1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. BP plc
  6. News
  7. Summary
    BP.   GB0007980591

BP PLC

(BP.)
  Report
Real-time Estimate Cboe Europe  -  06:18 2022-08-08 am EDT
412.90 GBX   +0.43%
05:12aEvonik to substitute up to 40% of natural gas at its German sites
RE
12:54aBP Expects Lower Tax Rate From Pre-COVID-19 Levels, CFO Says
MT
08/07Shell, BP, Others Weigh Offers for Denmark's Nature Energy
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Ecuador's Oriente crude exports suspended, Napo flowing amid force majeure

06/29/2022 | 02:40pm EDT

(Adds conditions imposed on Wednesday by president)

QUITO/HOUSTON, June 29 (Reuters) - Exports of Ecuador's flagship Oriente crude remain suspended under a force majeure declaration as the spread of anti-government protests hurts oil output, state-run Petroecuador said on Wednesday.

At least eight people have died and road blockades have led to food and medicine shortages. The crisis has halved oil output, the country's main source of revenue, to some 234,500 barrels per day while forcing reductions in fuel prices, though protest leaders have called the price cuts insufficient.

On Wednesday, the government of President Guillermo Lasso imposed a curfew and restricted transit in four provinces to restore public order, control violence, secure basic supplies and protect state property, while marking oilfields and facilities as secured zones.

The energy minister said on Sunday that output could be completely halted in a matter of days over acts of vandalism.

Petroecuador has not yet rescheduled the suspended Oriente cargoes, it said in a release. The firm issued a wide force majeure declaration over oil exploration, production, transport and exports on June 18, and enforced the cargo suspension on June 28.

"Once the force majeure is overcome, the company will timely notify companies about operations to coordinate the (cargo) rescheduling," it said.

Exports of Napo heavy crude have continued flowing, according to trading and company sources, as the privately held OCP pipeline, which transports that grade from oilfields, is working with "relative normality." But the state-owned SOTE pipeline remains halted since Monday due to low flows.

Customers including BP and Marathon Petroleum , which had resorted to Ecuadorian oil to try and replace cargoes of Russian crude lost due to sanctions, are now in talks with other Latin American and Middle Eastern producers, including Brazil's state-run Petrobras, to buy oil cargoes for refining, the trading sources said.

U.S. refiners have increased purchases of Ecuadorian crude since Washington imposed a phased wind-down of Russian oil imports.

Peru's state-run Petroperu also had won a tender to receive Ecuadorian crude in coming weeks for its Talara refinery, which is set to restart this year after an expansion project. But cargoes were ultimately resold to BP, which is waiting for a rescheduling to get the oil delivered.

BP, Petrobras and Petroperu did not reply to requests for comment. Marathon declined to comment.

Lasso on Tuesday survived an attempt by opposition lawmakers to oust him after he insisted his government would not negotiate further with an indigenous leader to end more than two weeks of paralyzing protests.

(Reporting by Alexandra Valencia in Quito and Marianna Parraga in Houston; additional reporting by Marco Aquino in Lima; Editing by Gary McWilliams and Leslie Adler)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 0.49% 412.85 Delayed Quote.24.40%
LONDON BRENT OIL 0.09% 94.01 Delayed Quote.20.17%
MARATHON PETROLEUM CORPORATION 0.06% 90.22 Delayed Quote.40.99%
PETROBRAS 1.93% 34.87 Delayed Quote.22.57%
WTI 0.19% 88.188 Delayed Quote.16.80%
All news about BP PLC
05:12aEvonik to substitute up to 40% of natural gas at its German sites
RE
12:54aBP Expects Lower Tax Rate From Pre-COVID-19 Levels, CFO Says
MT
08/07Shell, BP, Others Weigh Offers for Denmark's Nature Energy
MT
08/05Shell, BP, BlackRock, KKR Show Initial Interest in Nature Energy, Bloomberg Says
MT
08/05BP : Receives a Buy rating from Berenberg
MD
08/05FTSE 100 dented by Wall St losses, plunge in ad firm WPP
RE
08/05London shares open lower as energy stocks weigh
RE
08/05BP : Goldman Sachs reiterates its Buy rating
MD
08/05BP P.L.C. : Release of a capital market information
EQ
08/04FleetCor Technologies, BP Extend Fleet Card Management Deal
MT
More news
Analyst Recommendations on BP PLC
More recommendations
Financials (USD)
Sales 2022 249 B - -
Net income 2022 2 547 M - -
Net Debt 2022 25 394 M - -
P/E ratio 2022 18,1x
Yield 2022 4,64%
Capitalization 93 619 M 93 619 M -
EV / Sales 2022 0,48x
EV / Sales 2023 0,55x
Nbr of Employees 65 900
Free-Float 93,5%
Chart BP PLC
Duration : Period :
BP plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BP PLC
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 4,95 $
Average target price 6,20 $
Spread / Average Target 25,1%
EPS Revisions
Managers and Directors
Bernard Looney Chief Executive Officer & Director
Murray Auchincloss Chief Financial Officer & Director
Helge Lund Chairman
Gordon Young Birrell Executive Vice President-Production & Operations
Paula Rosput Reynolds Senior Independent Director
Sector and Competitors
1st jan.Capi. (M$)
BP PLC24.40%93 619
EXXON MOBIL CORPORATION44.55%368 627
CHEVRON CORPORATION30.92%300 740
RELIANCE INDUSTRIES LTD7.00%202 750
CHINA PETROLEUM & CHEMICAL CORPORATION-1.38%69 294
MARATHON PETROLEUM CORPORATION40.99%44 986