Mitchell Ferman

1 week ago | bloomberg.com | Mitchell Ferman |Dinesh Nair

Last week, BP gave a gloomy overview of its first quarter performance. (Bloomberg) -- BP Plc’s big strategy reset is less than two months old, but the foundations of the company’s pivot back to oil are already starting to look shaky. After years of under-performance, the struggling major made a series of financial pledges in February intended to assure investors that dividends and share buybacks — a core part of the industry’s appeal — would be secure for years to come.

1 week ago | news.bloomberglaw.com | Mitchell Ferman |Dinesh Nair

BP Plc’s big strategy reset is less than two months old, but the foundations of the company’s pivot back to oil are already starting to look shaky. After years of under-performance, the struggling major made a series of financial pledges in February intended to assure investors that dividends and share buybacks — a core part of the industry’s appeal — would be secure for years to come. Yet one key requirement in targets for boosting cash flow and improving returns was an oil price of $70 a barrel.

1 week ago | news.bloomberglaw.com | Mitchell Ferman |Dinesh Nair

BP Plc’s big strategy reset is less than two months old, but the foundations of the company’s pivot back to oil are already starting to look shaky. After years of under-performance, the struggling major made a series of financial pledges in February intended to assure investors that dividends and share buybacks — a core part of the industry’s appeal — would be secure for years to come. Yet one key requirement in targets for boosting cash flow and improving returns was an oil price of $70 a barrel.

3 weeks ago | news.bloombergtax.com | Mitchell Ferman |Swetha Gopinath

Elliott Investment Management Ltd., which is in the middle of an activist campaign at BP Plc, has taken a short position equivalent to 0.5% of shares in London-based peer Shell Plc. The short position, included in data published by the UK Financial Conduct Authority, is part of Elliott’s global hedging program, a person with knowledge of the matter said.

4 weeks ago | rigzone.com | Mitchell Ferman |Alix Steel

Shell Plc Chief Executive Officer Wael Sawan said the UK energy company will continue to look for potential acquisitions, but warned of the risks inherent in pursuing a major deal. Speaking in a Bloomberg TV interview Tuesday, he declined to answer directly if Shell would consider looking at its rival BP Plc, but said “the bar is high” for any transaction.