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2018-11-02 11:45:00

BP - BHP ACQUISITION: $10.5 BLN

BP - BHP ACQUISITION: $10.5 BLN

BPBP has completed the $10.5 billion acquisition of BHP's U.S. unconventional assets in a landmark deal that will significantly upgrade BP's U.S. onshore oil and gas portfolio and help drive long-term growth.

The acquisition – which was announced in July and closed as scheduled on October 31– adds oil and gas production of 190,000 barrels of oil equivalent per day (boe/d) and 4.6 billion oil equivalent barrels (boe) of discovered resources in the liquids-rich regions of the Permian and Eagle Ford basins in Texas and in the Haynesville natural gas basin in East Texas and Louisiana.

Following integration, the transaction will be accretive to earnings, is estimated to generate more than $350 million of annual pre-tax synergies and is expected to boost Upstream pre-tax free cash flow by $1 billion, to $14-15 billion in 2021.

"By every measure, this is a transformational deal for our Lower 48 business. It is an important step in our strategy of growing value in Upstream and a world-class addition to BP's global portfolio," said Bernard Looney, BP's Upstream chief executive. "We look forward now to safely integrating these great assets into our business and are excited about the potential they have for delivering growth well into the next decade."

BP's Lower 48 business also announced today that it is changing its name to BPX Energy. The change marks a new era of growth for BP's U.S. onshore oil and gas unit, which has operated as a separate entity since 2015 and has achieved material improvements in operational and financial performance since then.

The "BP" portion of the business's new name reflects that it remains wholly-owned by BP and a strategic business within BP's Upstream organization. The "X" stands for exploration -- both the search for new oil and gas resources as well as for new ideas and methods to fundamentally improve the business.

"We are exploring how to improve every aspect of our business," said Dave Lawler, CEO of BPX Energy. "Our mission is to build an organization imbued with a strong, inclusive, modern culture where everyone is respected, supported, and encouraged to achieve their highest potential and career aspirations; an organization that leads the industry in the protection of people and the environment, while simultaneously creating significant value for BP's shareholders."

"While we have more to do, we have made great progress toward our goals, while also delivering material value to BP," said Lawler. "And I've never been more confident about our future."

 

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Earlier:

 BP PROFIT $3.9 BLN
2018, October, 31, 12:55:00

BP PROFIT $3.9 BLN

BP - For the third quarter, underlying RC profit was $3,838 million, compared with $1,865 million in 2017. Underlying RC profit is after adjusting RC profit for a net charge for non-operating items of $649 million and net adverse fair value accounting effects of $98 million (both on a post-tax basis). RC profit was $3,091 million for the third quarter, compared with $1,379 million in 2017.

 

 BP: OIL PRICE $60 - $65
2018, October, 12, 11:25:00

BP: OIL PRICE $60 - $65

PLATTS - "If sanctions were put on Rosneft or Lukoil or Gazprom, like what happened to Rusal, you would virtually shut down the energy systems of Europe," Dudley said.

 

 BP: GROWTH IN ENERGY DEMAND UP
2018, June, 15, 11:10:00

BP: GROWTH IN ENERGY DEMAND UP

BP - In 2017 global energy demand grew by 2.2%, above its 10-year average of 1.7%. This above-trend growth was driven by stronger economic growth in the developed world and a slight slowing in the pace of improvement in energy intensity.

 

 BP - ROSNEFT STRONG PARTNERSHIP
2018, April, 25, 09:40:00

BP - ROSNEFT STRONG PARTNERSHIP

REUTERS - BP (BP.L) has a “very strong” partnership with Russian oil giant Rosneft (ROSN.MM) but will steer away from politics, Chief Executive Officer Bob Dudley said on Tuesday, as Moscow could face new western sanctions.

 

 BP EXPANDS IN CHINA
2018, February, 5, 07:30:00

BP EXPANDS IN CHINA

BP - BP and Shandong Dongming Petrochemical Group (Dongming Petrochemical) announced the signing of joint venture agreements to develop a leading branded retail fuels and convenience business covering the Chinese provinces of Shandong, Henan and Hebei. Subject to regulatory approvals, the partnership with Dongming Petrochemical will start operations in 2018 and the network is expected to grow to 500 sites in 10 years. BP has a 49% equity share of the joint venture and Dongming Petrochemical the remaining 51%.

 

 BP ENERGY OUTLOOK 2035
2017, February, 28, 18:50:00

BP ENERGY OUTLOOK 2035

The growing world economy will require more energy, but consumption is expected to grow less quickly than in the past - at 1.3% per year over the Outlook period (2015-2035) compared with 2.2% per year in 1995-2015.

 

 РОСНЕФТЬ & BP: ЕРМАК НЕФТЕГАЗ
2016, November, 1, 18:50:00

ROSNEFT & BP: YERMAK NEFTEGAZ

Rosneft and BP announce the completion of the deal to create a new joint venture, Yermak Neftegaz LLC, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation.

 

 

Tags: BP, BHP, ACQUISITION
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