INSIDER
Houthi attacks on commercial ships have upended global trade in vital Red Sea corridor
Read full article: Houthi attacks on commercial ships have upended global trade in vital Red Sea corridorThe attacks on commercial vessels in the Red Sea by Yemen’s Houthi rebels have scared off some of the world’s top shipping companies and oil giants.
BP denies ex-CEO Looney a $41 million payout, saying he misled the firm over work relationships
Read full article: BP denies ex-CEO Looney a $41 million payout, saying he misled the firm over work relationshipsBP says its former chief executive has been denied a payout of 32.4 million pounds, or $41 million, after he was found to have misled the company over his past relationships with colleagues.
BP leader is the latest to resign over questions about personal conduct
Read full article: BP leader is the latest to resign over questions about personal conductGlobal energy giant BP is scurrying to find a new chief executive after CEO Bernard Looney became the latest corporate leader to step down amid questions about his personal conduct.
BP chief Bernard Looney resigns over past relationships with colleagues
Read full article: BP chief Bernard Looney resigns over past relationships with colleaguesThe CEO of British energy giant BP has resigned after he accepted that he was not “fully transparent” in his disclosures about past relationships with colleagues.
US tightens some offshore oil rig safety rules that had been loosened under Trump
Read full article: US tightens some offshore oil rig safety rules that had been loosened under TrumpThe Biden administration has tightened offshore oil drilling safety regulations, including rules regarding the use of “blowout preventer” devices on offshore oil and gas drilling rigs.
Europe's economic outlook brightens a little after avoiding recession. But inflation still squeezes
Read full article: Europe's economic outlook brightens a little after avoiding recession. But inflation still squeezesThe European Union’s executive body raised its economic growth forecast, saying Europe had dodged a winter recession that was feared amid an energy crisis.
Oil drilling in Gulf safer, but concerns linger, report says
Read full article: Oil drilling in Gulf safer, but concerns linger, report saysA new National Academy of Science study says that 13 years after a massive BP oil spill fouled the Gulf of Mexico, regulators and industry have reduced some risks in deep water exploration in the gulf but some troublesome safety issues persist.
UK energy giant BP's profits double to $27.7 billion
Read full article: UK energy giant BP's profits double to $27.7 billionBritish energy firm BP has reported record annual earnings amid growing calls for the U.K. government to boost taxes on companies profiting from the high price of oil and natural gas after Russia’s invasion of Ukraine.
BP profits soar in 3Q as pressure increases for windfall tax
Read full article: BP profits soar in 3Q as pressure increases for windfall taxBP’s earnings have more than doubled in the third quarter as the London-based energy giant benefited from high oil and natural gas prices following Russia’s invasion of Ukraine.
Montana site fouled by copper smelter to get final cleanup
Read full article: Montana site fouled by copper smelter to get final cleanupA subsidiary of London-based oil giant BP agreed to finish its cleanup of a 300-square mile site in Montana that’s contaminated with arsenic and other pollutants from decades of copper smelting.
BP earnings soar as energy firm profits from rising prices
Read full article: BP earnings soar as energy firm profits from rising pricesBP said its earnings from April to June almost tripled from a year earlier, increasing pressure on governments to intervene as energy companies profit from high oil and natural gas prices that are fueling inflation and squeezing consumers.
German leader rules out nuclear option to fill energy gaps
Read full article: German leader rules out nuclear option to fill energy gapsGerman Chancellor Olaf Scholz says his government remains committed to phasing out nuclear power despite concerns about rising energy prices and possible future shortages due to Russia’s war in Ukraine.
German economic advisers slash 2022 growth forecast to 1.8%
Read full article: German economic advisers slash 2022 growth forecast to 1.8%The German government’s panel of independent economic advisers has slashed its 2022 growth forecast for Europe’s biggest economy in light of Russia’s invasion of Ukraine and concern over energy supplies and prices.
Russia’s war spurs corporate exodus, exposes business risks
Read full article: Russia’s war spurs corporate exodus, exposes business risksRussia’s invasion of Ukraine has thrown business plans into disarray and forced a growing number of the world’s best known brands to pull out of a country that’s become a global outcast.
UK looks abroad to ease trucker shortage amid run on gas
Read full article: UK looks abroad to ease trucker shortage amid run on gasIn a U-turn, Britain says it will issue thousands of emergency visas to foreign truck drivers to help fix supply-chain problems that have caused empty supermarket shelves, long lines at gas stations and shuttered petrol pumps.
BP, Exxon warn of supply issues in UK due to driver shortage
Read full article: BP, Exxon warn of supply issues in UK due to driver shortageThe British government is trying to ease concerns of a fuel crisis after oil giants BP and ExxonMobil-owned Esso warned they had to ration supplies and close some gas stations as a result of a truck driver shortage.
Ping pong: Spat over tracing app as shelves empty in England
Read full article: Ping pong: Spat over tracing app as shelves empty in EnglandRetailers in England are warning of barren supermarket shelves as more and more store employees get “pinged” to self-isolate because of contact with someone who has the coronavirus.
BP to launch share buyback program after big profit spike
Read full article: BP to launch share buyback program after big profit spikeEnergy company BP says it will be returning around half a billion dollars to shareholders after “significantly” higher oil prices contributed to a big rise in profits and a reduction in debt levels.
Trump policy that weakened wild bird protections is revoked
Read full article: Trump policy that weakened wild bird protections is revokedThe Biden administration on Monday, March 8, 2021, reversed a policy imposed under former President Donald Trump that drastically weakened the government's power to enforce a century-old law that protects most U.S. bird species. – The Biden administration on Monday reversed a policy imposed under former President Donald Trump that drastically weakened the government's power to enforce a century-old law that protects most U.S. bird species. A federal judge in New York in August struck down the Trump administration's legal rationale for changing how the bird treaty was enforced. The migratory bird policy was among dozens of Trump-era environmental actions Biden ordered reconsidered on his first day in office. The 1918 migratory bird treaty came after many U.S. bird populations had been decimated by hunting and poaching — much of it for feathers for women’s hats.
Suit: Feds ignore risk of huge spills to endangered species
Read full article: Suit: Feds ignore risk of huge spills to endangered speciesEnvironmental groups have asked a federal court to toss out the government's assessment of oil and gas activity's likely effects on endangered species in the Gulf of Mexico. A lawsuit filed Wednesday, Oct. 21, 2020, says the report doesnt consider the likelihood of another catastrophic oil spill like BP's Deepwater Horizon spill of 2010. He predicted the litigation will be lengthy because both the report and suit cover a huge area and many species. It will be largely a battle of experts, he said, but allegations about ignoring large spills are a strength of the suit. The suit said NOAA underestimated the largest spill likely.
Shell plans to cut up to 9,000 jobs as oil demand slumps
Read full article: Shell plans to cut up to 9,000 jobs as oil demand slumpsLONDON – Energy producer Royal Dutch Shell said Wednesday it's planning to cut between 7,000 and 9,000 jobs worldwide by the end of 2022 following a collapse in demand for oil and a subsequent slide in prices during the coronavirus pandemic. Overall, it said it expects the cost-cutting measures to secure annual cost savings of between $2 billion and $2.5 billion by 2022. “We have to be a simpler, more streamlined, more competitive organization that is more nimble and able to respond to customers," Ben van Beurden, the company's chief executive, said. “To be more nimble, we have to remove a certain amount of organizational complexity.”In June, rival BP said it was cutting around 10,000 jobs from its workforce to cope with the impact of the virus. Shell also said that it expects third-quarter production to be between 2.15 million and 2.25 million barrels of oil equivalent a day, and that daily production levels have been impacted by between 60,000 and 70,000 barrels because of hurricanes in the Gulf of Mexico.
$215M in BP oil spill money to restore Louisiana marshes
Read full article: $215M in BP oil spill money to restore Louisiana marshes– Louisiana will get nearly $215 million in BP oil spill money for two projects planned to restore more than 4,600 acres of marsh and other habitat in the New Orleans area, Gov. The money is from BP’s $8.8 billion settlement for natural resources damage caused by the blowout that killed 11 men and spewed more than 100 million gallons (380 million liters) of oil into the Gulf of Mexico in 2010, leaving long-lasting effects. “The Mississippi River created our parish and the many historic ridges of our landscape,” said Plaquemines Parish President Kirk Lepine. It was based partly on the judge’s estimate that the 87-day Deepwater Horizon spill spewed nearly 134 million gallons (507 million liters) of crude into the Gulf — enough to fill the U.S. Capitol rotunda 13 times. Federal experts estimated the total at more than 176 million gallons (666 million liters), while BP estimated 102 million gallons (386 million liters).
$205M in BP spill money for Louisiana coastal restoration
Read full article: $205M in BP spill money for Louisiana coastal restorationLouisiana is getting another $205 million in BP oil spill money to restore its coast. The marsh project will expand marsh created below the Jean Lafitte area known as The Pen. The four oyster projects include $10.1 million to spread limestone for 200-acre (80-hectare) public oyster reefs. Two will be in the Grand Banks area of the Mississippi Sound, Terrebonne Parishs Sister Lake Public Oyster Seed Reservation. The hatchery estimates its production is at least 500 million oyster larvae a year.
Germany finalizing plan to phase out coal energy
Read full article: Germany finalizing plan to phase out coal energyFILE-In this Jan. 16, 2020 file photo an uniper coal-fired power plant and BP refinery steam beside a wind generator in Gelsenkirchen, Germany. (AP Photo/Martin Meissner)BERLIN Germany's parliament was preparing Friday to pass new legislation finalizing the country's long-awaited phase-out of coal as an energy source, over objections from environmental groups the plan is not ambitious enough. Both houses of parliament were to vote on the roadmap that envisions the phase-out of coal between now and 2038. Germany is already phasing out nuclear power and the government envisions greater reliance on renewable energy as well as hydrogen and natural gas in the future. Greenpeace, which planned to protest the parliamentary vote, has said the plan does more to appease the energy companies than to protect the environment.
BP sells petrochemicals arm to Ineos for $5 billion
Read full article: BP sells petrochemicals arm to Ineos for $5 billionLONDON Oil and gas company BP has sold its global petrochemicals business to Ineos for $5 billion, part of its plan to shift activities to renewable sources of energy. The company said in a statement Monday that the overlap of the petrochemicals business with the rest of the company is limited and that it takes considerable capital to grow these businesses. Petrochemicals are derived from oil and gas production and used to make industrial products like plastics or paints, among other things. Ineos will pay BP a deposit of $400 million and a further $3.6 billion on completion. An additional $1 billion will be deferred and paid in instalments next year.
Energy producer BP takes $17.5 billion hit as demand slides
Read full article: Energy producer BP takes $17.5 billion hit as demand slidesLONDON Energy company BP is writing off as much as $17.5 billion from its oil and gas assets and will review its plans to develop oil wells as the COVID-19 pandemic accelerates its goal of decreasing its reliance on fossil fuels. The company pledged in February to become a net-zero company by 2050, but the pandemic has forced them to re-consider their assumptions once more. We are also reviewing our development plans,'' Looney said. Supply of oil and gas was particularly high when the outbreak began, creating a perfect storm for the industry. With storage facilities filling up, the U.S. price of oil went below zero in April for the first time ever.
BP to cut 10,000 jobs worldwide amid virus pandemic
Read full article: BP to cut 10,000 jobs worldwide amid virus pandemicLONDON Energy company BP says that its global workforce will be trimmed by 10,000 jobs amid the ongoing impact of the COVID-19 pandemic. Chief Executive Bernard Looney said Monday that the roles will be office-based and come mostly this year. The companys current global workforce is 70,000. The global energy industry has been hit hard during the pandemic as the widespread limits on business, travel and public life reduced the need for oil, gas and other fuels. With storage facilities filling up, the U.S. price of oil went below zero in April for the first time ever.