BP LSE:BP. Stock Report

Cenovus Energy Inc. (TSX:CVE) entered into an agreement to acquire a 50% stake in the Husky Toledo Refinery from BP p.l.c. (LSE:BP.) for $300 million.

Cenovus Energy Inc. (TSX:CVE) entered into an agreement to acquire a 50% stake in the Husky Toledo Refinery from BP p.l.c. (LSE:BP.) for $300 million.

Cenovus Energy Inc. (TSX:CVE) entered into an agreement to acquire a 50% stake in the Husky Toledo Refinery from BP p.l.c. (LSE:BP.) for $300 million on August 8, 2022. Cenovus has owned the other 50% of the refinery since its combination with Husky Energy in 2021. Total consideration includes US$300 million in cash, subject to customary closing adjustments, plus the value of inventory. In addition, the parties have signed a multi-year product supply agreement. Closing of the transaction is expected before the end of 2022.

Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

Second quarter 2022 results: EPS: US$0.48 (up from US$0.15 in 2Q 2021). Revenue: US$67.2b (up 86% from 2Q 2021). Net income: US$9.26b (up 197% from 2Q 2021). Profit margin: 14% (up from 8.6% in 2Q 2021). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 12%, compared to a 21% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.

BP P.L.C. Announces the Appointment to Its Board of Amanda Blanc as A Non-Executive Director

BP p.l.c. (bp) announced the appointment to its board of Amanda Blanc as a non-executive director. Amanda Blanc's appointment will take effect from 1 September 2022. Amanda Blanc has been Group CEO of Aviva plc, the UK's leading insurance, wealth and retirement business, since 2020. She was formerly Group CEO at AXA UK, PPP & Ireland and a previous CEO of Europe, Middle East, Africa & Global Banking at Zurich Insurance Group. She has also held executive leadership positions at Towergate Insurance Brokers, Groupama Insurance Company, and Commercial Union. Amanda is co-chair of the UK Transition Plan Taskforce, which is developing a gold standard for UK firms' climate transition plans.