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Oil company to maintain pace of share buybacks despite impact of falling gas pricesBusiness live – latest updatesBP said it would cut $2bn (£1.6bn) in costs from its business by the end of 2026 after reporting worse than expected profits for the first quarter of the year.The oil company revealed that its underlying profits fell to $2.7bn for the first three months of 2024,...

Despite payouts the oil and gas giant faces growing investor pressure to address its carbon emissionsShell will shower its shareholders with another $3.5bn (£2.8bn) in share buy-backs over the next quarter after reporting better than expected profits of almost $8bn for the first three months of the year.The company reported adjusted earnings of $7.7bn for the first quarter, below the $9.6bn earned in the...

Adnoc decided move was not right fit but it is latest sign of foreign buyers circling UK firmsAbu Dhabi’s state-owned oil company reportedly recently explored a multibillion-pound bid for BP in a sign that depressed share values in London are making even the biggest British businesses takeover targets.Abu Dhabi National Oil Company (Adnoc) considered options including purchasing BP or acquiring a large stake before...

Firm told it must take responsibility for toxic legacy of pollution and safe decommissioning of abandoned oil infrastructureThe oil firm Shell cannot be allowed to withdraw from the Niger delta before it takes responsibility for its toxic legacy of pollution and the safe decommissioning of abandoned oil infrastructure, a report says.Shell plc is preparing to divest from the delta but a report warns that...

Oil and gas company criticised by campaigners as it plans more share buybacks to return cash to investorsBusiness live – latest coverageProfits at the energy company BP halved last year to nearly $14bn (£11bn), but were better than expected after weaker oil and gas market prices caused revenues to slump across the industry.BP said it would return more cash to investors with $3.5bn of...

Plan to raise shareholder payouts by 4% follows surprise $7.3bn profit in final quarter despite fall in gas pricesShell will raise its shareholder dividends by 4% this year despite a 30% fall in its full-year profits to $28.3bn (£22.37bn) for 2023 as global oil and gas market prices began to ease.The oil company handed its shareholders $23bn in payouts last year, and plans to...