LNG

UK major BP posted solid results as its LNG portfolio increased to 23 million tonnes per annum and fourth-quarter results reflected stronger natural gas marketing and trading activities as well as higher oil prices.

UK major BP posted solid results in the third quarter that saw the Chief Executive resign while in company activities a very strong oil trading result along with higher oil and natural gas production were partly offset by weaker natural gas marketing and trading results.

UK major BP posted solid results even amid cash flow declines on lower prices with an exceptional gas marketing and trading result, a lower level of refinery turnarounds and very strong oil trading earnings while progress with made on LNG and gas projects in Africa, India and the East Mediterranean.

UK major BP more than doubled annual profits, though was hit by slowing natural gas prices during the fourth quarter and expected a flat 2023 with among the main highlights being the start-up of two LNG projects in West Africa and Indonesia.

UK major BP posted underlying replacement cost profit, its equivalent of net profits, of $8.2 billion in the third quarter, a two-and-a-half times jump from the $3.3Bln posted in the same three months of 2021.

UK major BP has reported its highest profit in eight years in the fourth-quarter earnings statement amid volatile forward natural gas prices during 2021 and said it was “performing while transforming” and investing in only “focused” hydrocarbon ventures like a field recently brought on stream in Angola.

UK major BP reported a loss for the third quarter of $2.5 billion, explained as the accounting effects of liquefied natural gas risk management, compared with a $3.1Bln profit for the previous 2021 quarter and $450M of losses posted in the same three months of 2020.

April 27 (LNGJ) - UK major BP reported profits for the first quarter of $4.7 billion compared with a $4.36Bln loss in the same three months of 2020. The BP performance was also better than the $1.4Bln profit achieved in the fourth quarter of 2020. “Divestment and other proceeds were $4.8Bln in the quarter, including $2.4Bln from the divestment of a 20 percent stake in Oman Block 61 and $1Bln final instalment for the sale of the petrochemicals business,” said BP.

   “We expect global gas demand to recover to above 2019 levels, and LNG demand to increase as a result of higher Asian imports,” said the company in its outlook for the rest of 2021. “Oil demand is expected to recover due to strong growth in US and China and as the distribution of vaccinations gains momentum and lockdown restrictions are gradually lifted,” it added.

Feb 2 (LNGJ) - UK major BP reported a full-year loss of $20.3 billion, including significant impairments and exploration write-offs taken in the second quarter, compared with a profit of $4.0 billion in 2019. BP’s 2021 outlook expects the US natural gas market to tighten as supply declines and demand for LNG exports recovers. “The current tightness on global LNG markets and higher US gas prices will lift other regional gas prices,” said BP.

   A BP profit was posted in the fourth quarter of $1.4Bln versus a $500 million loss in the previous quarter thanks to a quarterly $2.3Bln one-time gain from the sale of BP’s petrochemicals business to INEOS of the UK. “At year-end net debt was $39Bln, down $1.4Bln over the quarter and $6.5Bln over the full year. Net debt is expected to increase in the first half of 2021, driven by severance payments, the annual Gulf of Mexico oil spill payment and payment following completion of the offshore wind joint venture with Equinor,” said BP.

The Saudi Arabian Oil Co (Saudi Aramco), the biggest crude oil production company and partly responsible for swamping the globe with oil supplies amid a demand plunge, reported a 25 percent drop in first-quarter net income to $16.7 billion from $22.21Bln in the prior-year quarter.