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BP Forms Partnership With Uber to Boost Delivery Services
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BP plc (BP - Free Report) announced a global strategic convenience delivery partnership with Uber Technologies, Inc. (UBER - Free Report) , which will extend their current local arrangements to reach more consumers worldwide.
BP aims to bring the delivery platform to more than 3,000 locations globally in the next three years. The partnership will cover retail sites in Australia, New Zealand, Poland, South Africa and the west coast of the United States. It will include its U.K. and eastern U.S. sites for the first time this year. The companies also plan to bring it to other Europe markets, beginning from 2023.
Since February 2021, the companies have been working on mobility services, wherein BP provides electric vehicle charging for Uber drivers. With the latest partnership, BP and Uber will provide an extensive range of quality convenience products. This includes fresh and prepared ranges from select retail locations. The companies will explore other opportunities for collaboration, including the scope for using low-carbon methods to deliver orders from BP sites.
BP is the first convenience retailer to form an alliance with Uber Eats on a global scale. As part of the deal, BP and Uber Eats will introduce delivery options on BP’s app — BPme. This was initially expected to be available in the U.K., the United States and Australia by the end of 2023. The latest offer will enable BP to directly connect its customers to Uber Eats’ delivery riders.
BP has 20,500 retail sites globally, with 550 million customers living within 20 minutes of one of those retail sites. The sites provide a range of products suitable for local markets, including hot and cold drinks, food-for-now options, staple groceries, fresh produce and ready meals, and wine, beer and flowers. Hence, the partners identify immense growth opportunities.
BP will gain from Uber’s operational footprint, superior technology to ship orders, and more than 4.4 million drivers and couriers globally. Notably, the partnership backs BP’s target to increase its access to customers and expand its delivery footprint amid the mounting demand for food, groceries and daily essentials fetched to the door.
Company Profile & Price Performance
Headquartered in London, the U.K., BP is a fully integrated energy company with a strong focus on renewable energy.
Shares of the company have underperformed the industry in the past three months. The stock has gained 12.3% compared with the industry's 29.5% growth.
DCP Midstream, LP , based in Denver, CO, is a leading energy infrastructure firm. For the year ended Dec 31, 2021, DCP generated $122 million of excess free cash flow, which is about 44% higher than the 2020 level of $85 million.
DCP Midstream's earnings for 2022 are expected to surge 139% year over year. For 2022, DCP projects adjusted EBITDA of $1,350-$1,500 million, significantly higher than $330 million in 2021.
PDC Energy, Inc. is an independent upstream operator engaged in exploring, developing and producing natural gas, crude oil and natural gas liquids. On Dec 31, 2021, PDCE's total estimated proved reserves were 213,845 thousand barrels of oil, 240,389 MBbls of natural gas liquids and 2,159,725 million cubic feet of natural gas.
PDC Energy's earnings for 2022 are expected to increase 75.6% year over year. As of Dec 31, 2021, PDCE had $1.5 billion in total liquidity, while its credit facility currently has a total borrowing base of $2.4 billion. Moreover, PDC Energy’s debt maturity profile is favorable.
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BP Forms Partnership With Uber to Boost Delivery Services
BP plc (BP - Free Report) announced a global strategic convenience delivery partnership with Uber Technologies, Inc. (UBER - Free Report) , which will extend their current local arrangements to reach more consumers worldwide.
BP aims to bring the delivery platform to more than 3,000 locations globally in the next three years. The partnership will cover retail sites in Australia, New Zealand, Poland, South Africa and the west coast of the United States. It will include its U.K. and eastern U.S. sites for the first time this year. The companies also plan to bring it to other Europe markets, beginning from 2023.
Since February 2021, the companies have been working on mobility services, wherein BP provides electric vehicle charging for Uber drivers. With the latest partnership, BP and Uber will provide an extensive range of quality convenience products. This includes fresh and prepared ranges from select retail locations. The companies will explore other opportunities for collaboration, including the scope for using low-carbon methods to deliver orders from BP sites.
BP is the first convenience retailer to form an alliance with Uber Eats on a global scale. As part of the deal, BP and Uber Eats will introduce delivery options on BP’s app — BPme. This was initially expected to be available in the U.K., the United States and Australia by the end of 2023. The latest offer will enable BP to directly connect its customers to Uber Eats’ delivery riders.
BP has 20,500 retail sites globally, with 550 million customers living within 20 minutes of one of those retail sites. The sites provide a range of products suitable for local markets, including hot and cold drinks, food-for-now options, staple groceries, fresh produce and ready meals, and wine, beer and flowers. Hence, the partners identify immense growth opportunities.
BP will gain from Uber’s operational footprint, superior technology to ship orders, and more than 4.4 million drivers and couriers globally. Notably, the partnership backs BP’s target to increase its access to customers and expand its delivery footprint amid the mounting demand for food, groceries and daily essentials fetched to the door.
Company Profile & Price Performance
Headquartered in London, the U.K., BP is a fully integrated energy company with a strong focus on renewable energy.
Shares of the company have underperformed the industry in the past three months. The stock has gained 12.3% compared with the industry's 29.5% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
BP currently has a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
DCP Midstream, LP , based in Denver, CO, is a leading energy infrastructure firm. For the year ended Dec 31, 2021, DCP generated $122 million of excess free cash flow, which is about 44% higher than the 2020 level of $85 million.
DCP Midstream's earnings for 2022 are expected to surge 139% year over year. For 2022, DCP projects adjusted EBITDA of $1,350-$1,500 million, significantly higher than $330 million in 2021.
PDC Energy, Inc. is an independent upstream operator engaged in exploring, developing and producing natural gas, crude oil and natural gas liquids. On Dec 31, 2021, PDCE's total estimated proved reserves were 213,845 thousand barrels of oil, 240,389 MBbls of natural gas liquids and 2,159,725 million cubic feet of natural gas.
PDC Energy's earnings for 2022 are expected to increase 75.6% year over year. As of Dec 31, 2021, PDCE had $1.5 billion in total liquidity, while its credit facility currently has a total borrowing base of $2.4 billion. Moreover, PDC Energy’s debt maturity profile is favorable.