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Stock Market & Financial Investment News

News Breaks
April 23, 2014
06:23 EDTBPBP agrees to sale of interests in four Alaska North Slope assets
BP announced that it has agreed to sell interests in four BP-operated oilfields on the North Slope of Alaska to Hilcorp. The sale agreement includes all of BP’s interests in the Endicott and Northstar oilfields and a 50 percent interest in each of the Liberty and the Milne Point fields. The sale also includes BP’s interests in the oil and gas pipelines associated with these fields. The agreement does not affect BP’s position as operator and co-owner of the Prudhoe Bay oilfield nor its other interests in Alaska. BP also expects to submit a development plan for Liberty by the end of 2014. As a result of the sale and subject to approval, Hilcorp is expected to become the operator of the Endicott, Northstar and Milne Point oilfields and their associated pipelines and infrastructure. BP remains committed to its plans for increased investment at Prudhoe Bay, which have resulted from recent oil tax reform by the State of Alaska. The plans include adding two drilling rigs, one in 2015 and a second in 2016, for a total incremental $1B investment over five years. These activities are expected to account for 200 Alaska jobs and 30-40 additional wells being drilled each year, bringing a boost to both the company’s operations and the state’s economy. Together the assets included in the sale represent approximately 19,700 barrels of oil equivalent a day of net production for BP, less than 15% of BP’s total net production on the North Slope.The sale, which will be subject to state and federal regulatory approval, is anticipated to be complete by the end of the year. Financial details of the transaction are not being disclosed.
News For BP From The Last 14 Days
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July 31, 2014
06:35 EDTBPOil companies say Russia sanctions could be headwind, NY Times reports
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July 29, 2014
13:18 EDTBPEU to hit Russia with new sanctions, Washington Post says
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07:41 EDTBPBP core business performed well in Q2, says Jefferies
Jefferies says BP's core businesses generally performed well in Q2 and that its view of the stock is unchanged following the quarterly results. It keeps a Buy rating on BP shares with a $55 price target.
05:53 EDTBPBP sees Q3 reported production lower than Q2
BP said, "The end of the Abu Dhabi concession in January 2014 together with divestment impacts, however, meant that reported Upstream production, at 2.1 million barrels of oil equivalent a day (mmboed), was 6% lower. Reported production in the third quarter is expected to be lower due primarily to turnaround and seasonal maintenance activities."
05:52 EDTBPBP reports Q2 EPS $1.18, consensus $1.12
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July 23, 2014
07:58 EDTBPBP management to meet with ISI Group
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06:36 EDTBPEU fails to impose tough sanctions on Russia, NY Times says
EU foreign ministers failed to impose any tough sanctions against Russia during a meeting of the bloc's foreign ministers yesterday, according to The New York Times. Given their dependence on Russia's energy, EU countries have "largely decided" they "have to live with" Russia, the newspaper stated. Significant Russian companies include Gazprom (OGZPY), Lukoil (LUKOY) and Yandex (YNDX), while BP (BP) has a 20% stake in major Russian energy company Rosneft. Reference Link
July 22, 2014
06:29 EDTBPEU weighing new sanctions on Russia, NY Times says
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July 21, 2014
08:16 EDTBPFMC Technologies signs agreement to develop susbsea equipment and systems
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