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Https://www.cstoredive.com/news/bp-growth-plans-global-c-store/710507/
By Erwin Seba
HOUSTON (Reuters) - BP's 435,000 barrel-per-day (bpd) Whiting, Indiana, refinery has returned to normal operations for the first time since a February plantwide power outage, a company spokesperson said on Monday.
Gasoline prices in the Chicago-area climbed by at least 20 cents a gallon in the days following the Feb. 1 power outage at the Whiting plant, the largest refinery in the U.S. Midwest.
"The Whiting Refinery is back to normal operations," company spokesperson Christina Audisho said in a emailed statement.
Reuters reported in February that BP planned to begin preparing the Whiting refinery for restart late that month and would carry the restart out in the first part of March.
(Reporting by Erwin Seba; Editing by Marguerita Choy)
Bluebell are looking to be taken over.
Hence - attention seeking comments.
On the way up it’s always scared of £5.
Then when it’s above £5 is like a magnet that drags it back down.
Slow and steady wins the race
It'll take weeks to get through £5.
Just when when I thought it was going to £5, it drops! What gives now? LTH
Redbluerhino
Think some shareholders may agree with the board ,but realise that if BP roll back on their commitments,that they will gain financially.
So they see it as a Win,Win situation.
Personally I believe if we keep making changes to strategy it makes it much harder to tell what is actually working,and what is not
Good afternoon Clued :)
You have to admire Bluebells gumption - buy a tiny stake of O&G supermajor and push the PR machine hard, they are too small to effect change with the big boys in bp.
I suppose it could be everything you’ve listed Clued. There must be investors that are frowning upon the current strategy but can’t be seen to be frowning in the public domain because of their new underlying corporate strategies to become/invest in more ‘green’ pathways.
Redbluerhino, why doesn't Bluebell or someone else find some courage and name those against BP's current green strategy ? Lack of proof, afraid of litigation afraid of losing buddies in the fund mgr field ?!!
Agree meoryou, both statements can’t be true. Perhaps some investors are more forthcoming with their true opinions than others, depending on the audience they’re communicating with.
Good morning spights, everyone else still recovering from the Guinness last night maybe ?!!
Making great steady progress here, 500p in sight now !!!
1)
“Almost all of BP’s biggest shareholders are unhappy with its shift to green energy, an activist investor has claimed, amid a growing backlash over the oil giant’s focus on net zero targets.”
2)
“A BP spokesman said: “We do not recognise the assertions Bluebell has made. In recent weeks and months, we have engaged extensively right across our shareholder base internationally, including with our largest shareholders.
“We have heard clear and widespread support for BP’s strategy and our focus on delivery. Throughout this engagement, we have not heard support for Bluebell’s proposals.”
Somehow both statements cannot be true.
I think currently there is a wide range of views within BP shareholders, but would have thought it very easy to find out what the larger ones think.
Rbr, thanks interesting. Always good to have such an important topic stirred up for discussion. Unlikely to go anywhere in my view:
1) weak board who came up with the current strategy (including the reportedly woke CEO from Aviva);
2) they appointed their own insider instead of a real oil man from outside as the new CEO.
Are they going to listen to 2 random Italian guys with a couple of pounds worth of shares and a dog in a little City office? Not super likely but I wish them all the best of luck!!
Almost all of BP’s biggest shareholders are unhappy with its shift to green energy, an activist investor has claimed, amid a growing backlash over the oil giant’s focus on net zero targets.
Giuseppe Bivona, chief investment officer of Bluebell Capital, which has a minority stake in BP, said he had spent the past three weeks talking to many of the company’s top 30 investors.
He said: “With only the exception of one shareholder, I am still to find someone who supports BP in its entirety.”
Bluebell is spearheading a brewing investor revolt after sending a 30-page letter to the FTSE 100 company in January.
In the letter it urged BP to halt investment in renewable energy schemes, prioritise oil and gas production, and rewrite net zero targets to clarify that they will be achieved “in line with society”.
BP has been under increasing pressure over net zero commitments that have allegedly left shareholders £40bn poorer.
Mr Bivona said he plans to share negative feedback with BP on a no-name basis, which he said will “clearly expose them to the fact that many investors are sympathetic to what we are saying”.
He is hopeful this will serve as a “wake-up call” for the company, with Bluebell having previously taken similar action against blue-chip giants Glencore and Danone.
The activist threat represents the first major test for Murray Auchincloss, BP’s new chief executive, who has told staff that he will stick to the green energy plans rolled out by his predecessor Bernard Looney.
One of Mr Bivona’s biggest criticisms of BP is that it has destroyed shareholder value by investing billions of pounds in loss-making renewable energy businesses.
He said: “When you want to deploy billions of pounds on renewable power at a return of 6pc to 8pc, that is insane. BP is such a poorly managed company.”
Despite the criticism, Mr Bivona has given BP a stay of execution to allow it to respond to Bluebell’s concerns, adding that he was not looking to stir up trouble at the forthcoming shareholder meeting.
He added: “But watch out for the next one.”
Mr Bivona said BP is open to the idea of scrutinising its green energy plans but said the company is too scared to follow through with Bluebell’s requests in case of a backlash from environmentalists.
A BP spokesman said: “We do not recognise the assertions Bluebell has made. In recent weeks and months, we have engaged extensively right across our shareholder base internationally, including with our largest shareholders.
“We have heard clear and widespread support for BP’s strategy and our focus on delivery. Throughout this engagement, we have not heard support for Bluebell’s proposals.”
2024 utility-scale solar projects in progress
https://lightsourcebp.com/news/2024-utility-scale-solar-projects-in-progress/
Contains a short video of there projects ongoing this year
The UK’s Ambitious Green Agenda Gets Gas Reality Check. The government of the United Kingdom is proposing to build new gas-fuelled power plants, with the Energy Ministry suggesting 5 GW of generation capacity would be needed to avoid blackouts amidst a renewables pivot.
Cutting Fuel Prices, India Prepares for Elections. India’s state fuel retailers are cutting the price of gasoline and diesel this week to 94.72 and 87.62 rupees per liter respectively, the first change in two years, ahead of the 2024 Indian general election in April-May.
US Commissions First Major Offshore Wind Farm. The first utility-scale offshore wind farm in the United States, the 132 MW South Fork Wind project operated by Orsted (CPH:ORSTED) and Eversource (NYSE:ES) some 35 miles from Long Island, NY, has been launched this week.
China Discovers Another Huge Oil Field. China’s offshore-focused state oil firm CNOOC reported the discovery of Kaiping South in deepwater South China Sea, with the find believed to contain more than 100 million tonnes of oil equivalent in recoverable volumes.
Venezuelan Gas Attracts Key Oil Major. Concurrently to Shell’s 3.2 TCf Dragon field, UK oil major BP (NYSE:BP) is in talks with Venezuela’s PDVSA to develop the Manakin-Cocuina gas field straddling the border of Venezuela and Trinidad and Tobago, to be fed into Atlantic LNG.
IEA Continues to Upgrade 2024 Demand Outlook. The International Energy Agency raised its view on 2024 oil demand growth for the fourth time since November, expecting it to rise 1.3 million b/d, up 110,000 b/d compared to its forecast from last month.
Friday, March 15th 2024
Brent futures have broken through the $85 per barrel for the first time since November, indicating that the gradually improving sentiment, further buoyed by Ukrainian drone strikes on Russian refineries this week and declining US inventories, is here to stay.
White House Signals Discontent with US Steel Takeover. The Biden administration is rumored to have expressed concerns over Nippon Steel’s $14.9 billion takeover of iconic steelmaker US Steel (NYSE:X), citing national security concerns and a lack of trade union consultation.
Drone Strikes Lead to Higher Russian Oil Exports. After this week saw several large-scale drone attacks on Russian refineries in Nizhny Novgorod, Ryazan, and Novoshakhtinsk, Russia’s Energy Ministry said the country’s crude exports will rise, in defiance of OPEC+ commitments.
Glencore Mulls Moving Main Listing to Australia. Activist investor Tribeca Investment Partners has called on mining giant Glencore (LON:GLEN) to move its primary listing from London to Sydney and abort plans to spin off its lucrative coal business to boost its share price.
Mauritius Emerges as Key Bunkering Hub for Rerouted Tankers. After global traders Mercuria and Trafigura suspended refueling operations in South Africa over a tax dispute with local authorities, Mauritius has become the main refueling station for all tankers avoiding the Red Sea and going around the Cape of Good Hope.
US M&A Frenzy Still Far from Over. US investment firm Kimmeridge Energy Management made an improved $2.1 billion offer for Eagle Ford-focused oil and gas producer SilverBow Resources (NYSE:SBOW), proposing to create a combined company and pledging to provide the necessary financing.
China’s Leading Smelters Agree on Production Cuts. China’s leading copper smelters Jiangxi Copper, Tongling, Jinchuan Group, and China Copper are reported to have concluded a rare agreement to cut production as spot fees to process copper concentrate fell to their lowest in a decade.
Nord Stream Sues Insurers for $440 Million. Pipeline operator Nord Stream AG is seeking $440 million from its insurers Lloyd’s Insurance and Arch Insurance in a lawsuit filed at London’s High Court, weeks after both Sweden and Germany found traces of explosives relating to the incident.
Let's hope so spights. Have a good weekend all. LTH
Next week £5:)