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BP Faces Q2 Profit Decline Amid Weak Refining Margins and Oil Trading

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Last Updated on July 9, 2024 by Fellow Press

 

British energy giant BP (BP.L) has announced that weak refining margins and oil trading are likely to impact its second-quarter profits, leading to a 3% drop in its shares during morning trading. The company projects a hit of $500 million to $700 million to its refining margins and anticipates charges between $1 billion and $2 billion, primarily due to a review of its Gelsenkirchen refinery in Germany.

This announcement follows similar news from rival Shell (SHEL.L), which last week disclosed an impairment charge of up to $2 billion related to the sale of its Singapore refinery and the suspension of construction at a major biofuel plant in the Netherlands. Additionally, U.S. oil major Exxon Mobil (XOM.N) indicated on Monday that lower refining margins and natural gas prices would negatively affect its second-quarter profits.

Despite these challenges, BP’s upstream production in the second quarter is expected to remain stable compared to the previous quarter. In the first quarter, BP reported oil and gas production of 2.38 million barrels of oil equivalent per day (boepd), bolstered by new field start-ups in Azerbaijan and the United States.

Investors are keeping a close watch on BP’s financial performance, with expectations for the company’s second-quarter underlying replacement cost profit, its measure of net income, to be around $3.13 billion according to LSEG data. BP is set to release its quarterly results on July 30.

BP’s anticipated decline in second-quarter profits underscores the broader challenges facing the energy sector, marked by fluctuating refining margins and strategic adjustments. As the company navigates these headwinds, its forthcoming earnings report will provide further insight into its financial health and strategic direction.

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Vice President Trump, President Putin Of Ukraine – Biden Goofs At NATO Summit

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Last Updated on July 12, 2024 by Fellow Press

U.S. President Joe Biden had a series of verbal slip-ups on Thursday alongside the NATO summit in Washington, an unfortunate development for the 81-year-old as he tries to move past concerns that he is too old to run for re-election.

Verbal gaffes are not unusual in the long political career of Biden, who overcame a childhood stutter, but there is closer attention on him amid the fallout from his dismal debate performance against Republican candidate Donald Trump last month.

Trump, who is 78, and also has faced concerns about his age, frequently made false claims during the debate and often rambles during campaign speeches.

Below is a summary of Biden’s mistakes on Thursday.

BIDEN MISTAKENLY CALLS ZELENSKIY ‘PUTIN’

Biden mistakenly referred to Ukrainian President Volodymyr Zelenskiy as “President Putin”.

“And now I want to hand it over to the president of Ukraine, who has as much courage as he has determination, ladies and gentlemen, President Putin,” Biden said at the NATO summit, drawing gasps from those in the room.

“Going to beat President Putin, President Zelenskiy. I am so focused on beating Putin,” Biden said while correcting himself.

BIDEN MISTAKENLY REFERS TO HARRIS AS TRUMP
During a news conference on Thursday evening, Biden mixed up the name of his vice president, Kamala Harris, and his rival Trump.

“Look, I wouldn’t have picked Vice President Trump to be vice president if she was not qualified to be president. So start there,” Biden said as he responded to a question from Reuters about his confidence in Harris.

BIDEN FUMBLES ‘CHIEFS OF STAFF’
Biden also struggled at the news conference to find the words “chiefs of staff,” mistakenly referring to the group of the country’s top uniformed military leaders as “commander in chief,” the title he holds as president.

“And so our military is working on following the advice of my commander in chief my, my, my, the chiefs of staff, of the military as well as the secretary of defense and our intelligence people.”

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Suspect Located in Triple Crossbow Killings in Bushey

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Last Updated on July 10, 2024 by Fellow Press

Kyle Clifford Found in North London Manhunt Following Deaths of Three Women

A manhunt for Kyle Clifford, 26, who was wanted in connection with the murder of three women in a suspected crossbow attack, has concluded with his capture in north London, police have confirmed. Clifford, a former British Army serviceman, was identified by Hertfordshire police as a suspect in the deaths of Carol Hunt, 61, and her daughters, Hannah, 28, and Louise, 25, at their home in Bushey.

In a press conference on Wednesday, Chief Superintendent Jon Simpson of Hertfordshire police revealed that the murders appeared to be “targeted.” Clifford was discovered with injuries and is now receiving medical treatment, though no shots were fired during his apprehension.

The search for Clifford led police to Lavender Hill Cemetery, 16 miles from the crime scene, where a significant police presence was observed. Paramedics and ambulances were also on site near a property searched earlier in the day as part of the manhunt.

Police believe Clifford was known to the victims, and no other suspects are being sought. Detective Inspector Justine Jenkins from the Bedfordshire, Cambridgeshire, and Hertfordshire Major Crime Unit described the situation as “an incredibly difficult time” for the victims’ family, urging respect for their privacy.

“This investigation is moving at pace, and formal identification of the victims is yet to take place,” DI Jenkins stated. “Following extensive enquiries, the suspect has been located, and nobody else is being sought in connection with the investigation at this time. We have had an overwhelming number of calls and would like to express our gratitude to the members of the public who have contacted us.”

Detectives are appealing for any additional information or video footage related to the case.

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