We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BP Plans to Sell Off Shearwater Stake to Tailwind Energy
Read MoreHide Full Article
BP plc (BP - Free Report) is likely to divest its 28% stake in the Shearwater field to Tailwind Energy, a privately-held oil and gas company, per Bloomberg. The potential acquirer has Mercuria Energy Group as equity partner. A deal is expected to materialize in the near future.
The Shearwater project is operated by Royal Dutch Shell plc and is located in the U.K. North Sea. The field produces 18,000 barrels of oil equivalent per day. Last year, the British energy giant agreed to divest Shearwater and Andrew projects to Premier Oil for $625 million, which didn’t materialize. Instead, Premier Oil merged with Chrysaor Holdings, with the combined entity being named Harbour Energy plc (HBRIY - Free Report) .
BP was reportedly picking up final bids from multiple energy companies, including Tailwind Energy, for its North Sea assets. Importantly, in 2021 alone, the company is expected to gather $4-$6 billion of proceeds from divestments and disposals. By 2025, BP will likely sell $25 billion worth of assets, which can provide it with funds to support the company’s energy transition. BP is currently going through a restructuring phase. It has plans to reduce emissions and boost low-carbon spending.
BP intends to boost low carbon spending to $5 billion per annum by 2030. Within this time period, it plans to reduce emissions from operations by 30-35%. It also intends to enhance renewable power generation capacity to 50 gigawatts and reduce the weightage of hydrocarbons from the portfolio by 40% from 2019 levels. Moreover, the company is planning to launch share buybacks worth $500 million in the June quarter.
Price Performance
BP has gained 15.2% in the past year compared with 27% rise of the industry it belongs to.
Suburban Propane’s bottom line for 2021 is expected to rise 58.8% year over year.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Image: Bigstock
BP Plans to Sell Off Shearwater Stake to Tailwind Energy
BP plc (BP - Free Report) is likely to divest its 28% stake in the Shearwater field to Tailwind Energy, a privately-held oil and gas company, per Bloomberg. The potential acquirer has Mercuria Energy Group as equity partner. A deal is expected to materialize in the near future.
The Shearwater project is operated by Royal Dutch Shell plc and is located in the U.K. North Sea. The field produces 18,000 barrels of oil equivalent per day. Last year, the British energy giant agreed to divest Shearwater and Andrew projects to Premier Oil for $625 million, which didn’t materialize. Instead, Premier Oil merged with Chrysaor Holdings, with the combined entity being named Harbour Energy plc (HBRIY - Free Report) .
BP was reportedly picking up final bids from multiple energy companies, including Tailwind Energy, for its North Sea assets. Importantly, in 2021 alone, the company is expected to gather $4-$6 billion of proceeds from divestments and disposals. By 2025, BP will likely sell $25 billion worth of assets, which can provide it with funds to support the company’s energy transition. BP is currently going through a restructuring phase. It has plans to reduce emissions and boost low-carbon spending.
BP intends to boost low carbon spending to $5 billion per annum by 2030. Within this time period, it plans to reduce emissions from operations by 30-35%. It also intends to enhance renewable power generation capacity to 50 gigawatts and reduce the weightage of hydrocarbons from the portfolio by 40% from 2019 levels. Moreover, the company is planning to launch share buybacks worth $500 million in the June quarter.
Price Performance
BP has gained 15.2% in the past year compared with 27% rise of the industry it belongs to.
Zacks Rank & Stock to Consider
The company currently has a Zacks Rank #3 (Hold). A better-ranked player in the energy space is Suburban Propane Partners, L.P. (SPH - Free Report) , having a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Suburban Propane’s bottom line for 2021 is expected to rise 58.8% year over year.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How to Profit from Trillions on Spending for Infrastructure >>