Breakingviews

Commodity producer/trader boundary starts to blur

October 14, 2014

Glencore’s interest in a deal with Rio Tinto was about more than corporate ambition. Commodity traders are keen to buy hard assets to secure supply, while producers view logistics and marketing as a way of boosting returns. Expect more convergence, and shrinking trading margins.

Rosneft buy may leave Russian oil industry wanting

October 24, 2012

The country needs to enhance the efficiency of its lucrative oil business. Rosneft’s $55 bln swoop on Russia’s number-three producer might help, if TNK-BP’s superior oilfield know-how rubs off on the lumbering state-dominated giant. More likely, the deal will stifle competition.

BP’s path to Macondo settlement just got harder

September 6, 2012

U.S. lawyers say they’ve got emails showing gross negligence in the 2010 oil spill disaster. There’s still scope to settle before a trial, but the aggressive tack complicates BP’s effort to get a favourable deal. The market reaction - wiping $5 bln off BP’s value - looks right.

BP’s Russian exit would lead to existential limbo

June 6, 2012

The UK oil major could turn grief into $20-$30 bln of cash if a deal materialises from the approaches for its half of the TNK-BP joint venture. But BP would then need to find new growth assets. And that could mean other difficult partners in challenging jurisdictions.

BP has yet to deliver its positive Macondo legacy

April 2, 2012

The Gulf of Mexico disaster prompted soul-searching and a wide-ranging review of BP’s sprawling portfolio. The pledge was to divest low-return assets and focus on its core competence in exploration. But two years on and it’s clear the strategic renewal is proving a long slog.

BP should be back on bid alert

By Reuters Staff
April 8, 2011

BP has the hallmarks of a bid target -- a discount share price, a strategic setback and weakened management. Almost a year since the Gulf of Mexico spill hobbled the company on its Western front, the UK oil major has got bogged down in Russia, leaving it exposed again.

BP’s PR sludge keeps flowing with new book

November 23, 2010

A new book makes a convincing case that the BP gulf spill stemmed from a culture of corner-cutting at the company.

BP’s second kitchen-sinking can’t mask comeback

November 2, 2010

It will be a long time before BP is back to business as usual following the Gulf of Mexico disaster. But it appears the oil and gas company is making a comeback.

In too deep: how BP blew it in the Gulf

By Reuters Staff
August 16, 2010

The BP crisis is not yet over – but it has already become a case study in how not to handle a corporate calamity. The pieces in this special ebook provide a running commentary on the saga. We have included articles on BP from before the disaster as well as views on key moments in the crisis as it unfolded.

BP tries slimming back to health

July 27, 2010

BP is attempting to slim itself back to health. The UK oil major is upping its existing disposal programme to $30 billion and looking to cut debt after taking a $32 billion charge on the Gulf of Mexico oil spill. To ram home the message that BP is changing, Tony Hayward is to step down as chief executive. It sounds decisive and radical. For Hayward's successor, Bob Dudley, the challenge is to turn this into a convincing equity story.