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Share Price: 510.40
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BP Mulls Big Restructure Post Oil Spill - Sunday Times

Sun, 18th Jul 2010 10:16

LONDON (Dow Jones)--Directors at BP PLC (BP.LN) have begun canvassing shareholders about plans to restructure the oil major in the wake of the Gulf of Mexico oil spill, U.K. newspaper the Sunday Times reports. Options for "Future BP" include splitting up the group by selling its refineries and petrol stations, scaling back its American operations and ramping up in house engineering and outsourcing, the paper said. It could also end up focusing instead on exploration in regions such as West Africa and Brazil, according to the report. The paper quoted insiders as saying the discussions with shareholders are at an early stage but will help set the direction of a formal review expected to be launched by BP's chairman, Carl-Henric Svanberg. "BP has been a non-growth company for years, and the market has made it pay for this by demanding a 6% to 7% dividend yield. Now that the dividend has gone, they are starting with a blank sheet of paper and thinking about what the new BP will look like," said one of three top 10 shareholders who spoke to the Sunday Times. Another investor said: "BP seems to have accepted that it will be a smaller business. It is prepared to consider anything, the paper said. -By London Energy Desk, Dow Jones Newswires +44 207 842 9262; selina.williams@dowjones.com (END) Dow Jones Newswires July 18, 2010 05:16 ET (09:16 GMT)
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A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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29 Jan 2024 17:25

London close: Stocks turn weaker ahead of busy week for earnings

(Sharecast News) - London's stock market saw slight declines by the close on Monday, as investors turned their attention to a week filled with corporate earnings reports and central bank announcements.

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LONDON MARKET CLOSE: Stocks slightly down pre US Fed, Bank of England

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LONDON MARKET MIDDAY: FTSE 100 nudges higher ahead of rate decisions

(Alliance News) - Stock prices in London were mixed going into Monday afternoon, ahead of a busy week of interest rate decisions and economic data.

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29 Jan 2024 08:41

LONDON MARKET OPEN: BP, Shell higher amid Middle East tensions

(Alliance News) - Stock prices in Europe opened mostly lower, ahead of an important week of central bank decisions and economic data.

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Equinor, Orsted bid for better contract in NY offshore wind auction

Jan 26 (Reuters) - New York State said on Friday it received bids to supply power from three offshore wind projects in its expedited fourth solicitation that allowed developers to exit old contracts and re-offer projects at higher prices.

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LONDON MARKET CLOSE: Stocks up as Fed's preferred inflation read cools

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Equinor sticks to 2030 renewables targets after US wind project reset

OSLO, Jan 26 (Reuters) -

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LONDON MARKET MIDDAY: China growth measures and LVMH lift mood

(Alliance News) - Stock prices in London were up at midday, with investors optimistic ahead of a key US inflation reading.

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Equinor sticks to 2030 renewables targets after US wind reshuffle

OSLO, Jan 26 (Reuters) - Norway's Equinor maintains an ambition to reach 12-16 gigawatts (GW) of installed renewable energy capacity by 2030, despite dropping out of some projects in New York, its renewables head told Reuters on Friday.

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Big turnout expected in New York offshore wind power auction

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BP sees Trinidad deepwater gas project getting greenlight as soon as 2025

PORT OF SPAIN, Jan 23 (Reuters) - BP expects the Calypso deepwater natural gas field off Trinidad and Tobago, which it shares with Woodside Energy, to get the greenlight when a final investment decision (FID) is made as early as the end of next year, a company executive said.

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