1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. BP plc
  6. News
  7. Summary
    BP.   GB0007980591

BP PLC

(BP.)
  Report
Delayed Quote. Delayed London Stock Exchange - 05/27 11:38:04 am
431.2 GBX   -0.93%
05/27BP P.L.C. : Release of a capital market information
EQ
05/27European Bourses Close Friday in Green
MT
05/27UK equities record best week since mid-March
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Union faults BP's proposals in local refinery negotiations

01/21/2022 | 09:51pm EDT
An illuminated BP logo is seen at a petrol station in Chester-le-Street,Durham, Britain September 23, 2021

HOUSTON (Reuters) - The United Steelworkers union (USW) on Friday said proposals by energy giant BP Plc would undermine its 56-year-old national program for refinery and chemical plant worker contracts.

People in the USW familiar with the matter said BP has put forward proposals in local negotiations at its U.S. refineries to require waiting periods of up to 120 days between the expiration of a contract and the possible start of a strike.

"BP's position at local tables attacks the National Oil Bargaining Program," the union said in a message to members and seen by Reuters. "Pipeline & refinery locals stand together to fight back!"

A BP spokesperson declined to discuss the details of proposals in contract negotiations.

"BP is negotiating in good faith with the United Steelworkers union to improve the competitiveness of our business and create a sustainable future for all," said company spokesperson Cameron Nazminia.

A union spokesperson was not immediately available to discuss the USW's message.

Since 1966 the union has at many refineries won a common expiration date for refinery and chemical plant contracts. The common date raises the possibility workers will strike at multiple plants simultaneously, as happened in 2015, during the last nationwide strike.

"We're standing the line," said a union source, who described the BP proposals as taking refineries off the common contract expiration date, allowing the company to "influence the contract behind the scenes."

While not changing the formal expiration date, the 120-day no strike period changes the date in practice, potentially reducing the power of collective action available to the USW with a common expiration date.

One company that has used no-strike or so-called labor peace periods is Exxon Mobil Corp, which locked out 650 workers at its Beaumont, Texas, refinery nearly nine months ago, following a 75-day no-strike period.

"We don't believe Exxon is the best example to follow," a union source said.

The USW is negotiating a new national agreement for 30,000 U.S. refinery and chemical plant workers with Marathon Petroleum Corp, the industry's lead negotiator.

At the same time, USW local unions are negotiating site-specific issues with plant managers.

(Reporting by Erwin Seba; Editing by William Mallard)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -0.93% 431.2 Delayed Quote.30.30%
EXXON MOBIL CORPORATION 0.98% 97.59 Delayed Quote.59.49%
LONDON BRENT OIL 1.52% 119.2 Delayed Quote.50.58%
MARATHON PETROLEUM CORPORATION 2.63% 102.1 Delayed Quote.59.56%
WTI 0.94% 115.083 Delayed Quote.51.34%
All news about BP PLC
05/27BP P.L.C. : Release of a capital market information
EQ
05/27European Bourses Close Friday in Green
MT
05/27UK equities record best week since mid-March
RE
05/27Oil Giant BP To Rethink Investment Plans After UK Imposes 25% Windfall Tax
MT
05/27Shell commits to £25bn plans despite new levy
AQ
05/26BP : Jefferies remains Neutral
MD
05/26BP : RBC reiterates its Buy rating
MD
05/26BP P.L.C. : Release of a capital market information
EQ
05/26European Shares Ascend on Thursday; UK Energy Shares Rise Despite Windfall Tax Confirma..
MT
05/26BP : Glen Lyon sets the bar high
PU
More news
Analyst Recommendations on BP PLC
More recommendations
Financials (USD)
Sales 2022 195 B - -
Net income 2022 -169 M - -
Net Debt 2022 28 056 M - -
P/E ratio 2022 57,3x
Yield 2022 4,09%
Capitalization 105 B 105 B -
EV / Sales 2022 0,68x
EV / Sales 2023 0,67x
Nbr of Employees 65 900
Free-Float 94,2%
Chart BP PLC
Duration : Period :
BP plc Technical Analysis Chart | BP. | GB0007980591 | MarketScreener
Technical analysis trends BP PLC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 5,43 $
Average target price 6,13 $
Spread / Average Target 12,9%
EPS Revisions
Managers and Directors
Bernard Looney Chief Executive Officer & Director
Murray Auchincloss Chief Financial Officer & Director
Helge Lund Chairman
Gordon Young Birrell Executive Vice President-Production & Operations
Paula Rosput Reynolds Senior Independent Director
Sector and Competitors
1st jan.Capi. (M$)
BP PLC30.30%104 508
EXXON MOBIL CORPORATION59.49%411 102
CHEVRON CORPORATION51.92%350 287
RELIANCE INDUSTRIES LTD8.74%210 864
CHINA PETROLEUM & CHEMICAL CORPORATION13.77%76 328
SUNCOR ENERGY INC.63.22%56 789