"The company reported an underlying profit of $2.2bn (1.7bn) in the three months ended in September. It marked a slowdown against its previous quarter, when it made a profit of $2.4bn, but beat analyst expectations of $1.98bn. Its chief executive, Murray Auchincloss, who is under pressure from shareholders to reverse years of underperformance by moving away from renewable projects and increasing investments in oil and gas, said BP would push to sell off parts of the business faster."
"BP has already managed to agree to sell its US onshore wind business to LS Power, as well as a deal to offload its Dutch retail fuel sites and its electric vehicle charging hubs. This week BP also agreed to sell its stakes in US shale assets for $1.5bn, including four Permian central processing facilities: Gand Slam, Bingo, Checkmate and Crossroads."
"However, BP did not provide an update on the sale of its multibillion-dollar Castrol lubricants unit, which will be a central part of its plan to raise at least $20bn by 2027. The company is under pressure from Elliott Management, the activist New York hedge fund which is known for its attempts to shake up listed companies. It has built up a stake in BP and has been pushing the company to cut costs."
BP reported an underlying profit of $2.2bn in the three months to September, down from $2.4bn the previous quarter but above analyst expectations of $1.98bn. Chief executive Murray Auchincloss said the company will accelerate a portfolio review, simplify operations and target further cost and efficiency improvements. Auchincloss has vowed to sell $20bn of assets by the end of 2027 and expects $5bn of sales or announced disposals by year end. BP has agreed deals to sell its US onshore wind business, Dutch retail fuel sites, EV charging hubs and $1.5bn of US shale stakes, but provided no update on Castrol.
Read at www.theguardian.com
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