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    BP.   GB0007980591

BP PLC

(BP.)
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U.S. Gulf Coast energy complex braces for another storm strike

10/28/2020 | 12:09pm EDT

HOUSTON, Oct 28 (Reuters) - Energy firms shut nearly half the offshore U.S. Gulf of Mexico oil production, turned off undersea pipelines and evacuated workers as Hurricane Zeta steamed on Wednesday toward the oil and refining complex along the U.S. Gulf Coast.

Zeta accelerated and intensified early Wednesday and was forecast to crash into Louisiana later in the day as a "significant hurricane" with winds of up to 90 miles per hour (150 kph), the U.S. National Hurricane Service said.

Energy producers had shut about half the offshore region's oil and natural gas output, or 914,811 barrels of oil and 1.5 billion cubic feet of gas, the U.S. offshore energy regulator said.

BP Plc, Chevron Corp, Royal Dutch Shell Plc and Murphy Oil Corp were among the major oil producers that had evacuated workers from 157 offshore facilities. Occidental Petroleum Corp, the third-largest offshore Gulf of Mexico producer, said it was implementing storm procedures.

Ports along the Mississippi River from Baton Rouge, Louisiana, to the Gulf of Mexico, and from Gulfport, Mississippi, east to Pensacola, Florida, were closed by the U.S. Coast Guard to vessel traffic.

Repeated storm shutdowns this year have been costly for oil and gas producers and processors. Some were pulling staff for at least the sixth time since June and having to exit under COVID-19 pandemic precautions.

Zeta is the 11th named storm of the year to make a U.S. landfall and will be the seventh named storm this year to affect energy producers along the Gulf Coast.

The loss of millions of barrels of oil production lost from the storms have not impacted markets. U.S. oil futures were off 5% on Wednesday as energy demand has been crushed by the pandemic and crude oil supplies in storage risen.

Gulf Coast refiners, which had not already halted operations, were planning to run through the storm, people familiar with plant operations said. An onshore gas processing plant removed its workers on Tuesday, and two Louisiana oil-processing facilities have been idled since storms earlier this year.

(Reporting by Erwin Seba; writing by Gary McWilliams Editing by Marguerita Choy)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 0.29% 324.3 Delayed Quote.27.28%
CHEVRON CORPORATION -0.46% 107.91 Delayed Quote.27.78%
LONDON BRENT OIL 0.33% 72.6 Delayed Quote.40.00%
MURPHY OIL CORPORATION 0.55% 23.71 Delayed Quote.95.95%
OCCIDENTAL PETROLEUM CORPORATION 0.00% 28.33 Delayed Quote.63.66%
ROYAL DUTCH SHELL PLC 0.81% 16.71 Real-time Quote.14.34%
S&P GSCI CRUDE OIL INDEX 0.79% 386.934 Delayed Quote.45.51%
WTI 0.93% 70.787 Delayed Quote.45.60%
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Financials (USD)
Sales 2021 227 B - -
Net income 2021 9 801 M - -
Net Debt 2021 40 037 M - -
P/E ratio 2021 9,70x
Yield 2021 4,59%
Capitalization 92 199 M 92 199 M -
EV / Sales 2021 0,58x
EV / Sales 2022 0,54x
Nbr of Employees 63 600
Free-Float 93,9%
Chart BP PLC
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Technical analysis trends BP PLC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 26
Average target price 4,94 $
Last Close Price 4,57 $
Spread / Highest target 58,1%
Spread / Average Target 8,06%
Spread / Lowest Target -38,0%
EPS Revisions
Managers and Directors
NameTitle
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.Capitalization (M$)
BP PLC27.28%92 199
EXXON MOBIL CORPORATION50.82%263 199
CHEVRON CORPORATION27.78%208 057
RELIANCE INDUSTRIES LTD11.48%191 884
CHINA PETROLEUM & CHEMICAL CORPORATION21.90%83 500
NESTE OYJ-7.20%51 000