Investors are shunning the world’s biggest oil companies as drilling costs surge, major projects are delayed and energy prices stagnate.
Volvo AB, the world’s second-largest maker of commercial vehicles, is expected to appoint BP Plc’s Carl-Henric Svanberg as chairman, according to a person with knowledge of the matter.
Egypt’s natural-gas shipments are set to drop by about half this year, undermining the military led-government’s attempts to stabilize the largest economy in North Africa.
BP Plc gained the right to carry out a $7.8 billion share swap with state-owned Russian oil producer OAO Rosneft in return for ceding its place in an Arctic oil exploration deal to its TNK-BP venture.
One of the best moments of Tony Hayward’s 28-year career with oil giant BP Plc came before dawn on Christmas 1982.
BP Plc , selling $30 billion assets to pay for President Barack Obama ’s Gulf of Mexico spill fund, will restore dividends at 65 percent below their previous level next year, derivative prices show.
BP Plc’s temporary ban from new U.S. government contracts is an additional stain on the British oil company’s record that may give competitors an edge in bidding for future federal work.
China, the world’s biggest user of natural resources, is pulling back from commodities and energy acquisitions as the rest of the world pursues deals at the fastest pace since the financial crisis.
The following are the day's top business stories:
BP Plc, Europe’s second-biggest oil company, reported earnings that missed analyst estimates after field maintenance in the Gulf of Mexico, Angola and the North Sea cut production.
"Every project is very expensive at Shell."
- Christine Tiscareno on Aug 07, 2012