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NYA:BP, Apr 05, 06:39 UTC

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Friday, April 03


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BP cuts production at three U.S. refineries by about 15% - sources

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Visit our Privacy Policy to learn more or manage your personal preferences in our Cookie Consent Tool. BP cuts production at three U.S. refineries by about 15% - sources. (Reuters) - BP Plc (BP.L) cut production at its three largest U.S. refineries by about 15% because of the shrinking availability of storage for the products that cannot be sold as consumers stay off the roads to stall the coronavirus pandemic, sources familiar with operations at the plants said on Friday. The plants that reduced production are the 430,000-barrel-per-day (bpd) Whiting, Indiana, refinery; the 242,000-bpd Cherry Point, Washington, refinery; and the 155,000-bpd joint-venture refinery in Toledo, Ohio, the sources said.

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Outlook on the Global Propane Market to 2025 - Featuring Saudi Aramco, BP and Chevron Among Others - ResearchAndMarkets.com

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DUBLIN--(BUSINESS WIRE)--The "Propane Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering. Major factors driving the market are the increasing demand from various end-user industries, such as industrial, construction, and petrochemical. The harmful effects of propane at higher concentrations is expected to inhibit the growth of the market studied. Asia-Pacific dominated the global market. Homes that use propane as a main energy source usually have a large propane tank outside of the house that stores propane under pressure as a liquid.

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Wednesday, April 01


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BP oil workers in Gulf of Mexico and Alaska test positive for coronavirus

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NEW YORK/ANCHORAGE — Several workers on a BP Plc oil platform in the U.S. Gulf of Mexico have tested positive for coronavirus, the company said on Wednesday, a day after a worker at BP’s operations in Alaska also tested positive. A case of the coronavirus was also reported at BP’s Whiting, Indiana refinery, according to local media reports. The BP worker had returned to Alaska before travel curbs imposed on March 23, going to the North Slhope on March 25. BP gave no details on which platform the Gulf of Mexico case was associated with, and had no immediate comment on potential production cuts in response to the cases. But the company said in a statement that it had instituted additional cleaning and other sanitation measures to keep its workers safe during the outbreak.

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Workers from a BP Gulf of Mexico platform tested positive for the coronavirus

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Workers from a BP Gulf of Mexico platform tested positive for the coronavirus. Reuters{{monthName}} {{day}}, {{year}}, {{hour12}}:{{minuteTwoDigit}} {{dayPeriod}}. NEW YORK, April 1 (Reuters) - BP said Wednesday that several workers who had been on one of its oil platforms in the U.S. Gulf of Mexico tested positive for the coronavirus. A company spokesman declined to identify which platform the cases were associated with. The spokesman could not comment on whether the company had cut back production in response to the cases. BP has conducted additional cleaning and sanitization procedures on its platforms in response to the cases. (Reporting By Jessica Resnick-Ault).

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BP Cuts Spending by 25% and Slashes U.S. Shale Output in 'Brutal' Environment

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The London-listed company said capital spend for 2020 would now be around $12 billion, 25% lower than its previous guidance, including a $1 billion reduction in spend on its U.S. shale business BPX Energy. The oil giant said it has been hit by weak demand and low commodity prices so far this year and expected to take a $1 billion impairment charge in the first quarter. The unit’s production will be reduced by around 70,000 barrels a day in 2020 as part of the spending cuts, BP said, while overall production will also be lower. “This may be the most brutal environment for oil and gas businesses in decades, but I am confident that we will come through it — we know what to do and we have done so before,” he added.

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Breakingviews - Corona Capital: AMS mess, BP cuts, Pirelli

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Throughout the day, we’ll bring you shorter-than-usual views from columnists around the world with the same financial savvy on companies, economies and capital markets during this important unfolding story. Austrian sensor maker AMS’s 1.75 billion Swiss franc ($1.8 billion) cash call to help finance its takeover of German lighting group Osram Licht is a nasty exception. Market anxiety over coronavirus has undermined the issue, which some investors already thought was too big as a proportion of AMS’s market capitalisation. Multiplied by the 57 million shares they were stuck with, that implies a 29 million franc loss. So far, it’s still less than they earned from fees, which are not disclosed but can be estimated at 2% of the value of the total issue, or 35 million francs.

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BP sees 1 billion impairment due to virus demand

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Shares in BP PLC fell Wednesday after the company said it expects results in the first quarter of this year to be hit by the current weak demand and low commodity pricing, and that it estimates a $1 billion noncash impairment charge for the period. The British oil-and-gas group said it anticipates a reduced first-quarter upstream production compared with the previous quarter, in the range of 2.55 million to 2.6 million barrels of oil equivalent a day. BP said it also expects a "significant and growing decline in demand for fuels, jet fuel and lubricants" in the first quarter due to the restrictions imposed in a number of countries to contain the spread of coronavirus. The company also said its $15 billion divestment program remains on track toward its completion in mid-2021, but that the receipt of the $10 billion of divestment proceeds by the end of this year might be revised as transactions complete, given the volatility of the current trading environment.

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BP cuts spending by quarter, lowers U.S. shale output

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BP cuts spending by quarter, lowers U.S. shale output. The London-based company said it plans to spend $12 billion this year, joining its peers that have announced cuts of around 20% in annual spending on average. That will include a $1 billion reduction in investment in its shale business, known as BPX, where production can be switched on and off relatively quickly, representing a 50% drop from 2019 investment levels. The company's $15 billion asset disposal programme targeted by mid-2021 remains on track, but completion of deals already announced, including the $5.6 billion sale of BP's Alaska assets to Hilcorp [HILCO.UL], may face delays, it said. For the first quarter of the year, BP expects to take an impairment charge of $1 billion, while oil and gas output is expected to decline form the previous quarter by a range of 2.55-2.6 million boepd.

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BP oil workers in Gulf of Mexico and Alaska test positive for coronavirus

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NEW YORK/ANCHORAGE, Alaska (Reuters) - Several workers on a BP Plc oil platform in the U.S. Gulf of Mexico have tested positive for coronavirus, the company said on Wednesday, a day after a worker at BP's operations in Alaska also tested positive. A case of the coronavirus was also reported at BP's Whiting, Indiana refinery, according to local media reports. "BP is following procedures and protocols to minimize the risk of COVID-19 and ensure the safety of our people. We are eliminating all non-essential activity on the slope," said Megan Baldino, spokeswoman for BP Alaska. BP gave no details on which platform the Gulf of Mexico case was associated with, and had no immediate comment on potential production cuts in response to the cases. But the company said in a statement that it had instituted additional cleaning and other sanitation measures to keep its workers safe during the outbreak.

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Oil worker in BP's Alaska facility tests positive for coronavirus

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ANCHORAGE, Alaska (Reuters) - A worker at BP Plc's operation in Alaska's North Slope has tested positive for the novel coronavirus that has killed more than 42,000 people worldwide, the company confirmed on Tuesday. It is the first case at an Alaskan oil instalment in the North Slope, where the vast majority of the state's oil is produced. "BP is following procedures and protocols to minimize the risk of COVID19 and ensure the safety of our people. We are eliminating all non-essential activity on the slope," said Megan Baldino, spokeswoman for BP Alaska. BP had also imposed a mandatory 14-day self-quarantine for all workers and contractors, in-state and Alaska residents, before they board planes bound for the North Slope. As of Tuesday afternoon, Alaska had a total of 133 positive cases, Zink said.

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