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

BP PLC

(BP.)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 10/22 11:30:00 am
201.9 GBX   +0.97%
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Energy executives say U.S. oil production has peaked -Dallas Fed survey

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09/23/2020 | 12:44pm EDT

HOUSTON, Sept 23 (Reuters) - Nearly two-thirds of U.S. energy company executives polled by the Federal Reserve Bank of Dallas believe U.S. crude oil production has peaked, according to a survey released on Wednesday.

The COVID-19 pandemic has knocked global oil demand and prices, prompting deep cuts in drilling this year by shale oil producers. The United States last pumped 12.2 million barrels per day, taking top spot in global crude oil output.

Survey results said 66% of 154 oil and gas firm executives contacted by the Dallas Fed this month believe U.S. crude oil production has peaked. The survey includes executives from Texas, Louisiana and New Mexico.

The Dallas Fed did not say if the peak was considered temporary or permanent as major oil firms have been discussing.

Global demand destruction during the COVID-19 pandemic, work from home policies and the continued growth of electric vehicles has energy companies looking to a prolonged downturn in crude oil and fuel consumption.

Earlier this year, BP Plc said the pandemic would reduce demand by 3 million barrels per day (bpd) through 2025 and forecast a peak in demand between 2019 and 2050, according to the company's energy outlook.

Nearly three-quarters of executives from 148 oil and gas firms told the Dallas Fed that the Organization of Petroleum Exporting Countries (OPEC) would have a bigger role in determining the price of crude oil going forward.

Executives surveyed, on average, expect the price of West Texas Intermediate (WTI) crude oil to be $43.27 a barrel by the end of 2020. On Wednesday, WTI was up 36 cents at $40.16 a barrel. (Reporting by Erwin Seba; Editing by David Gregorio)


Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 0.72% 201.4 Delayed Quote.-57.60%
LONDON BRENT OIL 2.02% 42.44 Delayed Quote.-35.20%
WTI 1.89% 40.624 Delayed Quote.-35.02%
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Financials (USD)
Sales 2020 183 B - -
Net income 2020 -22 271 M - -
Net Debt 2020 45 062 M - -
P/E ratio 2020 -2,35x
Yield 2020 10,3%
Capitalization 53 589 M 53 421 M -
EV / Sales 2020 0,54x
EV / Sales 2021 0,43x
Nbr of Employees 67 600
Free-Float 93,2%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 4,43 $
Last Close Price 2,63 $
Spread / Highest target 155%
Spread / Average Target 68,8%
Spread / Lowest Target -1,40%
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-57.60%53 257
RELIANCE INDUSTRIES LTD41.66%183 122
EXXON MOBIL CORPORATION-52.48%140 208
CHINA PETROLEUM & CHEMICAL CORPORATION-36.03%66 282
NESTE OYJ54.35%43 632
PTT-26.70%29 523