondino, who has taken the oil companies to court, says: 'Many of these companies are well aware of the environmental rules they must comply with, but in Argentina it is cheaper for them to pay the fines.'It is now up to the Supreme Court of Justice to decide on what amount, if any, these companies should pay. It will be months before a decision.Mario Calafell, a spokesman for Pan American Energy, said: 'We do not have any responsibility for environmental damages... In fact, we have certificates that ensure our excellence in environment
