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BP p.l.c. (NYSE: BP) is a global energy leader with operations spanning oil and gas exploration, refining operations, and renewable energy solutions. This news hub provides investors and industry professionals with timely updates on BP's strategic initiatives, financial performance, and energy transition progress.
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TravelCenters of America Inc. (Nasdaq: TA) reported a net loss of $6.3 million for Q1 2023, a decline from a net income of $16.3 million in the same quarter last year. The adjusted net loss was $3.4 million, down from adjusted net income of $15.2 million year-over-year. Adjusted EBITDA fell by 42.2% to $32.0 million. The company reported total liquidity of $544.1 million, with cash and equivalents at $385.9 million. Fuel sales volume decreased by 2%, with a gross margin drop of 15.6%. In contrast, nonfuel revenues grew by 5.9% to $515.7 million, supported by increases in truck service and restaurant segments. TA is also in a merger agreement with BP, with the acquisition valued at $86.00 per share.
TIG Advisors, LLC, a significant shareholder of TravelCenters of America Inc. (TA), owning approximately 4.9%, has urged the TA Board to allow ARKO Corp. access to its data room for a potential acquisition proposal. This request follows ARKO's recent offer and TA's ongoing merger discussions with BP PLC. TIG contends that the board is neglecting its fiduciary duty to prioritize shareholder interests in favor of Service Properties Trust and The RMR Group. TIG emphasizes the need for the board to conduct due diligence on ARKO’s proposal, asserting that this could create greater value for shareholders. They stress that delaying this process would be detrimental to TA and its investors, and support moving forward with the BP transaction only if ARKO's proposal is found inadequate after due diligence.
bpx energy, a subsidiary of BP, has achieved MiQ certification for its entire U.S. onshore operations in Texas and Louisiana. This certification, which encompasses 1.1 billion cubic feet per day of natural gas production, positions BP as a pioneering leader in certified natural gas in the U.S. The MiQ Standard evaluates methane emissions management, providing transparency for purchasers. As of March 2023, this development enhances bpx's understanding of its methane emissions, enabling better reduction strategies. The commitment builds on an earlier certification for the South Haynesville facility and aims to capitalize on the rising demand for certified gas.
TravelCenters of America announced strong financial results for Q4 2022, reporting net income of $46.8 million, a 266% increase year-over-year. Adjusted EBITDA reached $99.2 million, up 87.5%, alongside a robust cash position of $416 million. Despite a 2.2% decline in total fuel sales volume, fuel gross margin surged 53.9% to $167.9 million, reflecting improved margins per gallon. Additionally, TA entered a merger agreement with BP for $86.00 per share, anticipated to close mid-2023, pending approvals.
Texas Pacific Land Corporation (NYSE: TPL) has secured a long-term agreement with bpx energy, a subsidiary of BP (NYSE: BP), to provide water services and surface access across approximately 270,000 acres in Culberson, Loving, and Reeves Counties, Texas. This partnership will yield dedicated brackish and treated water sales for TPL, while bpx will gain assured access for oil and gas development. The agreement aims to enhance production in the Delaware Basin for bpx and generate increased revenue streams for TPL. Executives from both companies expressed optimism about the strategic alignment and potential growth opportunities.
