BP

Federal Economics Minister Katherina Reiche is calling for a strategy for refinery sites, as operators are abandoning locations or planning withdrawals due to rising regulatory burdens, windfall taxes and price caps. Shell, BP and other companies have reduced or sold capacities, jeopardizing investments in the future of the sites and related value chains. A continued reduction in capacity would create supply dependencies, pose risks for the chemical industry and cause strategic disadvantages for Germany. » More on faz.net

BP shares in euros are trading at the highest level in ten years, and on the London Stock Exchange are only a few pence shy of the year high. BP expects net debt at the quarter end to be $13.5–14.5 billion, down from $22.3 billion at the end of June and already close to its end-2027 target. Refinery margins rose in the third quarter to an average of $46.70 per barrel, which should contribute an additional $1.9–2.1 billion to earnings, and the gas business also improved. At the same time, BP anticipates impairment charges of $3.0–4.5 billion and weaker results in its customer-facing business; the full quarterly report will be released on October 30. » More on deraktionaer.de

BP posted record profits thanks to high oil and gas prices and reduced net debt to $13.5–14.5 billion by the end of September much faster than expected. Adjusted half‑year profit rose to $9 billion, the share surged and market value has climbed sharply since the start of the year. At the same time, BP said it will present a new corporate strategy in New York in mid‑December, while reporting further write‑downs on earlier green investments of up to $4.5 billion; cumulative write‑downs since the end of 2023 are likely to exceed $21 billion. » More on faz.net