Welcome to our dedicated page for BP p.l.c. news (Ticker: BP), a resource for investors and traders seeking the latest updates and insights on BP p.l.c. stock.
BP p.l.c. (NYSE: BP) is a British multinational oil and gas company headquartered in London, England. As one of the world’s largest companies by revenue and profit, BP holds a significant position within the global energy market.
BP operates across the entire oil and gas value chain, from exploration and production to refining and marketing. In 2023, BP produced approximately 1.1 million barrels of liquids and 6.9 billion cubic feet of natural gas per day. As of the end of 2022, the company had reserves of 7.2 billion barrels of oil equivalent, with 56% of these being liquids. BP also manages refineries with a combined capacity of around 1.6 million barrels per day.
BP's operations span the globe, involving diverse projects and significant capital investments. Recently, BP completed a major technology upgrade at its Fowler Ridge 1 wind farm in Indiana. This upgrade involved the installation of new Vestas turbines, anticipated to produce up to 40% more energy and power around 27,000 homes annually. This project, which cost around $100 million, is part of BP's broader strategy to enhance its renewable energy portfolio.
In another significant move, BP announced a cash tender offer to repurchase up to $1.3 billion in principal amount of its outstanding notes. This strategic initiative reflects BP's ongoing efforts to manage its financial liabilities and optimize its capital structure.
BP is also expanding its presence in the electric vehicle (EV) charging market. In March 2024, BP celebrated the opening of its first EV charging Gigahub™ in Houston, Texas. This site is a part of BP's commitment to invest $1 billion in the U.S. EV charging infrastructure by 2030, aiming to deploy 3,000 charge points by 2025.
Additionally, BP's subsidiary, Archaea Energy, launched its largest renewable natural gas (RNG) plant in Shawnee, Kansas, which can process 9,600 standard cubic feet of landfill gas per minute. This plant exemplifies BP's investment in biogas and its efforts to produce lower carbon fuels.
BP's strategic direction is also evident in its bioenergy initiatives. The company continues to develop and operate RNG facilities and has expanded its global biogas supply volumes significantly, driven by the integration of Archaea Energy.
BP’s ambition is to become a net-zero company by 2050 or sooner, transforming from an international oil and gas company to an integrated energy company. With extensive investments in the United States, BP underscores its commitment to a lower carbon future, supporting over 275,000 jobs and contributing significantly to the U.S. economy.
Corteva (NYSE: CTVA) and bp announced their intent to form a joint venture focused on producing crop-based biofuel feedstocks for sustainable aviation fuel (SAF). The partnership aims to deliver one million metric tons of biofuel feedstocks annually by mid-2030s. Corteva will contract farmers in North and South America, and Europe to grow mustard seed, sunflower, and canola feedstocks. The initiative aligns with EU's SAF mandate requiring 20% SAF by 2035 and 70% by 2050 at EU airports. The companies plan to finalize agreements in 2025 with operations starting later that year.
bp (NYSE: BP) has launched earnify™, a new app designed to enhance the fueling and convenience store experience. The app offers a loyalty program where users can earn points on every dollar spent at bp and Amoco locations, both on fuel and in-store items. Users earn 1 point per $1 spent on fuel and 2 points per $1 spent on other in-store items, along with an always-on 5¢ per gallon savings on fuel purchases.
To celebrate the launch, bp is offering exclusive introductory benefits. For the first 90 days, users will earn double points on all transactions, and new users will receive 250 welcome points after registering. The earnify™ app is free to download and available for the latest versions of iOS and Android.
This initiative aligns with bp's global aim to increase customer touchpoints from 12M to more than 15M per day by 2025 and double its convenience gross margin by 2030.
Palantir Technologies Inc. (NYSE:PLTR) and bp (NYSE:BP) have extended their strategic partnership with a new 5-year enterprise agreement. The deal introduces new artificial intelligence capabilities using Palantir's AIP software, building on a decade-long collaboration that has supported bp's oil and gas production operations. Key features include:
1. Integration of dynamic digital physical asset models with real-time data from over 2 million sensors
2. Development of a model-based digital twin of bp's oil and gas production activity
3. Implementation of large language models (LLMs) to improve decision-making
4. Enhanced security features to control LLM actions and provide auditable digital records
The partnership aims to further enhance operational efficiency and increase data integration in bp's operations.
On July 10, 2024, bp (NYSE: bp) announced a significant deal with Simon Property Group (NYSE: SPG) to expand its EV charging network in the US. bp's global EV charging business, bp pulse, will install and operate over 900 ultra-fast charging bays at 75 Simon locations. The first of these charging sites will open in early 2026, supporting nearly every make and model of EVs.
Richard Bartlett, CEO bp pulse, emphasized the strategic alignment with Simon's properties, which span key US regions including the West Coast, East Coast, Sun Belt, and Great Lakes. This collaboration is part of bp's strategy to provide charging infrastructure where customers need it most. Supported by partners in real estate and utilities, bp pulse aims to optimize energy use on-site with its proprietary Omega energy management solution.
bp pulse plans to continue its global expansion, targeting markets with significant EV growth such as Germany, the US, the UK, and China. The company aims to grow its network to over 100,000 charging points worldwide by 2030.
Arcadis announced the completion of bp's first high-speed EV Gigahub in the US, located at bp's North America headquarters in Houston. This bp pulse station includes 24 high-speed charge points with twelve 150kW DC fast chargers. The new facility aims to increase EV charging capacity in Houston, supporting the growing number of EVs in the city. Arcadis managed the program and construction, and the site is designed for future expansion, including potential solar PV systems. The project aligns with both companies' goals to advance the energy transition and provides a model for future EV infrastructure development.
Archaea Energy, a subsidiary of bp (NYSE: BP), and Republic Services (NYSE: RSG) announce the launch of their first renewable natural gas (RNG) plant under the Lightning Renewables joint venture. The new plant, located at Republic's National Serv-All Landfill in Fort Wayne, Indiana, can process up to 6,400 standard cubic feet of landfill gas per minute (scfm), sufficient to heat over 25,000 homes annually. The Fort Wayne facility is part of a targeted 40 landfill gas-to-RNG projects expected to come online in the coming years. The plant employs Archaea Modular Design (AMD), enabling faster builds through standardized modular components. This initiative supports Republic Services' goal to beneficially reuse 50% more biogas by 2030 and contributes to bp's objective of growing to over 50 million mmbtus per year of RNG by 2030.
BP's new research reveals that using Amoco Ultimate® with Invigorate® can extend your driving range by up to 300 miles per year compared to regular fuel. This finding is based on tests conducted in late 2023 on various top-selling sedans and SUVs. The '300 Miles Farther' campaign highlights these results and aims to promote the benefits of Amoco Ultimate® with Invigorate® through traditional and digital advertising. According to BP's VP of US mobility marketing, Mukta Tandon, this premium fuel ensures optimal engine performance and cleaner engines, leading to fewer fill-ups. BP remains committed to innovation and providing reliable, efficient fuel solutions for modern drivers.
bp's Archaea Energy has launched its largest AMD RNG plant in Kansas, converting landfill gas to renewable natural gas for 38,000 homes annually. The plant signifies a major environmental milestone for capturing emissions and producing low-carbon fuel. With bp's acquisition, the company is now the largest RNG producer in the US, reflecting an 80% increase in global biogas supply volumes.
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