$BP

Brian Sullivan reports that the real cost of oil is higher than futures prices due to increased shipping costs. Shell (SHEL) reached a new high, with analysts bullish on its LNG business. RBC highlights ConocoPhillips (COP) as a top global stock idea. Morgan Stanley is optimistic about refiners like ExxonMobil (XOM), Valero (VLO), Phillips 66 (PSX), and PBF (PBF). Truist upgrades First Solar (FSLR) to Buy with a $270 target.

The Ferret reports that two North Sea Transition Authority (NSTA) directors hold shares in Shell and BP, worth over £77,000. Ian Chisholm, a former Shell executive, owns £58,510 in Shell shares and is involved in Shell's pension arrangements. Rebecca Wiles holds £19,150 in BP shares and is a Tullow Oil director. The NSTA maintains that these interests do not compromise independence, but critics question the appearance of conflicts, especially as Shell projects await regulatory decisions.

Wells Fargo analysts Hanwen Chang and Sam Margolin maintained Buy ratings on Devon Energy (DVN) and BP (BP), with price targets of $64.00 and $57.00, respectively. DVN closed at $50.21, BP at $48.53. TipRanks shows Strong Buy consensus for DVN ($60.50 avg target) and Moderate Buy for BP ($48.53 avg target).

Iraq's Oil Ministry transferred operations of Kirkuk's four main oilfields to a joint body with BP, aiming to increase output to 450,000 barrels per day and capture 500 million cubic feet of gas daily. Minister Khudair praised BP as a strategic partner and highlighted plans for staff training and community development.

A U.S. District Court dismissed Michigan's antitrust lawsuit against BP, Chevron, Exxon, Shell, and the American Petroleum Institute, alleging a conspiracy to suppress renewable energy. The court ruled Michigan lacked standing, as it couldn't prove the conspiracy proximately caused energy overcharges. The decision highlights challenges in using antitrust laws for climate-related claims.

The U.S. Department of Energy approved an emergency swap of up to 4M barrels from the Strategic Petroleum Reserve due to Gulf weather disruptions, with BP PLC (BP.) required to return the borrowed oil plus extra barrels by 2027. BP reported 11.8Mt of oil production in Azerbaijan for the first nine months of the year, according to Reuters.

KazMunayGas is forming a consortium with Shell, Chevron, Sinopec, and CNOOC to explore deep oil reserves in Kazakhstan's Caspian region, targeting formations 5.5-10 km deep. The project aims to replenish reserves as major fields mature. Shell and Chevron are in talks, while BP may return. ExxonMobil's potential involvement in Kashagan is under discussion. US sanctions have stalled the Kalamkas-Khazar project with Lukoil.

In 2026, Venezuela's foreign relations shifted after the US captured Nicolás Maduro. The US now licenses most oil business, including a 100-year concession to private producer NABEP. Six oil companies (BP, Chevron, Eni, Maurel & Prom, Repsol, Shell) are licensed to operate. Chevron plans a $7B investment. China, Russia, and Iran are excluded from the main US oil license. The IMF projects Venezuela's 2026 GDP at $124B with 5% growth.

AlphaValue/Baader Europe upgraded BP plc's rating to 'Add' based on a weighted average of valuation, EPS revisions, and visibility metrics. The company's stock has risen 8.68% year-to-date and 41.13% over a longer period. Additionally, Clarkson confirmed BP's Niamh Staunton will join as CFO in November.

Diesel prices in the U.S. averaged $6.2997, down slightly from last week. President Trump announced plans for oil, gas, and mineral exploration in Greenland. The DOE authorized a 4-million-barrel SPR exchange for ExxonMobil (XOM) and BP due to supply disruptions. Bloom Energy (BE) was highlighted for its role in a project with Oracle and El Paso Electric, with Roth Capital raising its price target to $260. Nano Nuclear Energy (NNE) reported progress in its reactor project review.