BP

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British energy group BP PLC (LSE:BP.) has secured a licence to explore and develop the second phase of Venezuela's offshore Loran gas field, marking one of the clearest signs yet that international energy companies are returning to the country after years of isolation.

The Loran field in the Plataforma Deltana area holds an estimated 4 trillion cubic feet of recoverable gas, the companies said late Thursday.

BP , in partnership ‌with United Arab Emirates' firm XRG and a unit of Qatar's conglomerate UCC Holding, has secured a license to explore and develop the second phase of Venezuela's offshore Loran gas field, the British company ​and government officials said on Thursday.

UK energy stocks are leading gains on the FTSE 100 today as crude oil and natural gas prices rebound, boosting sentiment across the sector. BP stock climbed to 534p, up 18.5% from its July low and 63% above its lowest level last year.

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BP delivered a strong Q2, driven by soaring petroleum prices and robust upstream price realizations. BP trades at a forward P/E of 9.9x, making it significantly cheaper than ExxonMobil (14.5x) and Chevron (14.4x). Management has pivoted away from net-zero goals, refocusing on fossil fuels and expanding production, with up to 10 new upstream projects coming online by the end of 2030.

BP on Thursday ​said it has agreed ‌to acquire Australia-based Woodside Energy's 70% interest in the ​Calypso gas project ​in Trinidad and Tobago, taking ⁠full ownership of the ​major early-stage deepwater discovery.

BP???s management reset puts balance-sheet repair, divestments and tighter execution ahead of growth, with delivery now the test of credibility.

BP p.l.c. delivered strong Q2 results, driven by robust oil and refining margins, yet shares underperformed peers. New CEO Meg O'Neill is prioritizing balance sheet improvement, portfolio optimization, and cost reduction over near-term growth, aiming for sustainable shareholder returns. BP now expects to hit its net debt of $14–18 billion by end-2026 and redeem hybrid bonds. This creates potential for increased dividends or buybacks.