BP, Worley Form Alliance to Drive Efficiency and Cost Savings

12.06.24 15:34 Uhr

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BP plc (BP) has announced a new strategic alliance with engineering company Worley, in a move to bolster efficiency and value creation across its global Site Projects organization. This alliance, formalized at a signing ceremony attended by representatives from both companies, builds on over a decade of successful collaboration between the two companies. It is the first time that BP has formed such an alliance with its operations business.A Strategic Move for Operational ExcellenceThe alliance is aimed at improving capital efficiency across various BP locations where Worley holds service contracts. These include oil and gas-producing regions in the Gulf of Mexico, Oman, Mauritania, and Senegal, as well as refineries in Cherry Point, Whiting, Rotterdam, Gelsenkirchen and Lingen. An initial estimated saving of $40 million over two years is anticipated from this initiative.Niall Maguire, VP of Site Projects at BP, highlighted the alliance's goal of improving safety, reducing emissions and cutting costs. He noted that the alliance is focused on enhancing operational effectiveness through centralization, standardization and simplification, thereby contributing to BP's value growth.Leveraging Digital Capabilities GloballyThe collaboration is expected to be strengthened through the enhanced use of digital capabilities on a global scale. This should drive efficiency across engineering, procurement, construction development and management processes. The goal is to centralize, standardize and simplify operations, thereby increasing BP’s operational effectiveness and fostering continuous improvement.Mark Brantley, group president EMEA and APAC at Worley, emphasized that the alliance builds on the successful Site Projects Efficiency Plan. He mentioned that the companies’ shared history and values equip them to identify and implement solutions, continuing to create value and deliver sustainable change across BP’s project portfolio.Expanding a Proven PartnershipEarlier this year, Worley secured a five-year global framework agreement with BP to provide engineering, procurement and construction management services. This agreement covers BP’s global refinery assets and ventures into new energy initiatives, further strengthening the collaboration between the two companies.The strategic alliance formalizes a relationship characterized by shared objectives, trust and a commitment to excellence. It brings together world-class technical expertise in a tight resource market, ringfencing resources to optimize efficiency and project execution.As BP and Worley embark on this new phase of their partnership, the focus will remain on driving efficiency, enhancing safety, reducing emissions and creating value through innovative solutions. This strategic alliance is set to play a crucial role in BP's efforts to streamline its operations and achieve sustainable growth in the evolving energy landscape.Zacks Rank & Key PicksBP currently carries a Zack Rank #3 (Hold).Investors interested in the energy sector may look at some better-ranked stocks like Archrock Inc. AROC, Sunoco LP SUN and SM Energy Company SM. While Archrock and Sunoco sport a Zacks Rank #1 (Strong Buy) each, SM Energy carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.The Zacks Consensus Estimate for AROC’s 2024 EPS is pegged at $1.07. The company has a Zacks Style Score of A for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.The Zacks Consensus Estimate for SM’s 2024 EPS is pegged at $6.63. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.Top 5 Dividend Stocks for Your RetirementZacks targets 5 well-established companies with solid fundamentals and a history of raising dividends. More importantly, they have the resources and will to likely pay them in the future.Click now for a Special Report packed with unconventional wisdom and insights you simply won’t get from your neighborhood financial planner.See our Top 5 now – the report is FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BP p.l.c. (BP): Free Stock Analysis Report Sunoco LP (SUN): Free Stock Analysis Report SM Energy Company (SM): Free Stock Analysis Report Archrock, Inc. (AROC): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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DatumRatingAnalyst
10.07.2024BP BuyGoldman Sachs Group Inc.
10.07.2024BP UnderweightJP Morgan Chase & Co.
09.07.2024BP BuyJefferies & Company Inc.
09.07.2024BP OutperformRBC Capital Markets
09.07.2024BP BuyUBS AG
DatumRatingAnalyst
10.07.2024BP BuyGoldman Sachs Group Inc.
09.07.2024BP BuyJefferies & Company Inc.
09.07.2024BP OutperformRBC Capital Markets
09.07.2024BP BuyUBS AG
03.07.2024BP OutperformRBC Capital Markets
DatumRatingAnalyst
13.05.2024BP HoldJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
22.02.2024BP HoldJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
06.02.2024BP HoldJefferies & Company Inc.
17.01.2024BP HoldJefferies & Company Inc.
29.11.2023BP HoldJefferies & Company Inc.
DatumRatingAnalyst
10.07.2024BP UnderweightJP Morgan Chase & Co.
09.07.2024BP UnderweightJP Morgan Chase & Co.
16.05.2024BP UnderweightJP Morgan Chase & Co.
24.04.2024BP UnderweightJP Morgan Chase & Co.
09.04.2024BP UnderweightJP Morgan Chase & Co.

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