Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

(BP.)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

BP : Sells Petrochemicals Business to INEOS for $5 Billion

share with twitter share with LinkedIn share with facebook
06/29/2020 | 05:17am EDT

By Jaime Llinares Taboada

 

BP PLC said Monday that it has agreed to sell its global petrochemicals business to INEOS for $5 billion.

The British energy giant said that INEOS will pay a $400 million deposit and a further $3.6 billion on completion of the deal, which is expected by the end of 2020. The remaining $1 billion will be deferred over three installments until June 2021, BP said.

BP's petrochemical business is focused on aromatics and acetyls. It has interests in 14 plants in Asia, Europe and the U.S., and achieved production of 9.7 million metric tons last year.

Chief Executive Bernard Looney said that the divestment is another step in building a BP that can compete and succeed through the energy transition. He noted that it would take considerable capital for the company to grow the petrochemicals businesses.

Chief Financial Officer Brian Gilvary said that with this deal BP has met its $15 billion target for agreed divestments a year ahead of schedule.

Shares at 0856 GMT were up 5.05 pence, or 1.7%, at 309.65 pence.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 1.60% 300.6 Delayed Quote.-37.10%
WTI 0.49% 39.735 Delayed Quote.-34.61%
share with twitter share with LinkedIn share with facebook
Latest news on BP PLC
05:34aAustralia's Woodside to take $4.37 billion loss from coronavirus
RE
04:33aBP, Mercuria first global firms delivering oil into Shanghai contract
RE
04:03aAustralia's Woodside to take $4.37 bln loss from coronavirus
RE
03:30aWoodside Expects US$3.92 Billion Impairment of Assets -- Update
DJ
02:59aAker BP beats Q2 expectations on record output, keeps guidance
RE
02:56aAustralia's Woodside expects $4.37 bln loss after asset write-down
RE
07/13Brazil's aviation gasoline market disrupted amid quality concerns
RE
07/10BP : Reliance and bp launch 'Jio-bp' partnership
AQ
07/09EUROPE : European stocks slide as Wall Street hit by virus surge
RE
07/09UK stocks mark worst day in two weeks on energy losses, virus fears
RE
More news
Financials (USD)
Sales 2020 180 B - -
Net income 2020 -7 713 M - -
Net Debt 2020 48 828 M - -
P/E ratio 2020 -7,95x
Yield 2020 9,80%
Capitalization 74 940 M 75 313 M -
EV / Sales 2019
EV / Sales 2020 0,69x
Nbr of Employees 67 600
Free-Float 93,1%
Chart BP PLC
Duration : Period :
BP plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BP PLC
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 4,69 $
Last Close Price 3,72 $
Spread / Highest target 80,0%
Spread / Average Target 26,1%
Spread / Lowest Target -28,3%
EPS Revisions
Managers
NameTitle
Bernard Looney Chief Executive Officer & Director
Helge Lund Chairman
Andy Hopwood COO & Executive VP-Upstream Strategy
Murray Auchincloss Chief Financial Officer
Angela Rosemary Emily Strank Chief Scientist & Head-Downstream Technology
Sector and Competitors
1st jan.Capitalization (M$)
BP PLC-37.10%75 313
EXXON MOBIL CORPORATION-38.88%180 375
RELIANCE INDUSTRIES LTD27.80%163 477
CHINA PETROLEUM & CHEMICAL CORPORATION-27.08%68 212
PTT-14.77%34 153
NESTE OYJ16.54%31 546