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    BP.   GB0007980591

BP PLC

(BP.)
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Delayed London Stock Exchange  -  11:36 2022-06-29 am EDT
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Tallgrass Energy, ADM plan CO2 transport and sequestration deal

05/18/2022 | 09:45am EDT
FILE PHOTO: The Archer Daniels Midland Co. (ADM) logo is displayed on a screen on the floor of the NYSE in New York

DENVER (Reuters) - Pipeline firm Tallgrass Energy on Wednesday said it will convert a natural gas pipeline into carbon dioxide service, and ship CO2 from an Archer-Daniels-Midland Co corn-processing plant in Nebraska to a permanent underground storage hub in Wyoming.

Tallgrass will convert its Trailblazer natural gas pipeline, which runs through Nebraska, Colorado and Wyoming, into a 400-mile carbon dioxide system capable of transporting over 10 million tons of CO2 per year.

The pipeline will connect to Tallgrass' recently announced CO2 sequestration hub in eastern Wyoming. That facility is anticipated to start service in 2024.

Many companies are proposing carbon capture and storage hubs as a way to sequester greenhouse gas emissions from industrial facilities and refineries in a bid to slow global warming. But for most states, the permitting of underground carbon injection wells requires federal approval which can take years.

Wyoming and North Dakota both hold enforcement authority, or primacy, over the permitting of carbon injection and storage wells, which has enabled them to speed up the approval process.

This week oil major BP Plc and industrial gas supplier Linde Plc announced plans for a carbon capture project near Houston. Exxon Mobil and a joint venture between Talos Energy and Chevron have also announced plans for carbon capture projects off the U.S. Gulf Coast.

(Reporting by Liz Hampton in Denver; Editing by Chizu Nomiyama)

By Liz Hampton


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ARCHER-DANIELS-MIDLAND COMPANY 1.64% 77.24 Delayed Quote.12.43%
BP PLC 0.00% 397.7 Delayed Quote.20.33%
CHEVRON CORPORATION -1.97% 146.98 Delayed Quote.25.25%
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.51% 777.25 End-of-day quote.31.02%
EXXON MOBIL CORPORATION -3.69% 88.12 Delayed Quote.44.01%
LINDE PLC -0.68% 291.41 Delayed Quote.-15.88%
LONDON BRENT OIL 0.04% 115.66 Delayed Quote.51.70%
S&P GSCI CORN INDEX -0.45% 545.7172 Real-time Quote.12.90%
S&P GSCI NATURAL GAS INDEX -0.17% 302.931 Real-time Quote.75.50%
TALOS ENERGY INC. -6.11% 16.43 Delayed Quote.67.65%
WTI -0.05% 109.644 Delayed Quote.46.36%
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Financials (USD)
Sales 2022 193 B - -
Net income 2022 -4 934 M - -
Net Debt 2022 27 636 M - -
P/E ratio 2022 -18,3x
Yield 2022 4,61%
Capitalization 92 009 M 92 009 M -
EV / Sales 2022 0,62x
EV / Sales 2023 0,61x
Nbr of Employees 65 900
Free-Float 94,2%
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Last Close Price 4,82 $
Average target price 6,11 $
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Bernard Looney Chief Executive Officer & Director
Murray Auchincloss Chief Financial Officer & Director
Helge Lund Chairman
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Paula Rosput Reynolds Senior Independent Director
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