Latest News Updates From Mitchell Ferman

BP agreed last year to sell a 65% stake in Castrol to U.S. investment firm Stonepeak Partners, marking a key milestone in the company’s efforts to reset its business after years of underperformance. 

BP said profit jumped to the highest in 18 years as soaring refining margins boosted earnings, speeding up the energy giant’s efforts to fix its balance sheet and pay down debt.

The energy giant flagged a $42-a-barrel refining margin for the third quarter, up from $24 in the second quarter and far exceeding the previous high in 2022.

BP named Ian Tyler chairman following an interim stint in the role, ending a period of boardroom drama and allowing CEO Meg O’Neill to continue reshaping the company.

New CEO Meg O’Neill stepped up efforts to streamline the business and rebuild investor confidence after years of underperformance.

Adjusted net income rose to $9.8 billion, more than doubling from a year earlier, London-based Shell said in a statement.

BP said ConocoPhillips will acquire 42% of its stake in a venture that’s redeveloping Iraq’s giant Kirkuk oil fields, a major revival target for the OPEC heavyweight.

BP boosted jet fuel production at its European refineries by about 30% during the Iran conflict, helping the region avoid major shortages while millions of barrels were locked up in the Persian Gulf.

Shell’s trading update offers a first glimpse into how Big Oil fared in a quarter when crude prices hit their highest since the invasion of Ukraine in 2022.

From July 1, Gordon Birrell will be executive vice president of upstream, while Richard Harding will take on the same role — in an interim basis — for downstream.