Oil & Gas Stock Roundup: BP, Baker Hughes, EQT & More

It was a week where oil prices finished at their highest since November 2014. Meanwhile natural gas futures fell slightly.

On the news front, BP plc (BP - Free Report) announced the expansion of its electric vehicle charging business, while Baker Hughes, a GE company (BHGE - Free Report) is on the verge of ending its disastrous relationship with parent General Electric Company (GE - Free Report). Meanwhile, EQT Corporation (EQT - Free Report) will sell around 2.5 million non-core acres for $575 million.

Overall, it was another mixed week for the sector. While West Texas Intermediate (WTI) crude futures gained more than 8% to close at $74.15 per barrel, natural gas prices edged down some 0.7% to $2.924 per million Btu (MMBtu). 

The U.S. oil benchmark hit a new three-and-a-half-year high last week on significantly higher-than-expected decline in domestic stockpiles, worries about tightening global supplies and doubts over OPEC’s ability to boost production.

On the other hand, natural gas prices moved southward last week following an upward revision to EIA’s previously reported figures and forecasts for cooler temperatures that might lead to the fuel’s tepid use for air-conditioning.

Recap of the Week’s Most Important Stories

1.    BP announced that it has agreed to acquire Chargemaster, touted to have the largest network of charging points for electric cars in the UK.

After the conclusion of the accord, BP will have the opportunity to set up ultra-fast chargers in all of its U.K.-based filling points. The united entity, BP Chargemaster, will likely own and operate roughly 1,200 forecourts of BP along with 6,500 charging units of Chargemaster. As per media reports, the transaction will be valued at $170 million.

It is to be noted that BP Chargemaster will operate as a wholly owned affiliate of BP and all the current Chargemaster employees will be serving the newly-formed company. The British energy giant foresees mounting demand for electric vehicles (EV) in the coming years. From 1 million electric cars in 2016, the world will see roughly 300 million EVs by 2040, per BP. 

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