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    BP.   GB0007980591

BP PLC

(BP.)
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U.S. awards 13 mln barrel exchange of crude from strategic reserve

01/25/2022 | 04:13pm EDT

WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to seven companies as part of President Joe Biden's effort to help control oil prices.

The Biden administration announced a plan in November to release up to 50 million barrels from the SPR after oil prices hit seven-year highs. Nearly 40 million barrels of that has now been released through previous exchanges and a sale of 18 million barrels.

The companies are: Shell Trading US, 4.2 million barrels; Trafigura Trading LLC, a unit of Farringford NV, 3 million barrels; Phillips 66, 2.3 million barrels; Macquarie Commodities Trading, 2 million barrels; Chevron USA , 885,000 barrels; Exxon Mobil, 515,000 barrels; and BP Products North America, 500,000 barrels.

Companies that take part in exchanges have to return the oil to the reserve, held in a series of caverns on the Texas and Louisiana coasts, at a later date with interest in the form of crude.

Global oil prices mostly fell after the November announcement as the Omicron variant slowed traveling. But they have recently returned to seven-year highs on concerns that supplies could get tight due to Ukraine-Russia tensions and threats to infrastructure in the United Arab Emirates.

The U.S. release for the first time was coordinated with Asian oil-consuming countries such as China, India and South Korea. While there's been little movement in the other countries to tap their national reserves, China will release crude from its stockpiles around the upcoming Lunar New Year holidays as part of that plan, sources said this month.

(Reporting by Eric Beech and Timothy Gardner; Editing by Leslie Adler and Mark Porter)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 2.09% 421.2 Delayed Quote.24.87%
CHEVRON CORPORATION -0.71% 166.86 Delayed Quote.42.19%
EXXON MOBIL CORPORATION 0.54% 91.14 Delayed Quote.48.95%
LONDON BRENT OIL 0.94% 112.53 Delayed Quote.42.93%
MACQUARIE GROUP LIMITED 2.10% 181.37 Delayed Quote.-13.52%
PHILLIPS 66 -0.20% 95.33 Delayed Quote.31.56%
S&P GSCI CRUDE OIL INDEX 0.40% 604.5158 Real-time Quote.42.32%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -3.00% 59.875 Delayed Quote.-15.26%
WTI 0.92% 110.177 Delayed Quote.43.34%
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Financials (USD)
Sales 2022 195 B - -
Net income 2022 2 037 M - -
Net Debt 2022 27 356 M - -
P/E ratio 2022 19,7x
Yield 2022 4,32%
Capitalization 99 536 M 99 536 M -
EV / Sales 2022 0,65x
EV / Sales 2023 0,64x
Nbr of Employees 65 900
Free-Float 94,2%
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 5,16 $
Average target price 6,08 $
Spread / Average Target 17,9%
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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 PLC24.87%99 536
EXXON MOBIL CORPORATION48.95%383 931
CHEVRON CORPORATION42.19%327 849
RELIANCE INDUSTRIES LTD4.72%203 322
CHINA PETROLEUM & CHEMICAL CORPORATION8.26%73 857
SUNCOR ENERGY INC.53.46%53 646