The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 7-France's Total quits top U.S. oil lobby in climate split

Fri, 15th Jan 2021 13:44

* Total says will not renew API membership

* French firm's policies only 'partially align' with the API

* Total, BP, Shell already quit U.S. refining group AFPM
(Recasts, adds comments from BP, Chevron)

By Ron Bousso

LONDON, Jan 15 (Reuters) - France's Total SE on
Friday became the first major global energy company to quit the
main U.S. oil and gas lobby due to disagreements over its
climate policies and support for easing drilling regulations.

Total said it would not renew its 2021 membership with the
American Petroleum Institute (API) following a review of the
lobby's climate positions, describing them as being only
"partially aligned" with its own.

The high-profile departure from the most powerful energy
lobby comes ahead of sweeping changes in policy direction in the
United States, with incoming President Joe Biden promising to
tackle climate change and bring the country to net-zero
emissions by 2050.

"As part of our climate ambition made public in May 2020, we
are committed to ensuring, in a transparent manner, that the
industry associations of which we are a member adopt positions
and messages that are aligned with those of the Group in the
fight against climate change", Total Chief Executive Patrick
Pouyanné said.

The withdrawal highlights a widening rift between Europe's
top energy companies, which over the past year accelerated plans
to cut emissions and build large renewable energy businesses and
their U.S. rivals Exxon Mobil Corp and Chevron Corp
that have largely resisted growing investor pressure to
diversify.

Chevron has no plans to leave the API, company spokesman
Sean Comey said. Exxon was not immediately available for
comment.

The announcement puts pressure on Total's European rivals BP
and Royal Dutch Shell to follow suit after
resisting the move in recent years.

BP, Shell and Norway's Equinor on Friday said they
are reviewing memberships in trade organizations and how they
align on climate-related issues. Shell spokesman Curtis Moore
said "API is moving closer to Shell’s own stated views" on
climate change.

European oil companies have in the past pointed to the API's
role in formulating industry safety and operating standards as
their rationale for remaining with the group.

However, in its reasons for leaving the group, Total cited
the API's support for last year's rollback of U.S. regulation on
emissions of methane, its differing views on pricing carbon, as
well its lack of support for subsidies for electric vehicles.

The API thanked Total for its membership, but noted that it
does not support subsidies for energy, saying it distorts
markets.

"We believe that the world's energy and environmental
challenges are large enough that many different approaches are
necessary to solve them, and we benefit from a diversity of
views," the API said.

The group has defended its record on tackling carbon
emissions, noting that the industry's technological advances
have helped it cut carbon dioxide and methane emissions rates in
large oil-producing regions.

Total last year announced plans to cut its carbon emissions,
with the aim of reaching net zero emissions from its operations
and its energy products sold to customers in Europe by 2050 or
sooner.

Total's operations in the United States include a number of
offshore oil and gas fields in the Gulf of Mexico, a major
refining and petrochemical plant in Port Arthur, Texas, as well
as renewable energy businesses. The company produced about
343,000 barrels of oil equivalent per day in the third quarter
in the Americas.

SIGNIFICANT MOVE

Growing investor pressure has spurred Europe's top energy
companies to outline plans to curb emissions and boost renewable
energy output.

"There is simply no justification for any association with
lobby groups who roll back emissions regulations and undermine
urgent climate action," said Jeanett Bergan, head of responsible
investment at KLP, Norway's largest pension fund, which manages
$80 billion in assets.

Total, BP and Shell have already pulled out of the American
Fuel & Petrochemical Manufacturers (AFPM), a U.S. oil refining
group, also due to differences over climate policies.

The withdrawal from API was more significant, said Andrew
Logan, director for oil and gas programmes and clean energy
investor group CERES, said the announcement was significant and
would put pressure on other European oil majors.
"Given the size and influence of API, this is a much more
significant move than previous decisions to pull out of more
niche trade groups like AFPM. I think that we will see other
companies follow suit," Logan said.

(Reporting by Ron Bousso, Matthew Green and Shadia Nasralla in
London, Nerijus Adomaitis in Oslo, Valerie Volcovici in
Washington and Jennifer Hiller in Houston; editing by Jan
Harvey, Jason Neely, Jane Merriman, Marguerita Choy and Louise
Heavens)

More News
18 Jan 2024 21:47

Three New England states extend offshore wind solicitation due date

Jan 18 (Reuters) - Massachusetts, Connecticut and Rhode Island extended on Thursday the date bids are due in the states' next offshore wind solicitations from Jan. 31 to March 27.

Read more
18 Jan 2024 20:32

EXECUTIVE CHANGES: Eco Buildings chair leaves and vice chair ousted

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Thursday and not separately reported by Alliance News:

Read more
17 Jan 2024 15:03

London close: Stocks slip after surprise jump in UK inflation

(Sharecast News) - London's financial markets experienced a downturn on Wednesday, as a surprising increase in UK inflation and sluggish Chinese GDP growth impacted investor sentiment.

Read more
17 Jan 2024 12:10

BP's Auchincloss named CEO, reaffirms energy transition plan

Auchincloss was interim CEO

*

Read more
17 Jan 2024 08:48

LONDON MARKET OPEN: UK inflation surprises markets sending stocks down

(Alliance News) - Stock prices in London took a hit on Wednesday morning, after some hotter-than-expected UK inflation data added to interest rate worries.

Read more
17 Jan 2024 08:33

TOP NEWS: BP buys Getec Energie; promotes Auchincloss to permanent CEO

(Alliance News) - BP PLC on Wednesday said that it will buy Getec Energie GmbH as it promoted Murray Auchincloss to the role of permanent chief executive officer.

Read more
17 Jan 2024 07:46

LONDON BRIEFING: UK inflation surprises as unexpectedly rises to 4.0%

(Alliance News) - Stocks in London are called to open lower on Wednesday, following some hotter-than-expected consumer price data from the UK.

Read more
17 Jan 2024 07:11

BP names acting CEO Murray Auchincloss as permanent leader

(Sharecast News) - BP has named its former chief financial officer Murray Auchincloss as its permanent chief executive, after having served in an interim capacity for the past four months.

Read more
16 Jan 2024 21:28

PRESS: BP close to naming acting CEO Auchincloss as permanent chief

(Alliance News) - Directors of BP PLC were meeting on Tuesday evening to finalise the appointment of Murray Auchincloss, the company's acting chief executive, as its permanent boss, according to a report.

Read more
16 Jan 2024 16:38

Shell halts Red Sea shipments over attack fears from Yemeni rebels

(Alliance News) -London-based oil major Shell PLC has paused transit through the key Red Sea shipping route indefinitely, over fears of escalating tensions involving Yemen's Houthi rebels, according to a media report on Tuesday.

Read more
16 Jan 2024 13:13

Shell in Nigeria

LONDON, Jan 16 (Reuters) - Shell pioneered Nigeria's oil and gas industry and remains a major investor in the West African country even after exiting its onshore operations. But over the decades the British company has come under fire over spills in the Delta region and struggles with oil theft, corruption and oil-fuelled violence.

Read more
12 Jan 2024 15:39

London close: Stocks rise on positive UK economic data

(Sharecast News) - London's financial markets closed on a positive note today, buoyed by fresh data indicating that the UK economy had returned to growth in November.

Read more
8 Jan 2024 19:48

Shell signs 20-year purchase deal with Canadian Ksi Lisims LNG project

Jan 8 (Reuters) - Global gas giant Shell has agreed to buy two million metric tons of liquefied natural gas (LNG) per year from Ksi Lisims LNG, partners in the proposed Canadian project said on Monday.

Read more
8 Jan 2024 16:59

LONDON MARKET CLOSE: Stocks mixed as eyes on US inflation data

(Alliance News) - Stock prices in London closed mixed Monday, with oil majors holding down higher gains in the FTSE 100 index.

Read more
8 Jan 2024 16:38

London close: Stocks manage positive finish after mixed session

(Sharecast News) - London's financial markets experienced a mixed trading day on Monday, with the FTSE 100 and FTSE 250 indices closing in positive territory after spending much of the session in the red.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.