Gain detailed insights into the trading activity of Congress members for BP on our government trades page. Stay updated on how elected officials are investing in BP.

BP - Government Trades

BP is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2023, it produced 1.1 million barrels of liquids and 6.9 billion cubic feet of natural gas per day. At the end of 2022, reserves stood at 7.2 billion barrels of oil equivalent, 56% of which are liquids. The company operates refineries with a capacity of 1.6 million barrels of oil per day.

BP Logo

Equities

Large Cap

News

Media

BP reportedly shifts focus back to oil and gas, halting new offshore wind projects and implementing hiring freeze, due to investor dissatisfaction with energy transition strategy.

Is BP Bailing on Green? Reportedly Shifts Gears From Renewables To Oil And Gas

CSAN

SHEL

BP plans to expand and diversify its biofuel operations in Brazil, including reported plans for exploring second-generation ethanol and sustainable aviation fuel.

BP Eyes Biofuel Dominance In Brazil With Expansion Plans: Report

Earnings

Markets

Analyst Ratings

Trading Ideas

AROC

BP plc (NYSE: BP) has announced its agreement to acquire Bunge&#39;s 50% stake in their joint venture, BP Bunge Bioenergia S.A., solidifying BP&#39;s control over one of Brazil&#39;s top biofuel-producing companies.

BP to Acquire Full Control of Biofuels Joint Venture for $1.4B

BP to acquire Bunge&#39;s 50% stake in joint venture for $1.4 billion, consolidating financial results and supporting growth in bioenergy.

BP Doubles Down On Biofuels: Buys Out Bunge Bioenergia for $1.4B

Citigourp Global Markets 2% Protected Notes Linked To The Djia

PDD Holdings and Kohl&#39;s Have Been Highlighted as Zacks Bull and Bear of the Day

Oil.oilfield.shutterstock

Legal

California AG targets major fossil fuel companies in amended complaint, seeks forfeiture of profits from illegal activities. Lawsuit claims deceptive practices and greenwashing by companies.

Golden State Goes After Oil Giants: Lawsuit Targets Profits From Misleading On Climate Change

Management

BP updates policy, requires employees to disclose intimate relationships or face termination. CEO&#39;s dismissal for non-disclosure cited as reason.

BP Tightens Workplace Relationship Rules After CEO Firing: Report

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

WEEI

ConocoPhillips has reportedly won the right to enforce a $1.33 billion claim against Venezuela for past expropriations. They are also involved in a court case to recover money owed for the expropriation of their assets. 

ConocoPhillips Squeeze: Trinidad Court Reportedly OKs $1.3B Claim Against Venezuela

BP &amp; Trinidad&#39;s NGC reportedly received 2-year license from US Treasury to develop gas fields with Venezuela. Shell &amp; EOG also bidding. Stock info provided.

Lifting The Veil? US Reportedly Authorizes BP &amp; Trinidad&#39;s NGC To Tap Gas Reserves With Venezuela

Audit.Business.Businessman

BP, Shell, EOG bid on 4 blocks for oil and gas exploration in Trinidad&#39;s 2023 auction. No other bidders, results in 4 months. Trinidad makes changes to attract bids.

Trinidad&#39;s Shallow Water Auction: BP, Shell, EOG Reportedly Placed Bet Lured By New Terms

BP PLC

Beyond Protocol

BlackRock ETF Trust BlackRock Future Financial and Technology ETF

BRIGHTPATH BIOTHERAPEUTIC by BRIGHTPATH BIOTHERAPEUTICS CO LTD

Blackstone Private Credit Fund Ordinary Shares - Class I

BANCO COMML POR ORD NEW by Banco Comercial Portugues S.A.

Banco Comercial Portugues SA

BANCO COMERCAIL UNSP/ADR by Banco Comercial Portugues S.A.

BANPU PUBLIC CO LTD by Banpu Public Co., Ltd.

Banpu PCL

BISHOP CAPITAL CORP by Bishop Capital Corp.

Bishop Capital Corp (WY)

BEFOREPAY GROUP LTD by BEFOREPAY GROUP LTD.

Beforepay Group Ltd

BANK OF PHILIPPNE ISLANDS by Bank of the Philippine Islands

Bank of the Philippine Islands

BANK OF PHILI IS UNS/ADR by Bank of the Philippine Islands

BPI ENERGY HOLDINGS INC by BPI Energy Holdings, Inc.

BPI Energy Holdings Inc

PIRAEUS FINL HLDGS SA by PIRAEUS FINL HLDGS S A

Piraeus Financial Holdings SA

PIRAEUS FNL HLD S/ADR by PIRAEUS FINL HLDGS S A

BP Castrol KK

Blueprint Medicines Corporation - Common Stock

Blueprint Medicines Corp

BADGER PAPER MILLS INC by Badger Paper Mills, Inc.

Badger Paper Mills Inc

BASILEA PHARM AG AKT SHS by Basilea Pharmaceutica AG

Basilea Pharmaceutica Ltd

BLACKPOLL FLEET INTL INC by BlackPoll Fleet International, Inc.

BlackPoll Fleet International Inc

Popular Inc

Popular, Inc. - Popular Capital Trust II - 6.125% Cumulative Monthly Income Trust Preferred Securities

Popular Capital Trust II

Bpost SA de Droit Public

Bid Corp Ltd

Princeton Bancorp Inc

BROOKFIELD PTY SPLT PFD 2 by BROOKFIELD PPTY SPLIT CORP.

BP Prudhoe Bay Royalty Trust Common Stock

BP Prudhoe Bay Royalty Trust

Bio-Path Holdings Inc

PT BARITO PACIFIC TBK by Pt Barito Pacific Tbk

PT Barito Pacific Tbk

Biophytis SA SPONSORED ADR NEW 2024

Biophytis SA

BPER BANCA SPA UNSP/ADR by BPER BANCA S.P.A

BPER Banca SpA

Brookfield Property Partners L.P. - 6.25% Class A Cumulative Redeemable Preferred Units, Series 1

Brookfield Property Preferred LP

Brookfield Property Partners L.P. - 5.750% Class A Cumulative Redeemable Perpetual Preferred Units, Series 3

Brookfield Property Partners LP

Brookfield Property Partners L.P. - 6.375% Class A Cumulative Redeemable Perpetual Preferred Units, Series 2

Brookfield Property Partners L.P. - 6.50% Class A Cumulative Redeemable Perpetual Preferred Units

Boston Pizza Royalties Income Fund

BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) reportedly implemented a hiring freeze and halted new offshore wind projects, shifting focus back to oil and gas due to investor dissatisfaction with the company&#8217;s energy transition strategy.
These moves are part of CEO Murray Auchincloss&#8217; strategy to reduce investments in high-budget, low-carbon projects, especially offshore wind, which are not expected to generate immediate cash flow, reported Reuters.
These actions signify a major departure from the approach of Auchincloss&#8217; predecessor, Bernard Looney, who aimed to <a target="_blank" href="https://www.benzinga.com/markets/equities/23/09/34526407/oil-giant-bps-ceo-resigns-amid-investigation-on-personal-conduct" rel="noreferrer noopener">transition away from fossil fuels quickly</a>.
The shift has affected BP&#8217;s stock performance, as returns from renewable energy projects have declined, while profits from oil and gas have soared in the aftermath of the COVID-19 pandemic and Russia&#8217;s invasion of Ukraine.
Auchincloss and Chief Financial Officer Kate Thomson have prioritized investing in and acquiring new oil and gas assets, with a particular focus on the Gulf of Mexico and U.S. onshore shale basins, where BP already has significant operations, the report added, citing people familiar with the matter.
Related: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39247864/bp-tightens-workplace-relationship-rules-after-ceo-firing-report" rel="noreferrer noopener">BP Tightens Workplace Relationship Rules After CEO Firing: Report</a>
BP said in a statement to Reuters that Auchincloss introduced six priorities &#8220;to deliver as a simpler, more focused and higher value company.&#8221;
&#8220;The actions we are taking are part of delivering this &#8211; and of course are all in service of our aim of growing the value of BP.&#8221;
As per the report, BP has reassigned dozens of employees, who were previously focused on identifying new renewable opportunities, to existing projects such as offshore wind initiatives in Britain and Germany.
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39416447/bp-doubles-down-on-biofuels-buys-out-bunge-bioenergia-for-1-4b" rel="noreferrer noopener">BP Doubles Down On Biofuels: Buys Out Bunge Bioenergia for $1.4B</a>
This week, BP said it plans to expand and diversify its biofuel operations in Brazil after acquiring <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39452342/bp-eyes-biofuel-dominance-in-brazil-with-expansion-plans-report" rel="noreferrer noopener">stake in BP Bunge Bioenergia</a>.
Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(ARCA:&nbsp;HJEN)&nbsp;and&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA:&nbsp;EIPX).
Price Action: BP shares closed lower by 1.00% at $35.72 on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

BP p.l.c.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) reportedly plans to assess expanding and diversifying its biofuel operations in Brazil, exploring new products like second-generation ethanol and sustainable aviation fuel following its <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39416447/bp-doubles-down-on-biofuels-buys-out-bunge-bioenergia-for-1-4b" rel="noreferrer noopener">acquisition of a stake in BP Bunge Bioenergia</a>.
Last week, the British oil major bought Bunge Global SA‘s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BG#NYSE">BG</a>) 50% stake in their joint venture, BP Bunge Bioenergia S.A., for an enterprise value of about $1.4 billion.
The acquisition will consolidate 100% of the venture's financial results, including net debt of about $0.5 billion and lease obligations of around $0.7 billion.
In written comments, the company expressed its plans to utilize the expansive biofuel infrastructure of the venture in Brazil, including an industrial complex comprising 11 plants located across five states that specialize in processing sugarcane, reported Reuters.
BP said in the comment, &#8220;We will seek to explore new growth opportunities in the region and develop new bioenergy platforms, such as next-generation ethanol, SAF, e-fuels and biogas,&#8221; per the report.
Biofuels expert Soren Jansen, a former executive at Brazil&#8217;s Copersucar, stated, &#8220;The whole alcohol-to-jetfuel supply chain is very expensive to build up, and the deep pockets from the oil companies is accelerating the process with an initial geographic spread over Brazil, the U.S., Europe and Japan.&#8221;
As per the report, the approach of BP mirrors that of Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>), which previously teamed up with Brazilian sugar and ethanol major Cosan S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSAN#NYSE">CSAN</a>) to form Raizen SA, which is pioneering the world&#8217;s largest cellulosic ethanol program, focusing on second-generation ethanol.
Notably, Raizen launched its second 2G ethanol plant in May, producing fuel from biomass residues of processed sugarcane with 80% less carbon than gasoline.
Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(ARCA:&nbsp;HJEN)&nbsp;and&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA:&nbsp;EIPX).
Price Action: BP shares are up 0.76% at $35.78 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

BP plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bp#NYSE">BP</a>) has announced its agreement to acquire Bunge&#39;s 50% stake in their joint venture, BP Bunge Bioenergia S.A., solidifying BP&#39;s control over one of Brazil&#39;s top biofuel-producing companies. This strategic acquisition, valued at approximately $1.4 billion, marks a pivotal step in BP&#39;s efforts to expand and optimize its bioenergy portfolio.
<h3>Strengthening Biofuels Operations</h3>
The acquisition will allow BP to fully integrate BP Bunge Bioenergia into its operations, leveraging its trading and technology capabilities to maximize value. The deal is expected to lead to the consolidation of 100% of the JV&#39;s financial results, including debt of around $0.5 billion and lease obligations of approximately $0.7 billion.
Once the transaction is completed, BP will have the capacity to produce around 50,000 barrels of ethanol equivalent per day from sugarcane, utilizing BP Bunge Bioenergia&#39;s 11 agro-industrial units spread across five Brazilian states. This integrated business model spans the entire production chain, from cultivation to selling ethanol and sugar.
Emma Delaney, BP&#39;s executive vice president for customers and products, conveyed her excitement about BP Bunge Bioenergia&#39;s industry leadership and opportunity to enhance value through its trading and technology capabilities.
<h3>Refocusing Biofuels Development</h3>
Alongside this acquisition, BP is reassessing its approach to new biofuel projects. The company is pausing two potential developments in sustainable aviation fuel (SAF) and renewable diesel while continuing to evaluate three other projects. This strategic shift aligns with BP&#39;s goal to simplify its portfolio and focus on high-value, high-return initiatives.
Delaney elaborated on this strategy, emphasizing that its focus on developing new biofuel projects has been motivated by maximizing value. These adjustments are aimed at achieving anticipated growth and returns from biofuels in a streamlined and targeted manner.
<h3>Financial and Operational Impact</h3>
This acquisition meets BP&#39;s expected returns threshold for bioenergy, aiming for more than a 15% return and fitting within its disciplined financial framework. BP plans to allocate around $16 billion in capital expenditures for both 2024 and 2025. This move supports BP&#39;s strategic bioenergy growth targets, contributing to approximately $2 billion in EBITDA from bioenergy by 2025.
<h3>Future Growth Prospects</h3>
BP&#39;s full ownership of BP Bunge Bioenergia opens up new growth opportunities in the region, including potential advancements in next-generation ethanol, sustainable aviation fuel, and biogas. The company remains committed to expanding its bioenergy business, with ambitious goals to increase biofuels production and biogas supply significantly by 2030.
Pending regulatory approvals, the transaction is expected to close by the end of 2024. This acquisition and the refocused biofuels strategy are set to enhance BP&#39;s position in the bioenergy sector, driving sustainable growth and shareholder returns.
<h3>Zacks Rank &amp; Key Picks</h3>
BP currently carries a Zack Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked stocks like Archrock Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aroc#NYSE">AROC</a>), Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>), and SM Energy Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>). While Archrock and Sunoco sport a Zacks Rank #1 (Strong Buy) each, SM Energy currently carries a Zacks Rank #2 (Buy).
Archrock is an energy infrastructure company based in the United States, focusing on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
The Zacks Consensus Estimate for AROC&#39;s 2024 EPS is pegged at $1.07. The company has a Zacks Style Score of A for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing over 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM&#39;s 2024 EPS is pegged at $6.63. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
<a href="https://www.zacks.com/stock/news/2291338/bp-to-acquire-full-control-of-biofuels-joint-venture-for-1-4b?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2291338">To read this article on Zacks.com click here.</a>

BP p.l.c.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) shares are trading higher after the company agreed to <a target="_blank" href="https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/news-and-insights/press-releases/bp-to-acquire-full-ownership-of-bp-bunge-bioenergia-while-refocusing-plans-for-new-biofuels-projects.pdf" rel="noreferrer noopener">purchase </a>Bunge Global SA&#8216;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BG#NYSE">BG</a>) 50% stake in their joint venture, BP Bunge Bioenergia S.A., for an enterprise value of about $1.4 billion.
The acquisition will consolidate 100% of the venture&#8217;s financial results, including net debt of about $0.5 billion and lease obligations of around $0.7 billion.
The buyout meets BP&#8217;s expected bioenergy returns threshold of over 15% and fits within its disciplined financial framework, which includes capital expenditure targets of around $16 billion for 2024 and 2025.
Upon completion, BP can produce about 50,000 barrels per day of ethanol equivalent from sugarcane through Bunge Bioenergia&#8217;s 11 agro-industrial units in five Brazilian states.
After the deal closes, BP will become the sole owner of the industrial-scale sugarcane and ethanol business.
This acquisition and focus on key biofuels projects are expected to support BP&#8217;s strategic growth in bioenergy, aiming for around $2 billion in EBITDA from bioenergy and $3 billion-$4 billion across all transition growth engines by 2025.
Bunge&nbsp;expects this second and final monetization event of its ownership in the business to yield <a target="_blank" href="https://www.benzinga.com//node/39408426" rel="noreferrer noopener">net proceeds close to&nbsp;$800 million.</a>
Emma Delaney, BP&#8217;s executive vice president, customers and products said, &#8220;Focusing our plans to develop new biofuels projects is also driven by value. Taken together, these changes can enable us to deliver the growth and returns we expect from biofuels, but in a simpler, more focused way. This is fully in line with bp&#8217;s priorities of driving focus into the business and growing shareholder returns.&#8221;
By 2025, BP aims to increase its biofuels production to approximately 50 million barrels per day (mbd) and its biogas supply to about 40 thousand <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">barrels of oil equivalent per day (mboed)</a>.
By 2030, the company targets to expand its biofuels production to around 100 mbd and its biogas supply to about 70 mboed.
As of first-quarter FY24-end, the company&#8217;s <a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38665532/why-bp-shares-are-trading-lower-premarket-today" rel="noreferrer noopener">net debt stood at&nbsp;$24.02 billion</a>.
Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(ARCA:&nbsp;HJEN)&nbsp;and&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA:&nbsp;EIPX).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39247864/bp-tightens-workplace-relationship-rules-after-ceo-firing-report" rel="noreferrer noopener">BP Tightens Workplace Relationship Rules After CEO Firing: Report</a>
Price Action: BP shares are up 0.79% at $35.67 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

BP Bunge Bioenergia, a joint venture formed in 2019, combined both companies&#39; Brazilian bioenergy and sugarcane ethanol businesses with a total of 11 mills located across the Southeast, North and Midwest regions of Brazil. At closing, which is expected to happen in the fourth quarter of 2024, bp will own 100% of the business.&nbsp;

Commodities

General

Bunge Global Has Agreed To Sell Its 50% Share In BP Bunge Bioenergia To BP, Its Joint Venture Partner, This Second And Final Monetization Event Of Bunge's Ownership In The Business Is Expected To Yield Net Proceeds Close To $800M

<h3>For Immediate Release</h3>
Chicago, IL &ndash; June 17, 2024 &ndash; Zacks Equity Research shares PDD Holdings (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pdd#NASDAQ">PDD</a>) as the Bull of the Day and Kohl&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kss#NYSE">KSS</a>) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Exxon Mobil Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>), Chevron Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>) and BP plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bp#NYSE">BP</a>).
Here is a synopsis of all five stocks:
<h3>Bull of the Day:</h3>
Exxon Mobil Corporation is a well-rounded oil and gas titan that&#39;s gone on an Pinduoduo or Zacks Rank #1 (Strong Buy) stock.&nbsp;PDD Holdings is a Chinese e-commerce platform founded in 2015. Though PDD is much younger than its rivals like Alibabaor VIP Shop,PDD has gained significant popularity in a relatively short period, becoming one of the largest e-commerce companies in China.
<h3>Temu, an Emerging E-Commerce Juggernaut</h3>
Temu, PDD&#39;s e-commerce website, has put PDD on the map. Temu is an online marketplace and e-commerce platform that has garnered popularity for its extensive offering of affordable products. The e-commerce platform launched in September 2022 is available in both China and the United States. The Temu app gained a massive following and a quick foothold in the United States e-commerce market after PDD management boldly decided to purchase an expensive Super Bowl ad in 2023.
<h3>Amazon vs. Temu </h3>
Traditionally, Amazon&nbsp;has enjoyed a stranglehold on the U.S. e-commerce market and has dominated foreign and domestic. However, Temu has taken a unique approach and is catering to a growing niche. Rather than assuming customers would rather have their products shipped to them immediately, and for a slightly higher cost, Temu is catering to a small but rapidly growing segment of the market that is willing to wait for lower prices.
Instead of sourcing products from several different intermediaries, Temu operates a marketplace model that connects buyers directly with sellers and ships cheap goods directly from China. Though the products take longer to ship than Amazon goods, for example, American e-commerce customers who have been squeezed by stubborn and rampant inflation are willing to wait longer to save money.
<h3>Explosive Earnings Growth</h3>
PDD is growing earnings faster than almost any public e-commerce company. Wall Street sees the rapid growth continuing and expects EPS growth of ~97% next quarter and EPS growth of 85% for the full year 2024.
<h3>Bullish EPS Surprise History</h3>
Though PDD&#39;s expectations are high, the company has illustrated that it can consistently beat Wall Street&#39;s expectations. Over the past four quarters, PDD has beat EPS expectations by an average of 45%.
<h3>Relative Strength vs. Peers</h3>
Relative price action is one of the most straightforward and powerful indicators in the investor toolbox. PDD is up 88.5%, while industry peers like BABA lag behind (-15%).
<h3>Bottom Line</h3>
PDD&#39;s unique Temu platform is helping e-commerce shoppers fight inflation while growing the company&#39;s earnings rapidly.
<h3>Bear of the Day:</h3>
Kohl&#39;s is a U.S.-based department store chain that operates specialty department stores and an e-commerce site. The company offers moderately priced apparel, footwear, and accessories for women, men, and children.
Analysts have taken a bearish stance on the company&#39;s earnings outlook, landing it into a Zacks Rank #5 (Strong Sell).
In addition, the company is in the Zacks Retail &ndash; Regional Department Stores industry, which is currently ranked in the bottom 18% of all Zacks industries. Let&#39;s take a closer look at the company.
<h3>Kohl&#39;s</h3>
Kohl&#39;s has struggled to exceed top and bottom line expectations as of late, falling short of the Zacks Consensus EPS estimate by an average of 123% across its last four releases. Just in its latest print, Kohl&#39;s fell short of our consensus EPS estimate by 700%, with sales of $3.8 billion also 5% lower than expected.
Shares faced pressure following the release, with KSS shares down nearly 20% overall in 2024.
Tom Kingsbury, CEO, on the results, &quot;We continue to have high conviction in our strategy and believe that our key growth initiatives, including Sephora, home decor, gifting, impulse, and our upcoming partnership with Babies &quot;R&quot; Us, will contribute more meaningfully going forward. That said, we recognize we have more work to do in areas of our business. We are approaching our financial outlook for the year more conservatively given the first quarter underperformance and the ongoing uncertainty in the consumer environment.&quot; 
Nonetheless, the company remains positive, looking to strengthen its balance sheet via debt reduction throughout 2024.
<h3>Bottom Line</h3>
Negative earnings estimate revisions from analysts stemming from weak quarterly results paint a challenging picture for the company&#39;s shares in the near term.
Kohl&#39;s is a Zacks Rank #5 (Strong Sell), indicating that analysts have taken a bearish stance on the company&#39;s earnings outlook.
For those seeking strong stocks, a great idea would be to focus on stocks carrying a Zacks Rank #1 (Strong Buy) or a Zacks Rank #2 (Buy) &ndash; these stocks sport a notably stronger earnings outlook paired with the potential to deliver explosive gains in the near term.
<h3>Additional content:</h3>
<h3>3 Energy Stocks to Gain from Seismic Imaging Technologies</h3>
Oil and gas companies are increasingly directing investments toward new technologies in seismic imaging, drilling techniques and reservoir management to tackle pivotal challenges and seize strategic opportunities within the industry.
<h3>Investing in Seismic Imaging Technologies</h3>
Enhanced seismic imaging capabilities facilitate more accurate subsurface mapping, thereby lowering exploration risks and refining resource evaluations. Innovations in horizontal drilling and hydraulic fracturing unlock previously inaccessible reserves, significantly boosting operational efficiencies.
Moreover, digital reservoir management systems, integrating real-time data analytics and advanced simulation models optimize production rates, extend asset lifespans and enhance recovery rates. These advancements not only elevate operational effectiveness and cost-efficiency but also align with sustainability objectives, ensuring environmental compliance and minimizing ecological footprints.
<h3>3 Stocks to Keep an Eye On</h3>
Ultimately, embracing these cutting-edge technologies equips oil and gas firms to sustain competitiveness, mitigate operational uncertainties and navigate fluid market dynamics in an evolving global energy landscape.
Thus, it is time for investors to keep an eye on energy majors investing in advanced seismic imaging technologies and digital reservoir management systems. We have zeroed in on three such stocks &mdash; Exxon Mobil Corp., Chevron Corp. and BP plc &mdash; that are well poised to gain. All the stocks carry a Zacks Rank #3 (Hold).
ExxonMobil&#39;s strategic deployment of advanced seismic imaging and digital reservoir management technologies has yielded significant exploration successes in the Stabroek Block. These cutting-edge tools have been instrumental in deciphering the complex geological structures of the region, thereby enabling the optimization of development strategies.
In the Permian Basin, ExxonMobil leverages digital oilfield technologies and real-time monitoring systems to boost production efficiency and enhance reservoir management. The integration of high-resolution seismic data facilitates the precise identification of new drilling targets and the optimization of well placement, underscoring the company&#39;s commitment to leveraging technological innovation for operational excellence.
Chevron&#39;s deployment of advanced seismic imaging and digital reservoir management systems in the Permian Basin, one of the United States&#39; most prolific oil fields, has markedly enhanced production efficiency and recovery rates. These technological investments have substantially optimized operations, highlighting Chevron&#39;s strategic focus on leveraging cutting-edge innovations to maximize resource extraction and operational performance.
BP&#39;s strategic deployment of ocean bottom nodes seismic surveys and real-time data analytics in the deepwater Gulf of Mexico has resulted in the identification of new reserves and the optimization of production from existing fields. These initiatives underscore BP&#39;s effective use of advanced technologies to drive exploration success and operational efficiency in a challenging offshore environment.
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks &quot;Terms and Conditions of Service&quot; disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed&nbsp;that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and&nbsp;is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&amp;P 500 is an unmanaged index.
<a href="https://www.zacks.com/stock/news/2288943/pdd-holdings-and-kohl-s-have-been-highlighted-as-zacks-bull-and-bear-of-the-day?cid=CS-BENZ-FT-press_releases-2288943">To read this article on Zacks.com click here.</a>

PDD Holdings and Kohl's Have Been Highlighted as Zacks Bull and Bear of the Day

Erste Group analyst Hans Engel downgrades BP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) from Buy to Hold.

Downgrades

Erste Group Downgrades BP to Hold

<ul>
<li>Lightning Renewables joint venture targets bringing approximately 40 landfill gas-to-renewable natural gas plants online in coming years.</li>
<li>Fort Wayne plant is the largest Archaea Modular Design in Indiana, processing up to 6,400 standard cubic feet of landfill gas per minute (scfm), enough energy to heat more than 25,000 homes, according to the EPA Landfill Gas Energy Benefits calculator.</li>
</ul>

Archaea Energy And Republic Services Celebrate Renewable Natural Gas Plant In Lightning Renewables JV

On Monday, California Attorney General Rob Bonta filed an amended <a target="_blank" href="https://oag.ca.gov/news/press-releases/attorney-general-bonta-files-amended-complaint-lawsuit-against-five-largest" rel="noreferrer noopener">complaint </a>targeting major fossil fuel companies like Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>), BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>), ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), and the American Petroleum Institute (API).
The amendment requires these companies to forfeit profits earned through illegal activities.
Related: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38985294/exxon-wins-round-one-in-lawsuit-against-climate-activist-investor-report" rel="noreferrer noopener">Battleground For Oil Majors: BP Activist Investor Calls For Cut In Green Energy Pledges</a>
The complaint, filed in San Francisco County Superior Court, also highlights recent instances of false advertising and greenwashing by the oil companies.
In September 2023, the Attorney General filed a lawsuit alleging that five major fossil fuel companies and API deceived the public about climate change.
The lawsuit claims they knew since the 1960s that burning fossil fuels would cause climate change but deliberately spread doubt about climate science in their public communications and marketing.
The current amended complaint provides ample evidence showing that these companies&#8217; deceptive practices persist as they continue to deflect attention from their contribution to climate change.
It also pursues the disgorgement of profits under AB 1366 for their breaches of consumer protection laws.
Attorney General Bonta said, &#8220;This much is clear: Big Oil continues to mislead us with their lies and mistruths, and we won&#8217;t stand for that,&#8221;
&#8220;Their ongoing egregious misconduct is damning.&nbsp;We will continue to vigorously prosecute this matter and ensure that Big Oil pays to abate the harm they have caused, and we will recover&nbsp;ill-gotten gains&nbsp;that&nbsp;will benefit Californians.&#8221;
As per Reuters, the filing comes just days after UN Secretary-General Antonio Guterres called for a ban on fossil fuel advertising, like the bans on tobacco ads.
Read: <a target="_blank" href="https://www.benzinga.com/news/24/04/38093227/chevrons-collaborates-with-ion-clean-energy-marks-a-milestone-in-carbon-capture-advancement" rel="noreferrer noopener">Chevron&#8217;s Collaborates With ION Clean Energy, Marks A Milestone In Carbon Capture Advancement</a>
Last month, Shell shareholders&nbsp;rejected a climate resolution proposed by an activist group during the&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38947115/shell-shareholders-reject-activist-climate-resolution-details" rel="noreferrer noopener">annual general meeting, with only 18.6% support</a>.
Related: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37629096/shell-ponders-slowing-carbon-cut-targets-amid-energy-strategy-revamp-report" rel="noreferrer noopener">Shell Ponders Slowing Carbon-Cut Targets Amid Energy Strategy Revamp: Report</a>
Also, in May, U.S. District Judge Mark Pittman&nbsp;allowed Exxon Mobil&#8217;s lawsuit against an activist shareholder <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38985294/exxon-wins-round-one-in-lawsuit-against-climate-activist-investor-report" rel="noreferrer noopener">group seeking to bar their climate resolution</a>.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

BP p.l.c.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) reportedly updated its policy, requiring employees to disclose intimate relationships with colleagues or risk termination.
This change follows the <a target="_blank" href="https://www.benzinga.com/markets/equities/23/09/34526407/oil-giant-bps-ceo-resigns-amid-investigation-on-personal-conduct" rel="noreferrer noopener">dismissal of former CEO Bernard Looney </a>for failing to make such disclosures, reported Reuters.
As per the memo, the updated policy &#8220;prohibits employees from directly or indirectly managing relatives or those with whom they&#8217;re in an intimate relationship.&#8221;
The company stated that employees will face disciplinary action, including potential dismissal, for failing to comply with the new requirements.
Moreover, thousands of senior leaders are required to declare any intimate relationships with employees or agency workers from the past three years. Managers have been given a three-month grace period, ending on September 1, to make these declarations.
The updated conflicts of interest policy, which was emailed to staff last week, underscores the ongoing impact of Looney&#8217;s sudden departure from the company last September.
As per the report, BP concluded its investigation into Looney&#8217;s conduct earlier this year with the assistance of law firm Freshfields but has not disclosed its findings or conclusions.
BP commented that, &#8220;The board has looked at the details and is making sure that themes and lessons are taken into consideration and adopted appropriately.&#8221;&nbsp;
Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(ARCA:&nbsp;HJEN)&nbsp;and&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA:&nbsp;EIPX).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39081071/lifting-the-veil-us-reportedly-authorizes-bp-trinidads-ngc-to-tap-gas-reserves-with-venezuela" rel="noreferrer noopener">Lifting The Veil? US Reportedly Authorizes BP &amp; Trinidad&#8217;s NGC To Tap Gas Reserves With Venezuela</a>
Price Action: BP shares are up 0.77% at $35.53 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Benzinga's options scanner just detected over 12 options trades for BP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) summing a total amount of $627,615.
At the same time, our algo caught 2 for a total amount of 106,761.
<h3>Predicted Price Range</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $30.0 to $39.0 for BP over the recent three months. 
<h3>Insights into Volume &amp; Open Interest</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in BP's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to BP's substantial trades, within a strike price spectrum from $30.0 to $39.0 over the preceding 30 days.
<h3>BP Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1717698698_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$1.81</td>
<td>$1.72</td>
<td>$1.8</td>
<td>$37.00</td>
<td>$90.0K</td>
<td>14.6K</td>
<td>504</td>
</tr>
<tr>
<td>BP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$1.81</td>
<td>$1.72</td>
<td>$1.8</td>
<td>$37.00</td>
<td>$89.8K</td>
<td>14.6K</td>
<td>2.5K</td>
</tr>
<tr>
<td>BP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$1.79</td>
<td>$1.75</td>
<td>$1.79</td>
<td>$37.00</td>
<td>$84.8K</td>
<td>14.6K</td>
<td>1.0K</td>
</tr>
<tr>
<td>BP</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$0.92</td>
<td>$0.88</td>
<td>$0.91</td>
<td>$37.00</td>
<td>$81.9K</td>
<td>2.1K</td>
<td>904</td>
</tr>
<tr>
<td>BP</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$1.44</td>
<td>$1.42</td>
<td>$1.42</td>
<td>$35.00</td>
<td>$70.7K</td>
<td>438</td>
<td>500</td>
</tr>
</tbody>
</table>

<h3>About BP</h3>
BP is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2023, it produced 1.1 million barrels of liquids and 6.9 billion cubic feet of natural gas per day. At the end of 2022, reserves stood at 7.2 billion barrels of oil equivalent, 56% of which are liquids. The company operates refineries with a capacity of 1.6 million barrels of oil per day.
In light of the recent options history for BP, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Present Market Standing of BP</h3>
<ul>
<li>With a volume of 4,772,973, the price of BP is up 0.03% at $35.34. </li>
<li>RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.</li>
<li>Next earnings are expected to be released in 54 days.</li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for BP with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Options

Market Whales and Their Recent Bets on BP Options

WIIM

BP shares are trading lower amid a drop in oil prices.

AESI

CIVI

CLNE

FANG

LBRT

MTDR

NCSM

PNRG

PTEN

TALO

WFRD

Shares of several oil & gas companies are trading lower following an OPEC+ meeting in which members said they would start phasing out voluntary production cuts in October.

ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) has reportedly been granted the right by a Trinidad and Tobago court to enforce a $1.33 billion claim against Venezuela for past expropriations.
In particular, the decision gives the company the right to seize any compensation to Venezuela from joint gas projects with Trinidad, reported Reuters.
High Court Judge Frank Seepersad told Reuters, &#8220;The order gives to the claimant a green light to be able to enforce the judgment in Trinidad if they can establish there are assets held by the defendants or there is money which is owed to the defendant by entities in Trinidad and Tobago.&#8221;&nbsp;
Notably, ConocoPhillips has been aiming to enforce the rulings in different courts, including in the U.S. and the Caribbean, after winning arbitration awards against Venezuela and its state oil company PDVSA.
PDVSA paid around $700 million to ConocoPhillips through a settlement agreement but stopped payments in late 2019.
ConocoPhillips is the largest claimant in a Delaware case that will auction shares in Venezuela-owned refiner Citgo Petroleum&#8217;s parent firm to pay creditors over $20 billion in compensations.
According to the report, Ryan Lance, ConocoPhillips&#8217;s CEO, commented this month that the company is involved in the Citgo lawsuit &#8220;to get the money that they owe us for the judgments that we have against the Venezuelan government for the expropriation of our assets.&#8221;
As per the report, Trinidad and Tobago&#8217;s state energy firm NGC has not been served with documents related to this matter, and continues with its partners and stakeholders to progress work on a gas project.
Notably, this week, BP p.l.c.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>)&nbsp;and NGC reportedly received a two-year license from the U.S. Treasury Department to negotiate and develop <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39081071/lifting-the-veil-us-reportedly-authorizes-bp-trinidads-ngc-to-tap-gas-reserves-with-venezuela" rel="noreferrer noopener">the Cocuina-Manakin gas fields with Venezuela</a>.
Investors can gain exposure to COP via&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and Westwood Salient Enhanced Energy Income ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WEEI#NASDAQ">WEEI</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39095128/conocophillips-set-for-growth-with-marathon-oil-acquisition-analysts-anticipate-acc" rel="noreferrer noopener">ConocoPhillips Set For Growth With Marathon Oil Acquisition: Analysts Anticipate Accretive Financials And Enhanced Asset Base</a>
Price Action: COP shares closed lower by 1.45% at $113.58 on Thursday.

BP p.l.c.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) and Trinidad and Tobago&#8217;s state energy firm NGC reportedly received a two-year license from the U.S. Treasury Department to negotiate and develop the Cocuina-Manakin gas fields with Venezuela.
Minister Stuart Young said in a briefing that BP and NGC are now allowed to plan a project involving an offshore reservoir with about 1 trillion cubic feet (tcf) of gas reserves that extends from Venezuela to Trinidad, reported Reuters.
As per the report, the authorization is the second issued by the U.S. for energy projects between the two countries, following a license in 2023 to Shell plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) and NGC for the Dragon gas field in Venezuela, which will export gas to Trinidad under the license through October 2025.
Last month, Washington did not renew a broad license allowing Venezuela to freely export its oil and receive investment. However, it has since issued individual authorizations to companies trying to do business in the sanctioned South American country.
Earlier this month, BP&#8217;s spokesperson said that the company&nbsp;had suspended negotiations&nbsp;for Cocuina-Manakin, which on Venezuela&#8217;s side belongs to the Plataforma Deltana project, until receiving U.S. authorization.
Notably, Venezuela plans to start gas exports to secure another source of revenue for the oil-producing country, which has remained under sanctions since 2019.
The report further added the officials said that Venezuela and Trinidad expect to jointly develop a third project involving gas reserves in both countries&#8217; waters, the Loran-Manatee fields.
Yesterday, BP, Shell, and EOG Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) reportedly offered <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39034774/trinidads-shallow-water-auction-bp-shell-eog-reportedly-placed-bet-lured-by-new-terms" rel="noreferrer noopener">six bids to Trinidad and Tobago</a>.
Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(ARCA:&nbsp;HJEN)&nbsp;and&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA:&nbsp;EIPX).
Price Action: BP shares are down 0.08% at $37.09 premarket at&nbsp;the last check Thursday.

Lifting The Veil? US Reportedly Authorizes BP & Trinidad's NGC To Tap Gas Reserves With Venezuela

BP p.l.c.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>),&nbsp;Shell plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) and&nbsp;EOG Resources, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) reportedly offered six bids to Trinidad and Tobago.
The bids are for four blocks to explore for oil and gas as its 2023 shallow water auction closed on Monday, reported Reuters.
There were no other bidders in the auction, and Trinidad&#8217;s Energy Minister Stuart Young said the winners would&nbsp;be announced&nbsp;in four months.
As per&nbsp;the report, all three companies bid for the&nbsp;Modified&nbsp;UC block close to the Teak, Sammaan, and&nbsp;Poui-producing fields.
In particular, EOG bid on three blocks (the Modified UC, the Lower Reverse L, and NCMA 4), Shell had one bid on Modified&nbsp;UC&nbsp;,&nbsp;and BP bid on Modified UC and NCMA 2.&nbsp;
Notably, in October 2023, the Trinidad government had put out 13 blocks for bids.&nbsp;The results reflected that nine&nbsp;of the 13 blocks did not receive any interest, and all the bids were from companies already operating on the Caribbean island.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38317959/bps-new-approach-streamlines-structure-for-efficiency-and-clarity" rel="noreferrer noopener">BP&#8217;s New Approach: Streamlines Structure For Efficiency And Clarity</a>
After&nbsp;its 2019 bid round failed, Trinidad&nbsp;made several changes to&nbsp;the fiscal terms to attract more bids, the report further added. This includes&nbsp;reducing the tax liability for shallow-water producers and raising cost recovery to 60% (from 50%), cutting the windfall tax to 50% (from 70%), boosting the exploration period to eight years (from six years), and lowering the bid fee to $30,000 (from $40,000).
Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38969523/shells-lng-gambit-aussie-lng-to-reportedly-quench-asias-thirst" rel="noreferrer noopener">Shell&#8217;s LNG Gambit: Aussie LNG To Reportedly Quench Asia&#8217;s Thirst</a>
Notably, Trinidad is Latin America&#8217;s largest producer of liquefied natural gas (LNG), with an installed capacity of 15 million metric tons annually of super-cooled gas.&nbsp;Also, it is one of the world&#8217;s biggest exporters of methanol and ammonia, but its plants have been operating below&nbsp;full&nbsp;capacity in recent years due to a lack of gas.
Price Action: BP shares are up by 1.03% at $37.10 and SHEL by 0.24% at $70.99 premarket at the last check Tuesday. EOG shares closed lower by 0.61% at $123.27 on Friday. 
Photo via Shutterstock

Trinidad's Shallow Water Auction: BP, Shell, EOG Reportedly Placed Bet Lured By New Terms

Equinor ASA&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQNR#NYSE">EQNR</a>) has reportedly received approval from the New York State Public Service Commission to start building its Empire Wind 1 offshore wind farm.
On Thursday, Governor Kathy Hochul stated that the 810-megawatt (MW) Empire Wind 1 project&nbsp;is expected&nbsp;to contribute to the&nbsp;state&#8217;s&nbsp;goal of developing 9,000 MW of offshore wind power by 2035, reported Reuters.
In January 2024, Equinor penned a&nbsp;swap deal with&nbsp;BP PLC&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) to fully own the&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36799247/wind-of-change-energy-giants-equinor-bp-give-offshore-wind-power-project-deal-a-second-chance" rel="noreferrer noopener">Empire&nbsp;Wind lease and projects</a>.&nbsp;
Following the deal signing, a bid was submitted for the Empire Wind 1 project in New York&#8217;s fourth offshore wind solicitation round&nbsp;and it has also been agreed with the&nbsp;New York State Energy Research and Development Authority (NYSERDA) to terminate the Offshore Wind Renewable Energy Certificate (OREC) Purchase and Sale Agreement for the Beacon Wind 1 project.&nbsp;
As per the report, in March 2024, Equinor received approval from the Federal Energy Regulatory Commission, and this new approval is the last one&nbsp;required&nbsp;for construction to begin.&nbsp;The wind farm&nbsp;is scheduled&nbsp;to start producing power in 2026.
This month, Equinor has&nbsp;entered into a strategic partnership&nbsp;with&nbsp;Standard Lithium Ltd, a near-commercial&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38710895/equinor-pumps-millions-into-standard-lithiums-sustainable-projects" rel="noreferrer noopener">lithium development company</a>.
Last month, Equinor reported Q1 FY24&nbsp;with $24.79 billion in adjusted revenue,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38430077/why-oil-gas-major-equinor-shares-are-higher-premarket-thursday" rel="noreferrer noopener">beating&nbsp;consensus of $22.24 billion</a>.
Investors can gain exposure to the stock via&nbsp;Macquarie ETF&nbsp;Trust Macquarie Energy Transition ETF&nbsp;(PWER) and&nbsp;Pacer Developed&nbsp;Markets International Cash Cows 100 ETF&nbsp;(ICOW).
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38824903/equinor-swaps-assets-for-streamlined-norway-operations" rel="noreferrer noopener">Equinor Swaps Assets for Streamlined Norway Operations</a>
Price Action: EQNR shares closed lower by 0.29% at $27.99 on Thursday.
Photo via Shutterstock

EQNR

Equinor Reportedly Scores Final Permit, Empire Wind 1 To Blast Off In 2026

Michael Burry, the legendary investor who famously predicted the 2008 financial crisis, has once again made headlines with his latest 13F filing for his hedge fund<a href="https://www.benzinga.com/topic/michael-burry"> Scion Asset Management LLC. </a>
The first quarter of 2024 reveals a strategic recalibration towards physical commodities and renewable energy, while Burry shifted away from some tech giants. 
The total market value of Scion's 13F securities increased from $94.6 million to $103.49 million. The fund&#8217;s activity included five new purchases, additions to 11 existing positions, and complete sell-offs of 14 stocks.
<h3 class="wp-block-heading">Top 5 Buys: A Golden Bet On Gold And Clean Energy</h3>
Burry's top buys for Q1 2024 reveal a clear pivot towards physical precious metals and clean energy, underscoring his anticipation of rising value in these sectors. 
Leading the charge is the Sprott Physical Gold Trust ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHYS#NYSE">PHYS</a>), with Scion increasing its position by $7.62 million, marking a 7.37% change in the portfolio. This substantial investment highlights Burry's confidence in gold as a hedge against economic uncertainty. The aforementioned gold fund has delivered a 16% return year to date, outperforming the broader stock market, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which rose by 12%. 
Next in line is Cigna Holding Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>), where Scion increased its stake by $7.26 million, representing a 7.02% portfolio change. This move reflects Burry's continued belief in the resilience and growth potential of the healthcare sector.
Reflecting confidence in the energy sector, Burry added $6.59 million worth of BP Plc ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>), translating to a 6.37% portfolio change. This investment signifies Burry&#8217;s recognition of BP&#8217;s strong position in the global energy market, especially amid BP&#8217;s transition to cleaner energy sources.
Last week, the British energy company&#8217;s electric vehicle charging unit announced plans to acquire Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) supercharging sites in the US as part of its expansion efforts.
Burry's commitment to renewable energy is further emphasized by a $5.06 million increase in First Solar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NYSE">FSLR</a>), representing a 4.89% change in the portfolio. This move aligns with the global shift towards sustainable energy solutions, showcasing Burry's foresight in capitalizing on this growing trend.
Rounding out the top five buys is Baidu Inc ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>), with a $4.38 million addition, marking a 4.07% portfolio change. This investment underscores Burry&#8217;s confidence in the long-term potential of Chinese technology companies.
In his Q4 2023 13F filing, Burry increased stakes in two <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37139816/2008-big-short-oracle-burry-bets-big-on-chinese-giants-backs-google-amazons-ai-wave">major Chinese retail giants</a>, JD.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) and Alibaba Group Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NASDAQ">BABA</a>). 
At the end of the first quarter 2024, Burry further increased his stakes in these two giants, purchasing an additional 160,000 shares of JD.com and 50,000 shares of Alibaba.
<h3 class="wp-block-heading">Top 5 Portfolio Divestments: Burry Trims Tech Giants</h3>
Burry made notable divestments in several high-profile tech stocks during the first quart. 
Oracle Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NASDAQ">ORCL</a>) tops the list, with Scion decreasing its holdings by $5.77 million, a 5.57% change in the portfolio. 
CVS Health Corp (CVS) followed closely, with a $5.62 million reduction, a 5.43% change in the portfolio. This move might reflect concerns over potential challenges in the healthcare sector.
Nexstar Media Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXST#NASDAQ">NXST</a>) ranked third in terms of largest sales, with Burry reducing the stake by $5.57 million (5.39% change).
Notably, Burry opted to completely exit his positions in two major U.S. tech giants, suggesting a reevaluation of their growth prospects following a strong rally.
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) saw a full divestment, with Burry selling $5.35 million worth of shares (a 5.17% change).
Similarly, Amazon.com Inc. (AMZN) experienced a complete exit, with a $4.99 million reduction, representing a 4.82% portfolio change. This move highlights Burry's cautious stance on the future performance of one of the world's largest e-commerce platforms.
<h4 class="wp-block-heading">Portfolio Summary</h4>
The top five holdings by weight in the Scion Asset Management LLC&#8217;s portfolio by the end of the Q1 2024 are:
<ol>
<li>JD.com Inc: 9.53%.</li>
<li>Alibaba Group Holding Ltd: by 8.74%.</li>
<li>HCA Healthcare Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCA#NYSE">HCA</a>): 8.06%.</li>
<li>Citigroup Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>): 7.64%.</li>
<li>Sprott Physical Gold Trust: 7.37%.</li>
</ol>
Read now: <a href="https://www.benzinga.com/markets/equities/24/05/38873913/warren-buffetts-berkshire-confirms-apple-sale-dumps-this-pc-maker-finally-reveals-mystery-stock-">Warren Buffett&#8217;s Berkshire Confirms Apple Sale, Dumps This PC Maker, Finally Reveals Mystery Stock: Here Are The Portfolio Changes To Know</a>
Image created using artificial intelligence via Midjourney.

Asia

Sector ETFs

Specialty ETFs

Hedge Funds

Tech

ETFs

BABA

BIDU

FSLR

GOOGL

NXST

ORCL

PHYS

TSLA

'Big Short' Investor Michael Burry Bets Heavy On Gold, Renewable Energy Stocks, Exits Amazon, Alphabet

Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) is set to sell its remaining oil and gas assets in the UK North Sea, concluding its 55-year presence in the region.
The U.S. energy giant&#8217;s decision to divest comes as it gears up for the $53 billion <a href="https://www.benzinga.com/markets/equities/23/10/35369568/oil-gas-giant-chevron-agrees-to-acquire-hess-corp-at-a-premium">acquisition of Hess Corp</a>. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>), a move that involves up to $20 billion in global asset sales, reported Reuters.
The North Sea exit signifies another step in the gradual retreat of leading oil and gas companies from the aging British basin, which led the way in deepwater production in the 1970s. 
Chevron&#8217;s holdings include a 19.4% stake in the BP plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>)-operated Clair oilfield, the largest in the British North Sea, producing 120,000 barrels per day. 
BP is considering a third development phase for the field, known as Clair South, which is one of the largest remaining untapped fields in the North Sea.
In addition to its stake in the Clair oilfield, Chevron plans to divest its interests in the Sullom Voe oil terminal and the associated Ninian and SIRGE pipeline systems. 
Industry sources suggest that the sale, expected to be formally launched in June, could generate up to $1 billion, excluding tax benefits. 
The exit is part of Chevron's strategy to streamline its portfolio and focus on more profitable assets, according to CEO Mike Wirth.
This move follows Chevron's 2019 sale of several North Sea assets to Ithaca Energy. Over the past decade, other major companies like Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) have also sold their North Sea assets, reflecting a broader industry trend.
Chevron's decision to sell its North Sea assets is driven by a review of its global portfolio, emphasizing capital discipline in both traditional and new energy sectors. 
Despite speculation, Chevron stated that this move is unrelated to the 35% windfall tax imposed by the British government on North Sea producers following the 2022 surge in energy prices. 
Chevron stock has gained more than 6% in the last 12 months. Investors can gain exposure to the stock via&nbsp;SPDR Select Sector Fund – Energy Select Sector (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and IShares U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).
Price Action: CVX shares are trading flat at $161.27 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

iShares Dow Jones US Energy Sector Index Fund

Chevron Ends 55-Year North Sea Operations Ahead Of Hess Deal: Report

Deep-pocketed investors have adopted a bullish approach towards BP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in BP usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 9 extraordinary options activities for BP. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 77% leaning bullish and 22% bearish. Among these notable options, 2 are puts, totaling $155,840, and 7 are calls, amounting to $337,590.
<h3>What's The Price Target?</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $15.0 to $40.0 for BP over the last 3 months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in BP's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to BP's substantial trades, within a strike price spectrum from $15.0 to $40.0 over the preceding 30 days.
<h3>BP Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1715871764_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BP</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>07/19/24</td>
<td>$2.08</td>
<td>$2.04</td>
<td>$2.05</td>
<td>$36.00</td>
<td>$97.3K</td>
<td>1.5K</td>
<td style="text-align: right;">475</td>
</tr>
<tr>
<td>BP</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/21/24</td>
<td>$2.86</td>
<td>$2.82</td>
<td>$2.82</td>
<td>$40.00</td>
<td>$77.9K</td>
<td>9.2K</td>
<td style="text-align: right;">120</td>
</tr>
<tr>
<td>BP</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/17/24</td>
<td>$2.84</td>
<td>$2.81</td>
<td>$2.82</td>
<td>$40.00</td>
<td>$77.9K</td>
<td>1.6K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>BP</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$2.4</td>
<td>$2.36</td>
<td>$2.36</td>
<td>$36.00</td>
<td>$62.3K</td>
<td>6</td>
<td style="text-align: right;">264</td>
</tr>
<tr>
<td>BP</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/21/24</td>
<td>$7.45</td>
<td>$7.4</td>
<td>$7.45</td>
<td>$30.00</td>
<td>$48.4K</td>
<td>93</td>
<td style="text-align: right;">65</td>
</tr>
</tbody>
</table>

<h3>About BP</h3>
BP is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2023, it produced 1.1 million barrels of liquids and 6.9 billion cubic feet of natural gas per day. At the end of 2022, reserves stood at 7.2 billion barrels of oil equivalent, 56% of which are liquids. The company operates refineries with a capacity of 1.6 million barrels of oil per day.
In light of the recent options history for BP, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Present Market Standing of BP</h3>
<ul>
<li>Currently trading with a volume of 1,631,668, the BP's price is down by -0.41%, now at $37.17. </li>
<li>RSI readings suggest the stock is currently is currently neutral between overbought and oversold.</li>
<li>Anticipated earnings release is in 75 days.</li>
</ul>
<h3>What Analysts Are Saying About BP</h3>
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $43.0.
<ul>
<li>An analyst from Piper Sandler persists with their Neutral rating on BP, maintaining a target price of $43. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest BP options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Smart Money Is Betting Big In BP Options

In a report released today, Biraj Borkhataria from RBC Capital maintained a Buy rating on BP p.l.c. (BP – Research Report), with a price target of ...

RBC Capital Reaffirms Their Buy Rating on BP p.l.c. (BP)

BP's Castrol to invest up to $50M in Gogoro

Suncor:  Long-Term Potential, But Its Stock May Be Range-Bound For A While

Crude oil prices slip ahead of expected strong EIA inventory report

Crude oil prices slip ahead of expected report showing strong demand

How Consolidation Has Changed The Midstream Landscape

BP pauses hiring, slows renewables investments to win over investors - Reuters

BP pauses hiring, slows renewables spending to win over investors - Reuters

Kepler Capital analyst Bertrand Hodee maintained a Buy rating on BP p.l.c. (BP – Research Report) on June 26 and set a price target of p630.00. The...

BP p.l.c. (BP) Gets a Buy from Kepler Capital

Jefferies analyst Giacomo Romeo maintained a Buy rating on BP p.l.c. (BP – Research Report) today and set a price target of £5.90. The company's sh...


Jonathan JacksonHouse (D-IL)	$15K - $50K	Sale	Feb 15, 2024	Jan 08, 2024	House
Pete SessionsHouse (R-TX)	$15K - $50K	Sale	Nov 07, 2023	Oct 31, 2023	House
Jonathan JacksonHouse (D-IL)	$15K - $50K	Purchase	Jun 06, 2023	May 12, 2023	House
Virginia FoxxHouse (R-NC)	$100K - $250K	Sale	Jan 05, 2022	Dec 23, 2021	House
Virginia FoxxHouse (R-NC)	$1K - $15K	Purchase	Jan 05, 2022	Dec 20, 2021	House
Virginia FoxxHouse (R-NC)	$1K - $15K	Purchase	Oct 04, 2021	Sep 27, 2021	House

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Government Trades

BP PLC

top performing BP trades