Sullivan: Wall Street admits it doesn't know where oil is headed. There's one stock they do agree on

BP has agreed to sell its French electric vehicle (EV) charging business to Sorégies, according to a company spokesperson. The deal is part of BP's strategy to streamline its operations and focus on core businesses.

Kingfisher (KGF) rose 10.04% after upgrading annual guidance, citing strong half-year profits led by Screwfix. Smiths Group (SMIN) gained 6.64% on above-forecast earnings. BP and Ithaca Energy fell with oil prices; Ithaca received a 'buy' rating and 340p target from Shore Capital. FTSE 100 was up 0.3% at 10,767.49.

Chevron plans to increase drilling next year, part of a 50%+ YoY spending surge, according to VP of Exploration Kevin McLachlan. The company aims to ramp up well drilling as part of its expanded investment strategy.

BP p.l.c. agreed to sell a 5% stake in the Browse Project to Osaka Gas, reducing its ownership to 34.33%. The transaction, pending approvals, aligns with BP's strategy to reduce debt to $14-$18B by 2027 and high-grade its portfolio. BP retains exposure to the project while sharing future investment risks. The deal supports BP's balance sheet discipline and long-term gas development goals.

BP's Brazilian unit, advised by Mattos Filho, is selling a 50% stake in a Santos Basin exploration block to Shell Brasil Petróleo. The deal involves a major oil asset transfer between two energy companies.

U.S. oil imports from Venezuela rose 237% in six months to 782,000 barrels per day, a 9-year high. Chevron (CVX) plans to invest $7 billion in Venezuela over five years, aiming for 600,000 barrels per day at costs below $20 per barrel. CVX reported Q2 revenue of $70 billion, up 56% YoY, with adjusted earnings of $6.06 per share.