$BP

Baker Hughes (BKR) secured a contract from bp (BP) to provide offshore stimulation services in the UK North Sea, supporting new well development and enhanced recovery. The deal involves a vessel-based solution for efficient well completions and production enhancement, aiming to improve operational reliability and reservoir recovery. Baker Hughes will leverage its StimFORCE modular stimulation package and local supply chain network.

Chevron plans to invest $7 billion in Venezuela over five years, aiming to double oil production to 600,000 bpd. NABEP secured control of oilfields with 65 billion barrels of reserves, planning $100 billion in investments. Chevron and Shell also signed a preliminary agreement for Ghana's South Deepwater Tano block. SOCAR acquired stakes in Comstock Resources' Haynesville shale assets for $1.65 billion. Shell bought into BP-operated prospects in the Gulf of Mexico and Brazil.

Morgan Stanley analyzed 4,000 oil and gas fields, projecting European energy majors' production growth at 2.9% annually for 2025-2030, up from 1.2%. Eni leads with 4.5% growth through 2030. Shell was upgraded to Overweight with 15% expected return. BP maintains Overweight rating for faster debt reduction and valuation.

Morgan Stanley upgraded Shell (SHEL) to Overweight, raising its price target to 3,780 pence. The firm cited improved production visibility and faster dividend growth potential, forecasting a 10% annual DPS growth rate into the early 2030s. Shell was named a top pick with a 15% total shareholder return. Morgan Stanley also maintained an Overweight rating on BP (BP), citing attractive valuation and improved upstream outlook.

Piper Sandler raised Chevron's (CVX) price target to $243, the highest on Wall Street, citing stronger crude and refining margins. The firm also increased its Brent price forecasts and refining crack spread estimates. Piper kept its overweight rating on CVX and raised targets for other integrated oil and refiner companies, including BP, MPC, PSX, SHEL, TTE, VLO, and XOM.

Several U.S. jurisdictions, including Minnesota, the District of Columbia, and Boulder County, are suing energy companies for climate damages while facing budget gaps. The Supreme Court will hear a key case (Suncor Energy v. Boulder County) in October. Critics question the timing and motives of these lawsuits, while supporters argue they aim to recover climate adaptation costs. A recent federal ruling blocked New York's $75 billion climate superfund law, citing federal preemption.

Shell acquires 30% interest in BP’s Conifer exploration prospect in the US Gulf, with BP retaining 70% and operatorship. Conifer is near BP’s Kaskida development, which has 275 million barrels of recoverable resources. Shell aims to strengthen its Gulf position, focusing on deepwater projects with low greenhouse-gas intensity. The first exploration well is expected in 2027. Financial terms were not disclosed.

Shell will acquire a 50% stake in BP's Tupinamba exploration block and a 30% stake in five Conifer leases in Brazil. The deal, subject to approval, aims to strengthen BP's position in the region. BP's stock closed at 542.50 pence, up 0.2% on the day and 25% over 12 months. Shell's stock closed at 3,443.00 pence, up 0.3% on the day and 26% over 12 months.

bp plc has agreed to farm-out deals with Shell plc subsidiaries for exploration prospects in Brazil and the US Gulf of Mexico. Shell will acquire a 50% stake in the Tupinambá block in Brazil, while bp retains 50% and remains operator. In the Gulf of Mexico, Shell will take a 30% stake in five leases containing the Conifer prospect, with bp keeping 70% and operating. Both deals are subject to regulatory approvals and aim to unlock potential in key regions for bp.

BP appointed Ian Tyler, former CEO of Balfour Beatty, as its permanent chair. Tyler, who also serves on the boards of Grafton Group and Anglo American, will oversee BP's strategic priorities and shareholder engagement. BP's share price rose 0.2% following the announcement. Tyler's appointment follows the dismissal of Albert Manifold in May due to governance concerns. BP aims to reduce net debt to $14 billion to $18 billion by 2027.