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BP reports $6.7 billion second-quarter loss soon after important compose downs, cuts dividend

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BP reports $6.7 billion second-quarter loss after major write downs, cuts dividend

A BP organization logo at a gasoline station in London, U.K.

Chris Ratcliffe | Bloomberg | Getty Visuals

Vitality big BP reported a major reduction for the second quarter on Tuesday, soon after downgrading the price of some of its property on expectations of decreased commodity prices.

2nd-quarter fundamental substitute charge profit, utilized as a proxy for web earnings, came in at a decline of $6.7 billion, assembly expectations of analysts polled by Refinitiv. That as opposed with a internet earnings of $800 million in the initial quarter of the 12 months.

BP also announced that it had halved its dividend to 5.25 cents for every share for the quarter, compared to 10.5 cents for each share for the very first three months of the yr.

The documented decline for the quarter was $16.8 billion, which includes a publish-tax cost of $10.9 billion for non-working goods. It compares to a loss of $4.4 billion about the first three months of 2020.

The breakdown of this figure integrated $9.2 billion in impairments throughout the group, largely because of to BP’s revised forecast for oil and gas costs more than the following 30 years, and $1.7 billion of exploration produce-offs.

The U.K.-based oil and fuel business stated previous month that it could incur non-funds impairment costs and publish-offs in the second quarter, estimating an mixture array of $13 billion to $17.5 billion right after tax. At the time, BP reported the “enduring” impact of the coronavirus pandemic experienced prompted the firm to reduce its oil and price forecasts as a result of to 2050.

“These headline final results have been pushed by a further really difficult quarter, but also by the deliberate actions we have taken as we continue to reimagine strength and reinvent bp,” Bernard Looney, CEO of BP, mentioned in a statement on Tuesday.

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“In particular, our reset of extended-expression value assumptions and the similar impairment and exploration write-off rates experienced a important influence. Beneath these, even so, our functionality remained resilient, with excellent funds move and – most importantly – risk-free and reputable operations,” he additional.

Shares of BP are down more than 40% year-to-date.

‘BP has woken up’

Global benchmark Brent crude futures traded at $44.02 a barrel on Tuesday early morning, down far more than .3%, while West Texas Intermediate (WTI) crude futures stood at $40.89, all around .3% reduce.

Analysts had predicted that “Major Oil” companies, referring to the world’s largest vitality majors, were very likely to report “horrendous” next-quarter final results as coronavirus lockdown actions coincided with an unparalleled demand shock and substantially weaker oil and fuel rates.

Having said that, some firms have been in a position to limit the harm as their trading divisions have capitalized on heightened marketplace volatility.

It is a selection that we wholeheartedly believe that is in the extensive-term fascination of our stakeholders.

Alongside BP’s second-quarter earnings, the power big introduced a new method that it claims will assistance the firm shift to clean electrical power in line with its strategy to turn into a net-zero-carbon firm by 2050 or faster. 

The organization reported that, in 10 decades, it options to raise its once-a-year low carbon financial investment 10-fold to all-around $5 billion a yr. It also aims to have developed around 50 gigawatts of web renewable generating capacity by 2030 – a 20-fold maximize from 2019.

“We think that what we are setting out nowadays offers a compelling and appealing lengthy-time period proposition for all investors — a reset and resilient dividend with a motivation to share buybacks rewarding growth and the option to commit in the power changeover,” BP’s Looney stated in a push release.

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“I want to accept the effect the reset dividend will have on quite a few – irrespective of whether particular person retail investors or big holders,” Looney mentioned. “However, it is a final decision that we wholeheartedly believe is in the very long-phrase interest of our stakeholders.”

BP also fully commited to lessen oil and gas creation by 40% from present concentrations by the stop of the decade “as a result of energetic portfolio administration” and explained it would “start no exploration in new countries.”

In reaction to BP’s new tactic announcements, Mel Evans, senior weather campaigner for Greenpeace Uk, reported: “BP has woken up to the rapid want to cut carbon emissions this decade.”

“Slashing oil and gas generation and investing in renewable energy is what Shell and the rest of the oil industry requires to do for the world to stand a likelihood of meeting our global local weather targets,” Evans ongoing. “BP will have to go additional, and demands to account for or ditch its share in Russian oil business, Rosneft. But this is a necessary and encouraging begin.”

Shell was not promptly out there to comment when contacted by CNBC on Tuesday.

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Wabi2b enters the Portuguese market

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Wabi2b enters the Portuguese market

It is the first marketplace that allows distributors and Cash & Carries to sell directly to traditional retailers in Portugal. With a presence in 30 cities around the world, it is the turn of the European market, and above all the Portuguese market, to welcome Wabi2b, a digital ecosystem that wants to digitize and modernize brick-and-mortar by connecting its channels.

With the mission of supporting local and traditional commerce, transforming their business processes and bringing them into line with the standards of the digital world, the Wabi2b online store allows retailers to have access to multiple suppliers in one store, view the entire range of products they offer. , compare prices, place all your orders at once, and enjoy platform-exclusive promotions and discounts. In other words, through innovation, Wabi2b intends to provide better and more informed decision making to expand its business.

From the supplier’s point of view, Wabi2b gives its partners full control over the work, namely in the choice of their geography of sales, in the cost and minimum cost of delivery, in the portfolio of products they represent, in prices and in deliveries. and payment receipts. In addition, this platform allows the Wabi2b commercial team to attract new customers and cover a large area.

This is a new digital sales channel with no technology investment, where the supplier receives automated performance reports with key market insights, allowing you to increase your sales team’s efficiency through better route planning and giving your teams more time to add value to them. bring in per visit, being able to direct regular sales to the platform.

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In addition, it also allows you to highlight new product launches, run promotions, and improve customer communications through marketing activities such as personalized banners and targeted push notifications.

Per Hugo Duarte, Head of da Wabi2b Portugal “The Wabi2b ecosystem is set to revolutionize traditional trading and business management practices. With this platform, consumer goods companies, suppliers and point of sale will connect for the first time in a single digital environment whose transactions will be carried out, which will reduce costs, waste, increase transparency, facilitate inventory control and better understand the business. performance. Barriers previously held back by the diversity of agents in the supply chain can now be easily overcome with a single click. The operation in Portugal was very unexpected, so our expansion plans for 2022 are ambitious.”

In this first phase, the platform has registered over 1,700 stores in Lisbon, and in June it also launched in Porto.

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Portuguese government highly appreciates the priorities of the Czech Presidency of the European Union – Observer

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Portuguese government highly appreciates the priorities of the Czech Presidency of the European Union - Observer

The Secretary of State for European Affairs this Wednesday expressed full agreement with the five political priorities identified by the upcoming Czech Presidency of the European Council, highlighting issues of support for Ukraine and the energy transition.

The priorities of the Czech presidency will eventually become the priorities of the Portuguese government for the next six months. We hope that the Assembly of the Republic will follow this path,” said Thiago Antunes at the opening of the parliamentary debate on the priorities of the Czech presidency.

The Secretary of State for European Affairs began by setting the priorities of the executive branch in Prague for the second half of this year: managing the refugee crisis and the post-war reconstruction of Ukraine, energy security, strengthening European defense and cyber security, the strategic sustainability of the European economy, and the resilience of the democratic institutions of the European Union.

According to a member of the Portuguese government, the first priority is continued military assistance, humanitarian and financial to Ukraine“with the application of sanctions against Russia and its allies.”

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“The European Union is facing the biggest wave of refugees since the Second World War, and the Czech Presidency proposes to mobilize and coordinate all the necessary resources for the reception and integration,” especially of children, he said.

Speaking about energy security, Thiago Antunes mentioned “the difficult but fast path that the European Union has already covered in a short period of time.”

“The war in Ukraine has demonstrated that the European Union cannot depend on Russia for energy supply, and the mission of the Czech Presidency will now be to achieve progressive and rapid autonomization and modernization in the energy sector. Portugal has all the conditions to become a central player in the energy transition,” says the European Affairs portfolio holder.

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In his opening remarks, Thiago Antunes also mentioned the goals of the Czech Republic to strengthen European defense, namely through partnership with the Atlantic Alliance, in which he highlighted the issue of cyber security in preventing attacks.

The Secretary of State for European Affairs then spoke. “European problem of vulnerability” in the face of global supply chainscontrasting with the need for reindustrialization, and highlighted the “disturbing reality of inflation in all Member States”.

Regarding the sustainability of democratic institutions in the European Union, the fifth goal of the Prague government, Thiago Antunes noted that this is the least related priority to the war in Ukraine.

“But this will certainly be one of the most frequent topics in European debates in the near future,” he added.

During the debate, PSD MP Sergio Marques accused the Portuguese government of adopting a position of “restraint and reluctance, almost opposition to granting Ukraine candidate status, changing its position only at the last minute so as not to be speaking in private.”

Then Andre Ventura, the leader of Chega, accused the PS of “failing to decide” on Ukraine’s accession to the European Union.

PS MP Kapulas Santos said his party “could not disagree with the priorities of the Czech presidency” but wondered if the “European Union” would survive the impact of the new enlargement.

In turn, MP Bernardo Blanco from the Liberal Initiative said that regarding the priorities of the Czech presidency, the party “fully agrees with the first priority regarding Ukraine”, but refused to depend “on countries that pose a great geopolitical risk.” .”, such as Russia or China.

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Communist Diana Ferreira believed that “the goals that are adopted in this presidency in matters of energy or energy security are to protect the interests of big capital” and believed that “solving these problems is not at all a priority.”

Mariana Mortagua of BE asked for flexibility in the entry of refugees into the European Union, as happened with Ukrainians, criticizing the “absolute hypocrisy of double ‘standards'”.

In the same vein, PAN sole deputy Inés Souza Real refused to allow the European Union to treat people fleeing war “as first and second class refugees”, while Livre’s sole deputy Ruy Tavares questioned whether the Portuguese government would support a joint refugee resettlement program in the European Union.”

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PAN wants to abolish fees for teaching Portuguese abroad

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PAN wants to abolish fees for teaching Portuguese abroad

O PAN has submitted a draft to Parliament to stop collecting tuition/entry fees for young Portuguese and descendants of Portuguese who attend or will attend Portuguese language teaching abroad.

The diploma, which was presented this Wednesday to the Assembly of the Republic, refers to a petition signed by 4,524 people that was delivered to Parliament in the previous legislature. Petition titled “Portuguese for all! Concerning the right of our children and young people to study Portuguese abroad, it proposes to “protect and strengthen the teaching of Portuguese among children and young people of Portuguese and Portuguese living abroad”.

PAN understands that the formal learning of the Portuguese language by Portuguese children and young people living abroad is “more than the right of these children and young people, is the responsibility of the state” and is a way to ensure the continuity of “Portuguese across borders”.

“Petition No. 168/XIV/2.ª gives the Assembly of the Republic the opportunity to review the state of the official network of teaching Portuguese abroad for the Portuguese and the descendants of the Portuguese, as well as to consider its problems and the causes of these problems. “, – says PAN.

The party, led by Inés Sousa Real, warns of “a small number of students studying Portuguese abroad” and justifies this fact with “mandatory attendance rates applicable to all students”.

“Currently, the school has about 20,000 students, which is a third of what it was in 2008. This situation is largely justified by the fact that in the 2012/2013 academic year there was a mandatory attendance rate for all students, which meant revenge on the idea that there are constitutional rights for the Portuguese community abroad, but they can only be exercised if they are paid, which is regrettable,” the document says.

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PAN also reports that even during the pandemic, students had to continue paying tuition fees “despite being unable to attend remote classes due to a lack of necessary resources.”

“In the previous legislature, the PAN at the headquarters of the Education Commission requested the Minister of Education for the designation of the revenues generated from the collection of tuition fees, but never received a clear answer,” the party points out, also mentioning that he had already submitted a draft resolution about the abolition of tuition/registration fees for these young people who are “only not moving forward due to the dissolution of the Assembly of the Republic”.

“As part of this initiative, PAN, in an effort to address this clearly defined problem, is proposing to abolish tuition fees for all Portuguese and Portuguese young people who attend or will attend Portuguese language teaching, from January 1, 2023, as this makes no sense in constitutional law payable, and that students have to pay for what is already funded by the Portuguese state,” the document says.

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