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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...

Increase in cost of crude could drive inflation up and force central banks to keep interest rates high• Business live – latest updatesA serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse the recent downward trend in global inflation, the World Bank has said.The Washington-based institution said the recent fall in commodity...

£2.2bn-worth of oil processed in China, India and Turkey – to whom Russia supplies crude – was imported in 2023, data showsThe UK has been accused of “helping Russia pay for its war on Ukraine” by continuing to import record amounts of refined oil from countries processing Kremlin fossil fuels.Government data analysed by the environmental news site Desmog shows that imports of refined oil...

Foreign minister warns of environmental catastrophe in Baltic Sea as he accuses Moscow of using unseaworthy vesselsRussia appears prepared to create “environmental havoc” by sailing unseaworthy oil tankers through the Baltic Sea in breach of all maritime rules, the Swedish foreign minister has said.Speaking to the Guardian during his first visit to London since Sweden became a Nato member, Tobias Billström called for new...

Company is fighting Dutch court ruling that says it must emit 45% less CO2 by 2030 than in 2019Shell has argued that it “lobbies for, not against, the energy transition” on the final day of its appeal against an important climate ruling.The fossil fuel company is fighting the decision of a Dutch court in 2021 that forces it to pump 45% less planet-heating CO2...

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...

Authorities to launch inquiry into allegations of mismanagement at country’s national oil corporationLibyan authorities have said they will investigate allegations of wholesale mismanagement in the country’s National Oil Corporation, with officials telling the Guardian rampant smuggling is helping to fuel the civil war in Sudan.Mohamed al-Menfi, the chair of the presidential council, will launch an inquiry this week, t he scope of which is...

Unified command was formed to look in to the origin of the sheen, which did not seem to be expanding since it was first detectedAuthorities in southern California are investigating a 2.5-mile (4km) long oil sheen that emerged off the coast of Huntington Beach on Thursday evening.The sheen doesn’t appear to be a crude oil spill – it could be the result of natural...

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...

Fuel continues to leak from overturned and abandoned barge as stain spreads into the Caribbean SeaAn oil spill that has stained Tobago’s coastline in the Caribbean is entering Grenada’s waters and could affect neighboring Venezuela, authorities have warned.Eight days after Trinidad and Tobago’s coastguard first spotted the oil from an overturned and abandoned barge, the vessel continues to leak fuel, and portions of the...

Aerial evidence follows months of President Nicolás Maduro ramping up claim to Essequibo regionVenezuela is expanding military bases near its border with Guyana and deploying forces to the jungle frontier as President Nicolás Maduro ramps up his threats to annex the country’s oil-rich neighbour, satellite images have revealed.Maduro pledged at mediation talks in December not to take military action against his neighbour but images...

President of ExxonMobil Guyana confirms plan to drill two new wells off Atlantic coast as territorial dispute simmersExxonMobil has insisted it will explore for oil in a region bitterly contested by Guyana and Venezuela, despite the dangers that the move is likely to escalate tensions between the two South American neighbors.Relations between the two countries have reached an all-time low in recent months following...

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...

Former finance chief to replace Bernard Looney, who departed unexpectedly last yearBusiness live – latest updatesThe oil company BP has appointed its former chief financial officer, Murray Auchincloss, as its new chief executive after the shock departure of Bernard Looney last year.BP said Auchincloss, who has acted as interim chief executive since September, would take up the permanent role with immediate effect. He succeeds...