BP PLC (LSE:BP.) is reshaping its portfolio and leadership—holding talks on LNG deals and selling assets from Lightsource solar to Austrian retail sites while facing a refinery lockout and board changes—moves that accompany mixed production metrics and a new Outperform rating from Mizuho.
Previous Week Recap
- BP Eyes Medium-Term LNG Deals: BP in talks for medium-term LNG deals amid tight markets; pricing near $1.50/MMBtu above TTF and estimated annual import cost about $8–11 billion.
- Whiting Refinery Lockout Affects Supply: BP PLC Sponsored ADR (BP.): About 800 workers locked out at Whiting, Indiana refinery since March 19. Refinery supplies ~25% of Great Lakes fuel. BP: production unaffected; says proposal on table.
- BP Board Changes Reported: BP PLC (BP) saw board changes: former chair removed in May; planned director term limits and board cut were previously proposed. Senior independent director reportedly influential in the removal.
- Lightsource Sale Talks Advanced: BP (BP) in advanced talks to sell solar arm Lightsource to a Kuwait-backed consortium led by Qualitas Energy and Wren House; reports say talks are advanced, BP couldn’t independently verify.
- BP Sells Austrian Retail Assets: BP agreed to sell 250 Austrian retail sites, petrol and EV charging assets and BP Retail Austria to Volenergy; sites will keep the BP brand via license. Deal to close by end‑2026.
- Azeri BTC Output Drops: BP-operated Azeri-Chirag-Guneshli oil via BTC fell 8.7% YoY to 12.7M tonnes in Jan–Jun 2026; BTC made up 76.9% of Azerbaijan’s 16.6M tonnes total transit.
- Mizuho Initiates BP ADR Coverage: Mizuho started coverage of BP PLC Sponsored ADR (BP) with an Outperform rating and a $51.00 price target for BP ADR shares.
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