U.S. Government Plans to Issue License for Oil Extraction in Venezuela
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 5d ago
0mins
The U.S. government is planning to issue a general license allowing companies to pump oil in Venezuela as part of a plan to ease sanctions and rebuild the nation's energy industry, Bloomberg's Patricia Garip, Eric Martin, Esteban Duarte, and Jennifer A Dlouhy report. The new license could be issued by the Treasury Department as soon as this week and follows a separate general license allowing companies to buy and sell Venezuelan oil. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Shell (SHEL) and TotalEnergies (TTE).
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Analyst Views on BP
Wall Street analysts forecast BP stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BP is 84.26 USD with a low forecast of 6.38 USD and a high forecast of 503.69 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
5 Buy
5 Hold
1 Sell
Moderate Buy
Current: 38.170
Low
6.38
Averages
84.26
High
503.69
Current: 38.170
Low
6.38
Averages
84.26
High
503.69
About BP
BP p.l.c. is a United Kingdom-based integrated energy company. The Company's segments include Gas & low carbon energy, Oil production & operations, Customers & products, and Other businesses & corporate. Its gas business includes regions with upstream activities that produce natural gas, integrated gas and power, and gas trading. Its low carbon business includes solar, offshore and onshore wind, hydrogen and carbon capture and storage and power trading. Oil production & operations segment comprises regions with upstream activities that predominantly produce crude oil, including bpx energy. Customers & products segment comprises its customer-focused businesses, which include convenience and retail fuels, electric vehicle charging, as well as Castrol, aviation and business to business and midstream. It also includes its products businesses, refining and oil trading, as well as its bioenergy businesses. Other businesses & corporate segment comprises technology and bp ventures.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Negotiation Breakdown: Negotiations that began on January 5 failed to reach a new agreement by the January 31 deadline, as BP rejected nearly all proposals, leaving workers anxious about job security and future terms.
- Union Leadership Statement: USW 7-1 President Eric Schultz stated that while workers are ready to strike, the union will continue to bargain in good faith, emphasizing the importance of unity in demanding a fair contract for all members.
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- Middle East Strategy: The Middle East is one of BP's top-producing regions; in addition to Kirkuk, BP operates Iraq's largest oil field, Rumaila, in the south, further solidifying BP's market position in the region.
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- Rising Debt Levels: As of the end of last year, Shell's net debt stood at $45.7 billion with a gearing ratio of 20.7%, an increase from $41.2 billion and 18.8% in Q3, indicating financial pressure amidst declining earnings.
See More
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- Cost Control Targets: Shell raised its cost reduction target from $2-3 billion to $5-7 billion by 2028 and lowered its capital expenditure target from $22-25 billion to $20-22 billion, indicating a strong focus on maintaining financial health in a volatile market.
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See More
