BP Stock Recent News

BP PLC (LSE:BP.) is reportedly considering selling a minority stake in its offshore wind business under efforts to further scale back renewable energy operations.

BP is considering selling a minority stake in its offshore wind business, according to four sources with knowledge of the matter, the latest effort by CEO Murray Auchincloss to scale back the energy company's focus on renewables.

BP's third-quarter refining margins are expected to drop $400-$600 million sequentially. The company also anticipates higher net debt in the quarter.

UPI index declined by 0.89% last week, while the S&P 500 gained 1.11%, highlighting a challenging period for LNG shipping stocks. Despite the lack of significant news, long-term contracts averaging $84,000 per day remain a strong point for UPI companies compared to spot rates. Excelerate Energy led gains with a 2.1% rise, while New Fortress Energy saw the largest decline at 7.2%, indicating mixed performance among constituents.

U.K. activist investor Bluebell Capital Partners is pushing BP to remove its chairman and lead independent director.

In the latest trading session, BP (BP) closed at $32.11, marking a -0.71% move from the previous day.

A ruling by a Paris-based arbitrator prevents KOS from selling the LNG produced from the GTA LNG project to third parties. BP is the operator of the GTA project.

The broader problem is weak demand for refined products such as gasoline and jet fuel amid an economic slump in China, as well as increased supply from new refineries in Asia and the Middle East.

BP said it expects the global slump in refining margins will see it take a $400 million to $600 million hit to its profits after Shell made a similar warning this week

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