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Share Price Information for BP (BP.)

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Share Price: 520.40
Bid: 521.20
Ask: 521.40
Change: -2.90 (-0.55%)
Spread: 0.20 (0.038%)
Open: 526.00
High: 529.30
Low: 520.40
Prev. Close: 523.30
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UPDATE: India's Reliance To Pay $1.35B For Stake In Pioneer's Texas Field-Source

Tue, 22nd Jun 2010 18:20

(Adds reaction from Reliance and Pioneer) By Angel Gonzalez and Jason Womack Of DOW JONES NEWSWIRES HOUSTON (Dow Jones)--India's Reliance Industries Ltd. (500325.BY) agreed to buy 45% of Pioneer Natural Resources Co.'s (PXD) acreage in the Eagle Ford natural-gas shale for $1.35 billion, a person familiar with the deal said Tuesday. Dallas-based Pioneer has about 310,000 acres in the south Texas gas field, where the company had successfully drilled five wells as of May. The move means that Reliance is doubling down on North America's fast-growing shale-gas business. In April, the conglomerate agreed to buy a stake of Atlas Energy Inc.'s (ATLS) Marcellus Shale acreage for $1.7 billion. The Marcellus Shale is a giant rock formation underlying Pennsylvania, New York and other states. Pioneer spokeswoman Susan Spratlen said that the company has been seeking a joint-venture partner for its Eagle Ford assets, but added that she "cannot comment further on that process at this time. We do not comment on rumors." The company hopes to announce the results of the process by the end of June, she said in an e-mail. A Reliance spokesman declined to comment. In recent years, North American independent gas producers have learned how to crack the tight rock formations known as shale using streams of water and chemicals. The development fueled an unprecedented boom in U.S. gas production, and lured international companies such as Reliance, Total S.A. (TOT) and Statoil ASA (STO). Investment from these companies helps independents like Pioneer keep drilling despite restricted cashflow from low natural-gas prices. The Eagle Ford Shale is an oil- and natural-gas-bearing rock formation that has recently been the site of frenzied development. The area is rich with gas, and has drawn the attention of some profit-seeking producers who aim to expand their output of oil and natural-gas liquids. Earlier this year, BP PLC (BP) said it had acquired a stake in the field from privately-held Lewis Energy. Chesapeake Energy Corp. (CHK) is looking for a partner to jointly develop its 500,000 acres in the Eagle Ford. -By Angel Gonzalez, Dow Jones Newswires; 713-547-9214;angel.gonzalez@dowjones.com (Santanu Choudhury contributed to this story) (END) Dow Jones Newswires June 22, 2010 13:20 ET (17:20 GMT)
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10 Apr 2024 08:41

Johnson Matthey and BP win deal for US sustainable aviation fuel plant

(Alliance News) - Johnson Matthey PLC and BP PLC on Wednesday said their technology offering has been selected for use in a sustainable aviation fuel plant being built in the US state of Louisiana.

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10 Apr 2024 07:47

LONDON BRIEFING: Stocks called up ahead of US inflation data

(Alliance News) - Stocks in London are called to open higher, as investors shake off nerves ahead of a key US inflation reading.

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9 Apr 2024 17:26

Slide in defence stocks knocks down Europe's STOXX 600

BP gains on higher quarterly upstream energy output forecast

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9 Apr 2024 17:13

FTSE 100 ends down as defence stocks offset commodity gains

Easter food spending lifts UK retail sales in March

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9 Apr 2024 16:53

LONDON MARKET CLOSE: Stocks struggle in nervy trade before US data

(Alliance News) - European equities closed lower on Tuesday, with sentiment downbeat ahead of Wednesday's US inflation reading, though impetus could be found in gold, which hit another record high.

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9 Apr 2024 15:12

London close: Stocks slip ahead of ECB, US inflation print

(Sharecast News) - London markets closed lower on Tuesday, as investors braced for a key US inflation reading as well as a policy announcement from the European Central Bank later in the week.

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9 Apr 2024 12:00

LONDON MARKET MIDDAY: FTSE 100 treads water despite boost from miners

(Alliance News) - Equities in London lacked impetus heading into Tuesday, as investors moved with caution ahead of a US inflation print on Wednesday and the European Central Bank's interest rate decision a day later.

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9 Apr 2024 10:21

PRESS: Shell could make London exit if value gap to US does not close

(Alliance News) - Shell PLC fired a warning shot to that it could be prepared to move its listing to the US in a fresh blow to London's financial centre.

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9 Apr 2024 08:53

TOP NEWS: BP predicts upstream production will rise in first quarter

(Alliance News) - BP PLC on Tuesday said it expects first quarter upstream production to be higher than the previous three month period but cautioned lower prices would hurt performance elsewhere.

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9 Apr 2024 08:44

LONDON MARKET OPEN: Stocks shaky ahead of US CPI data, ECB decision

(Alliance News) - Stock prices in London opened mostly lower on Tuesday, as investors look ahead to a key inflation reading from the US, as well as the latest interest rate decision from the European Central Bank.

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9 Apr 2024 07:51

BP expects rise in first-quarter upstream energy output

April 9 (Reuters) - BP said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.

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9 Apr 2024 07:39

LONDON BRIEFING: HSBC sells Argentinian arm for USD550 million

(Alliance News) - Stocks in London are called to open lower on Tuesday, as investors nervously look ahead to US inflation data and the European Central Bank's latest interest rate decision.

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9 Apr 2024 07:24

BP sees higher Q1 upstream production

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.

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5 Apr 2024 12:00

LONDON MARKET MIDDAY: Stocks drop on Israel-Iran tensions and Fed talk

(Alliance News) - Stock prices in London were firmly down at midday on Friday, as rising tensions between Israel and Iran alongside doubts around the timing of US interest rate cuts hurt investor sentiment.

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5 Apr 2024 08:47

LONDON MARKET OPEN: Europe slumps on US rate worry and rising tensions

(Alliance News) - Stocks in Europe had a downbeat start to the day on Friday, with investors unnerved by rising geopolitical tensions and hawkish remarks from US central bankers.

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