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BP to Continue Having Presence in Oil Business for Decades
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BP plc (BP - Free Report) will not stay away from oil and gas business and will instead continue to produce hydrocarbons for decades to capitalize on rising crude prices, as stated by chief executive Bernard Looney in an interview for the Reuters Global Energy Transition conference.
Notably, Looney is of the opinion that oil price will remain favorable in coming years, and hence expects BP to continue having a strong presence in upstream business even as it lowers hydrocarbon production to address climate change. Looney added that with high possibilities of healthy crude prices sustaining, the British energy major will be able to divest non-core properties at higher prices and could allocate the proceeds toward renewable energy operations, and for rewarding shareholders through share repurchases.
Looney also said that the integrated energy giant’s intention is not to be an operator of the biggest, but rather, of the best hydrocarbon business.
Currently, BP carries a Zacks Rank #3 (Hold). Meanwhile, three better ranked players in the energy space include Whiting Petroleum Corporation , Extraction Oil & Gas, Inc. and Oasis Petroleum Inc. . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Extraction is expected to witness earnings growth of 450.8% in 2021.
Oasis Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
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BP to Continue Having Presence in Oil Business for Decades
BP plc (BP - Free Report) will not stay away from oil and gas business and will instead continue to produce hydrocarbons for decades to capitalize on rising crude prices, as stated by chief executive Bernard Looney in an interview for the Reuters Global Energy Transition conference.
Notably, Looney is of the opinion that oil price will remain favorable in coming years, and hence expects BP to continue having a strong presence in upstream business even as it lowers hydrocarbon production to address climate change. Looney added that with high possibilities of healthy crude prices sustaining, the British energy major will be able to divest non-core properties at higher prices and could allocate the proceeds toward renewable energy operations, and for rewarding shareholders through share repurchases.
Looney also said that the integrated energy giant’s intention is not to be an operator of the biggest, but rather, of the best hydrocarbon business.
BP p.l.c. Price
BP p.l.c. price | BP p.l.c. Quote
Currently, BP carries a Zacks Rank #3 (Hold). Meanwhile, three better ranked players in the energy space include Whiting Petroleum Corporation , Extraction Oil & Gas, Inc. and Oasis Petroleum Inc. . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Extraction is expected to witness earnings growth of 450.8% in 2021.
Oasis Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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