BP

BP won a licence to develop the second phase of the offshore Loran gasfield in Venezuela, marking one of the first large-scale foreign investments since the US-backed change of government. The project will be carried out alongside a Qatari group linked to the Al-Khayyat brothers and an overseas arm of the UAE national oil company led by Sultan Al Jaber. BP says the deal builds on prior exploration agreements and provides a foundation to progress Venezuela’s offshore gas potential and next-phase development. » More on theguardian.com

BP reported profit of $5.73 billion, more than doubling year-on-year, raised its dividend and cut net debt as CEO Meg O'Neill advances a five-point turnaround and continues asset sales to reduce liabilities. Shell delivered its best quarter since 2022 with adjusted earnings of $9.84 billion, a sharp reduction in net debt and a 19th consecutive buyback of at least $3 billion, though production at its Pearl plant in Qatar remains offline after an attack. The results highlight contrasting strategies: BP's restructuring and admission of past failures versus Shell's consistency, with hedge funds modestly favoring BP on recent holdings data. » More on finance.yahoo.com

Freedom Broker lifts BP from "sell" to "hold" and raises the price target from $39 to $43 after BP beat consensus estimates by 13.8% in Q2 with adjusted earnings of $2.22 per ADR. Revenue rose 48.2% to $69.1 billion due to higher hydrocarbon prices, and adjusted net income was $5.7 billion. BP reported declining production volumes and expects further production declines in Q3; management plans roughly $13.5 billion of investment in 2026. The board increases the quarterly dividend by 4.1% to $0.52 per ADR; no share buybacks were carried out in the quarter. » More on de.investing.com