BP plc (BP) , the UK-based energy major, has secured a foothold in Israel’s offshore gas exploration sector through a newly granted set of licenses, marking a strategic move alongside Azerbaijan’s SOCAR and NewMed Energy. This joint venture, approved by Israel’s Ministry of Energy and Infrastructure, will explore six blocks within the country’s Exclusive Economic Zone (“EEZ”), strengthening Israel’s energy security and boosting its export potential.In a competitive bidding round, BP, SOCAR, and NewMed Energ ...

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BP plc (BP) , the UK-based energy major, has approved the development of the Ginger natural gas project offshore Trinidad and Tobago. This is one of the 10 major upstream projects that the company aims to bring online by 2027. The decision aligns with BP's recent strategy reset, which involves increasing investment in oil and gas while scaling back spending on renewables. BP Expands Upstream Investment Amid Strategy Shift Last month, BP announced that it would increase its upstream oil and gas investments t ...

BP plc (BP) , the UK-based energy major, announced plans on Thursday to divest its mobility and convenience business in Austria, marking a strategic shift under CEO Murray Auchincloss' reset strategy. The move is part of the company's broader efforts to streamline operations and focus on core assets.BP to Exit Austrian Retail and EV Charging BusinessThe divestment will include more than 260 retail sites across Austria, along with BP’s Austrian fleet business, electric-vehicle (EV) charging infrastructure, a ...

BP plc (BP) , the UK-based energy major, has secured final approval from the Iraqi government to proceed with the redevelopment of the Kirkuk oil fields, aiming to produce more than 3 billion barrels of oil equivalent. This agreement marks a significant advancement for Iraq's energy sector, which has faced challenges due to years of conflict and infrastructural issues. The project also aligns with BP's strategic focus on enhancing its oil and gas portfolio.The contract involves collaboration between BP, Ira ...

BP plc (BP) , the UK-based energy major, is facing mounting pressure from activist investor Elliott Management, which has been meeting major shareholders to advocate deeper reforms, including cost cuts and potential leadership changes. The push came despite BP’s recent shift to hydrocarbons, following a strategy revamp last month.BP Faces Investor Scrutiny Over PerformanceBP has lagged rivals Shell and ExxonMobil over the past five years, a trend that many investors attribute to the company’s 2020 decision ...

Company Performance - BP closed at $34.11, reflecting a -1.27% change from the previous day, underperforming the S&P 500's gain of 1.77% [1] - Over the past month, BP shares increased by 1.95%, while the Oils-Energy sector gained 0.43% and the S&P 500 decreased by 5.73% [1] Earnings Projections - The upcoming EPS for BP is projected at $0.64, indicating a 34.02% decline compared to the same quarter last year [2] - Revenue is expected to reach $57.08 billion, representing a 14.25% increase from the year-ago quarter [2] - For the full year, earnings are projected at $3.21 per share and revenue at $241.39 billion, reflecting changes of -1.53% and +24.02% respectively from the prior year [3] Analyst Estimates and Valuation - Recent adjustments to analyst estimates for BP are crucial as they reflect short-term business trends, with positive revisions indicating a favorable outlook on the company's health and profitability [4] - The Zacks Rank system, which incorporates estimate changes, currently ranks BP at 3 (Hold), with a recent EPS estimate decrease of 9.11% [6] - BP's Forward P/E ratio stands at 10.78, which is a premium compared to the industry average of 7.99 [6] - The PEG ratio for BP is 1.22, slightly above the industry average of 1.19 [7] Industry Context - The Oil and Gas - Integrated - International industry, to which BP belongs, ranks in the bottom 39% of all industries according to the Zacks Industry Rank [8]

Group 1: BP's Transaction and Strategic Moves - BP has secured a $1 billion deal with Apollo-managed funds to divest a 25% non-controlling stake in BP Pipelines, which holds BP's 12% interest in the Trans-Anatolian Natural Gas Pipeline (TANAP) [1] - The agreement builds on a previous transaction in November 2024, where Apollo acquired a stake in the Trans Adriatic Pipeline, enhancing BP's ability to monetize infrastructure assets while retaining strategic governance rights [2] - The sale is expected to close in the second quarter of 2025, pending regulatory and shareholder approvals, and is part of BP's broader divestment program targeting $20 billion in proceeds [3] Group 2: Importance of TANAP and European Energy Security - TANAP spans approximately 1,800 kilometers across Türkiye and is a crucial segment of the Southern Gas Corridor, delivering gas from Azerbaijan's Shah Deniz field to European markets [4] - The pipeline plays a vital role in European energy security by ensuring a steady supply of natural gas [4] Group 3: Operational Updates and Future Prospects - BP recently resolved a temporary shutdown at its Shah Deniz Alfa platform due to a subsea pipeline technical issue, with operations resuming swiftly [5] - The Shah Deniz project has been a cornerstone of Azerbaijan's gas exports since 2007, with the second phase expanding production capabilities [5] - BP continues to optimize its portfolio while maintaining a stake in energy infrastructure critical for European gas supply [6]

BP plc (BP) , the UK-based energy major, is looking to sell a 50% stake in its solar unit, Lightsource BP, as part of a broader effort to cut costs, improve returns and address investor concerns. The energy major is seeking a strategic partner that will provide cash and commit to future investments, with initial bids due in June, according to a report by Reuters.BP, which took full control of Lightsource BP last October for £400 million plus £2.1 billion in debt, is now looking to partially divest the unit. ...

Core Viewpoint - BP plc is showing strong technical signals with a potential Golden Cross on the horizon, indicating possible upside for the stock price [1][4]. Technical Analysis - BP's stock is currently priced at $33.39, above its five-day, 20-day, 50-day, and 200-day simple moving averages [1]. - The 50-day moving average is at $32.21 and is approaching the 200-day average of $32.47, suggesting a bullish trend [1]. - The Moving Average Convergence Divergence (MACD) is at a negative 0.02, indicating a bearish signal, while the Relative Strength Index (RSI) is at 58.21, nearing overbought territory but still allowing for potential gains [2]. Strategic Developments - BP has entered a 50-50 joint venture with Jera Co. Inc. to accelerate offshore wind projects across Europe, Asia-Pacific, and the U.S., which could serve as a catalyst for stock momentum [2][3]. - The partnership aims for a projected net generating capacity of 13 gigawatts, positioning BP as a significant player in the global energy transition [3]. - BP is also considering selling its Castrol lubricants business, which could generate approximately $10 billion, potentially strengthening its balance sheet [3]. Investor Insights - A successful Golden Cross could mark BP's transition into a sustained bullish phase, presenting an entry point for investors [4]. - Traders are advised to monitor the RSI for potential near-term pullbacks before a stronger upward movement [4]. - If BP effectively implements its wind energy strategy and improves its financials, the stock may experience extended gains beyond the current bullish technical setup [4].