Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

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


SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Offshore oil wells, ports shut as Hurricane Sally advances on U.S. Gulf

share with twitter share with LinkedIn share with facebook
09/14/2020 | 12:00pm EDT

HOUSTON, Sept 14 (Reuters) - Energy companies, ports and refiners raced on Monday to shut down as Hurricane Sally grew stronger while lumbering toward the central U.S. Gulf Coast, the second significant hurricane to shutter oil and gas activity over the last month.

The hurricane is disrupting oil imports and exports as the nation's sole offshore terminal, the Louisiana Offshore Oil Port (LOOP), stopped loading tanker ships on Sunday, while the port of New Orleans closed on Monday.

The U.S. government said 21%, or nearly 396,000 barrels per day (bpd), of offshore crude oil production and 25%, or 685 million cubic feet per day (mmcfd), of natural gas output were shut in the U.S.-regulated northern Gulf of Mexico. That area produces about 17% of U.S. crude oil and 5% of U.S. natural gas output.

Sally was upgraded to a hurricane on Monday, with expected landfall on Tuesday, the U.S. National Hurricane Center (NHC) said, but its trajectory has shifted east toward Mississippi, likely sparing some of Louisiana's refining operations.

As of 4 p.m. CDT (2100 GMT), Sally was about 105 miles (170 km) east-southeast of the mouth of the Mississippi River, and winds were picking up, with sustained winds of up to 100 mph (155 kph).

Numerous offshore production facilities have been shut, including those operated by Chevron Corp and BP Plc . Last month, Hurricane Laura forced roughly 1.5 million barrels per day of output to close temporarily.

The port of New Orleans and LOOP combined exported about 307,000 bpd of crude and 411,000 bpd of refined products, and imported about 342,000 bpd of crude for the June-August period, according to Kpler data.

Sally's impact could extend beyond the storm's duration, said an industry analyst.

"I don't expect to see damage from wind, but we could see a significant amount of onshore flooding that impacts infrastructure that subsequently impacts Gulf of Mexico production," said Andrew Lipow of Lipow Oil Associates in Houston.

Officials in Mississippi and Louisiana issued mandatory evacuations for residents in low-lying areas.

The U.S. Coast Guard said all traffic from the port of New Orleans would be stopped at 6 p.m. CDT (2300 GMT). [nL1N2GB0L8

The Coast Guard shut the ports of Gulfport and Pascagoula, Mississippi, Mobile, Alabama and Pensacola, Florida, at midday.

Refiners in the region wound down operations. The Phillips 66 Alliance oil refinery, which processes 255,600 bpd at a site along the Mississippi River on the coast of Louisiana, shut on Monday, said operator Phillips 66.

Shell cut production to minimum rates on Monday at its 227,400-bpd Norco, Louisiana, refinery, including idling its crude distillation unit, said sources familiar with plant operations.

Valero Energy Corp's 125,000-bpd Meraux, Louisiana, refinery plans to continue normal operations as the storm will pass to the east, sources told Reuters.

PBF Energy Inc's 190,000-bpd Chalmette, Louisiana, refinery was also continuing normal operations, said sources familiar with operations at that plant.

Chevron, BP, Equinor and Murphy Oil Corp evacuated some offshore workers from production platforms, the companies reported. Royal Dutch Shell Plc curtailed production at its Olympus, Mars and Appomattox platforms on Monday, the company said. (Reporting by Erwin Seba, Gary McWilliams in Houston and Devika Krishna Kumar in New York; Editing by Bernadette Baum and Timothy Gardner)

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 0.01% 193.46 Delayed Quote.-58.98%
CHEVRON CORPORATION 2.87% 68.8 Delayed Quote.-44.50%
EQUINOR ASA 1.49% 122.5 Delayed Quote.-31.23%
LONDON BRENT OIL -4.43% 37.56 Delayed Quote.-38.33%
MURPHY OIL CORPORATION 5.69% 7.8 Delayed Quote.-72.46%
PBF ENERGY INC. 3.28% 4.41 Delayed Quote.-86.39%
PHILLIPS 66 3.98% 45.98 Delayed Quote.-60.31%
ROYAL DUTCH SHELL PLC 4.05% 10.476 Delayed Quote.-61.52%
VALERO ENERGY 3.70% 37.53 Delayed Quote.-61.36%
WTI -3.89% 36.105 Delayed Quote.-36.69%
share with twitter share with LinkedIn share with facebook
All news about BP PLC
06:11pExxon to Slash Up to 15% of Global Workforce, Including 1,900 Jobs in U.S. --..
03:27pExxon to cut 14,000 jobs as pandemic hits oil demand
02:55pEU set to deny gas power plants a green investment label - draft
02:34pExxon to Slash Up to 15% of Global Workforce, Including 1,900 Jobs in U.S. --..
02:09pShell raises dividend as CEO says oil output past peak
12:02pExxon to Lay Off 1,900 U.S. Employees as Pandemic Wreaks Havoc on Oil Demand
09:38aShell Tries to Woo Investors With Dividend Raise, Promise of Future Payouts -..
09:25aBP : 3Q 2020 Transcript
08:40aOil and gas group Equinor takes $2.9 billion hit in asset write-offs
08:35aOil and gas group Equinor takes $2.9 billion hit in asset write-offs
More news
Financials (USD)
Sales 2020 187 B - -
Net income 2020 -20 045 M - -
Net Debt 2020 45 037 M - -
P/E ratio 2020 -2,14x
Yield 2020 14,1%
Capitalization 39 208 M 50 601 M -
EV / Sales 2020 0,45x
EV / Sales 2021 0,37x
Nbr of Employees 67 600
Free-Float 93,2%
Chart BP PLC
Duration : Period :
BP plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BP PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 4,29 $
Last Close Price 1,93 $
Spread / Highest target 246%
Spread / Average Target 122%
Spread / Lowest Target -1,61%
EPS Revisions
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-58.98%50 895
NESTE OYJ42.46%39 890
PTT-29.55%28 784