Latest news with #BP
Yahoo
4 hours ago
- Business
- Yahoo
Kosmos Energy's (KOS) LNG Project Achieves Commercial Operations Date
Kosmos Energy Ltd. (NYSE:KOS) is one of the 10 best-value penny stocks to buy, according to analysts. On June 23, the company announced that its innovative liquefied natural gas project, Greater Tortue Ahmeyim, has reached the Commercial Operations Date (COD). The company is developing the project in partnership with BP. An oil and gas crew working on a midstream pipeline, illuminated against a dusk sunlit sky. Commercial Operations Data as part of a 20-year lease and operation agreement marks a significant milestone for the project's partners. The milestone comes on LNG production volumes increasing significantly to levels equivalent to annual contracted volumes of about 2.4 million tons per annum. Achieving COD status and the recent build-up in cargo lifting activity reflect the sustained cooperation between the project partners and Golar LNG Limited. Kosmos Energy Ltd. (NYSE:KOS) is a Deepwater oil and gas exploration and production company focused on finding and developing resources in proven basins offshore Ghana, Equatorial Guinea, Mauritania, Senegal, and the U.S. Gulf of Mexico. While we acknowledge the potential of KOS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Times
9 hours ago
- Business
- Times
Shell's pause on BP takeover gives all sides a useful breather
The swimming pool has gone from the basement at Shell Centre, the London headquarters of the FTSE 100 oil and gas company, as has the rifle range. The latter went about 20 years ago, while the pool was a casualty of the 2016 redevelopment of the sprawling South Bank site, which sits in the shadow of the London Eye. Some things don't change, however, and Shell staff would have heard the news this week that their employer had looked at buying BP with a shrug of the shoulders. Not that old chestnut again! 'Shell + BP = British energy behemoth' is an equation that has been chalked on many blackboards over the years, mostly those of eager investment bankers dreaming of enough fees to pay for an early retirement. Sometimes it has been more than just a dream. It came up during the oil-industry merger mania of the late 1990s, when the oil price dropped to $10 a barrel. John (now Lord) Browne raced off in a different direction, doing an astonishing string of deals including mergers with Amoco and Arco in the US and breaking into Russia with the creation of TNK-BP, a deal that two decades later still looms large in any discussions of BP's future. Browne reportedly looked quite hard at the merits of a Shell merger just before he left in 2007 after falling out with his chairman, the late Peter Sutherland; the proposed deal added to the friction. This was later dismissed as 'scenario planning,' but Tony Hayward, Browne's successor, had to deny the pair were talking not long after he took the job. Hayward soon had other things to worry about: a fatal blowout on the Deepwater Horizon drilling rig in the Gulf of Mexico caused one of the world's biggest oil spills. That eventually cost Hayward his job and BP some $65 billion. Now the deal is back on again — sort of. Bloomberg reported in May that Shell was looking at making a move and The Wall Street Journal said this week that the two companies were in early talks. Not so fast! Shell poured cold water on the whole thing with a statement to the stock exchange on Thursday saying 'it has not been actively considering making an offer for BP'. You might think this means the bankers will have to rethink their early retirement plans, but that is not necessarily the case. Shell's statement means it is barred (by rule 2.8 of the City takeover code) from making an offer for six months. The rule, however, does not much restrict its room to manoeuvre. Shell can jump in if someone else makes a move on BP, if the board of BP agrees to a Shell approach, or if Shell can manage to convince the Takeover Panel, which polices the code, that there has been 'a material change of circumstances'. In reality, Thursday's statement means Wael Sawan, Shell's chief executive, is keeping his powder dry. He can sit back, do more work on whether a deal makes sense and has the option to get involved if a rival tries to beat him to the punch. There are three good reasons for Sawan wanting to wait. First, he has only been chief executive for two years and is still working his way through his big internal transformation plan. The next stage, amalgamating what were separate technical divisions into the operating businesses, is due to kick off early next year. Complicating that shake-up with the integration of BP could be a nightmare and many big deals fail on the difficult nitty-gritty of merging two different company systems and cultures. CHRIS DUGGAN Second, the oil price may work in his favour. One of the surprises of the past fortnight is how muted the market's reaction was to the Israel-Iran hostilities and the American attack on Iran's nuclear facilities. Despite all the talk of $100 a barrel, the price hovered around in the mid-70s last week and dropped to $68 after Donald Trump 's announcement of a ceasefire. That suggests, as many analysts have pointed out, a well-supplied market, with the likelihood of lower prices should tensions in the Middle East ease. Lower prices makes life trickier for BP and has in past always been the catalyst for oil industry deals. • Does it make sense for Shell to buy BP? Third on Sawan's list is the Russia-Ukraine war. A ceasefire could help to push the price down and might also give some clarity on BP's Russian interests. It said three years ago it would get out of its 19.75 per cent stake in Rosneft (the legacy of Browne's TNK deal) but hasn't yet found a way to do it, leaving the shares in limbo. The pause should also give ministers time to think about how they might react if the merger ever became a reality. Having an oil major based on home soil is extremely useful to governments for all kinds of reasons: advice on energy markets, intelligence from interesting parts of the world where the local BP or Shell manager might be better plugged in than the British ambassador, and head offices that provide hundreds of well-paid highly-skilled jobs and, sometimes, a lucrative stream of tax revenue. Britain has been fortunate to have two, and it would probably not be too much of a blow if they united as one much larger entity. It would be a serious blow, however, if the merged company decided, as some multinationals have in recent years, that it would be better to have a primary share listing in the United States rather than the UK. Sawan has been asked about this in the past and given guarded answers, saying that Shell might have to look at 'all options' if US oil companies continued to attract a higher valuation than those listed in London. A shift across the Atlantic would be a grievous wound to the already struggling London stock market. On top of that would be the loss of jobs and all that intangible value oil and gas companies can quietly provide. Shell's six-month pause gives its management time to reflect on what to do next and the government time to work on plans to make sure that if a merger does happen the combined company stays here.
Bangkok Post
14 hours ago
- Business
- Bangkok Post
Why tourists baulk
Why tourists baulk Re: "Israeli market poised to contract amid war", (Business, June 21). Thailand has been frequently in the news of late regarding its tourism drop-off. The stated reasons are only part of the story. Setting aside food and some hotel prices, Thailand has one of the world's lowest inflation rates, but you may not know this as a tourist, as its currency is strong. China's outbound tourism is down just about everywhere, while many Europeans are staying home due to their ongoing wars, poor economies, and inept politicians. Japan is "in just now" in part due to its depreciating currency of late, despite, in my opinion, rather difficult-to-navigate public transport, bland food (fish and mostly white rice), and no garbage bins. Paul A Renaud Who comes next? Re: "Don't rush censure bid, BJT told", (BP, June 26). I, too, feel that PM Paetongtarn gravely lacks the expertise necessary to lead us, but before we kick her out, who's a better alternative? We should ensure we're not jumping from the frying pan into the fire. For example, 99 leading Thai economists, including former central bank governors, wrote an open letter opposing her 10,000-baht digital wallet handout, citing issues like the recovering economy and a fiscal multiplier below one. Poor results from the first two tranches of the handout supported the opponents' arguments. Who would have the vision and expertise to do better than Ms Paetongtarn, and what would they have done with the funds? Being constructive in our criticism would be very persuasive in convincing MPs that Ms Paetongtarn could have done much, much better and should exit the stage. Burin Kantabutra Calm before creed Re: "Analysis: US military pulled back into Middle East wars", (World, June 22). Like Hamas, Iran's disdain for peaceful coexistence with Israel needs to be contained. But when US President Donald Trump's Secretary of Defense Pete Hegseth boastfully proclaims regarding his country's allegedly pre-emptive attack on Iran that "We give glory to God" (Pentagon briefing, June 22), he sounds as nutty as Iran's theocratic leaders in same vein as thuggish as Zionists claiming Israel has a divine right to all of Palestine, and too disturbingly like Osama bin Laden following his vile terrorist attack on the World Trade Center on Sept 11, 2001. Pope Leo XIV's prompt response urging peaceful resolution and respectful tolerance sounds more like what Christianity and its fellow Abrahamic religions should aspire to, rather than their habitual warmongering lust of many centuries for violence and suppression. Felix Qui Rainbow overkill Re: "Gender recognition law next big step", "Srettha bangs drum for LGBTQ+ rights", & "Thailand records 4.24% drop in foreign visitors", (BP, June 25). You know, as an older gay man, when I picked up a copy of the Bangkok Post which had been closed in haste and placed back on the newspaper rack at a popular straight expat pub where I read the Post everyday over a beer, I couldn't help but notice that on page one there was a big "gay" news story, and then on page 2 there were more "gay" news stories... ...as in gay, gay, gay, and by the way, did I mention the word "gay"? I noticed that families are starting to choose other countries instead of Thailand. My tourist neighbourhood has few tourists of any sexual orientation, and is now on the brink of financial collapse as tourism crashes despite a month-long LGBTQ+ push. ...my, what a "dimming rainbow"?
Yahoo
a day ago
- Business
- Yahoo
Are you worried about rising petrol prices? Yahoo Finance readers have their say
The war in the Middle East has intensified in recent weeks and so have fears about the surging price of oil and its knock-on effect on petrol prices. UK politicians, including the chancellor Rachel Reeves, have expressed concerns about the economic impact of the ongoing crisis and how ordinary consumers may be affected. Read more: Bitcoin price regains ground as Israel-Iran tensions simmer When it comes to surging oil prices, the most immediate impact on UK consumers would be on prices at the pump, Tom Pugh, a partner at consultancy firm RSM UK, told our reporter Vicky McKeever last week. Although oil prices have dropped in the wake of the Iran-Israel ceasefire, fears remain about potential spikes in the future. Read more: UK consumers braced for petrol price hikes At the start of the week, we asked Yahoo Finance UK readers whether they were concerned about the cost of buying petrol due to spiking oil prices linked to the Middle East conflict. We received 275 responses, with 51% of readers expressing fears about the cost of filling up their vehicles, while 38% had no concerns and 11% were undecided on the matter. Read more: Gold prices fall as Trump says US has signed trade truce with China Why BP could still be a target as Shell quashes takeover rumours Bitcoin gains as Trump hints at US-Iran talks next weekSign in to access your portfolio
Times
a day ago
- Business
- Times
Shell's pause on BP takeover deal gives all sides a useful breather
T he swimming pool has gone from the basement at Shell Centre, the London headquarters of the FTSE 100 oil and gas company, as has the rifle range. The latter went about 20 years ago, while the pool was a casualty of the 2016 redevelopment of the sprawling South Bank site, which sits in the shadow of the London Eye. Some things don't change, however, and Shell staff would have heard the news this week that their employer had looked at buying BP with a shrug of the shoulders. Not that old chestnut again! 'Shell + BP = British energy behemoth' is an equation that has been chalked on many blackboards over the years, mostly those of eager investment bankers dreaming of enough fees to pay for an early retirement. Sometimes it has been more than just a dream. It came up during the oil-industry merger mania of the late 1990s, when the oil price dropped to $10 a barrel. John (now Lord) Browne raced off in a different direction, doing an astonishing string of deals including mergers with Amoco and Arco in the US and breaking into Russia with the creation of TNK-BP, a deal that two decades later still looms large in any discussions of BP's future.
