Aggregator
The former Jets QB connection that is helping Geno Smith get ready for his return
NASA chief Jared Isaacman: The race to Mars, extraterrestrial life & Elon Musk
BP Retreats Further From Green Energy With Archaea Sale
-
BP plans to sell Archaea Energy after the US biogas operation delivered weaker-than-expected returns.
-
Second-quarter adjusted profit climbed to $5.7 billion as Middle East disruption lifted oil and gas prices.
-
Meg O’Neill is simplifying BP’s portfolio, reducing debt and concentrating investment on its most profitable assets.
BP has announced that it will offload its US biogas business just days after confirming its exit from the North Sea, as the firm looks to shift its focus back to core oil and gas products.
The London-listed oil giant has previously told investors it planned to market assets across its operating regions as part of a restructuring overseen by new boss Meg O’Neill.
BP acquired Archaea for $4.1bn in 2022, but the business has since faced financial underperformance and slower-than-expected growth, forcing the FTSE 100 giant to reassess the asset’s worth.
O’Neill said the firm must simplify its portfolio “based on value, not sentiment, nor history” and instead focus on assets which “deliver competitive returns and long-term value”.
She has previously announced plans for a major overhaul of the group’s energy channels, splitting it into two divisions, dubbed upstream and downstream, and focusing solely on profitable assets.
The push has also seen the group confirm its exit from the North Sea, leaving the British energy giant without any petrochemical production in its home market for the first time in decades. It also sold its Gelsenkirchen refinery and retail business in Austria.
O’Neill said:
“We are not making the most of our potential. Our performance over the past few years has not met our own expectations, let alone those of our shareholders.
“We have not delivered consistently; we have written off too much value; and our costs and liabilities are not resilient enough in a low price environment.”
The stock is up over 20% since the start of the year.
Middle East conflict spikes profitsProfits spiked in the second quarter as the group continued to capitalise on volatile oil prices caused by the conflict in the Middle East.
BP reported a surge in profits to $5.7bn (£4.2bn), a $2.5bn increase from the prior period.
This surpassed analyst expectations of $5.1bn.
The firm’s gas and low carbon energy arm reported profits of $1.6bn, up from $1.1bn the prior quarter.
Oil production and operations saw profit climb to $3.4bn from $1.7bn.
Mark Crouch, market analyst at eToro, said:
“Having retreated from its previous push into renewables, BP is accelerating asset sales, simplifying the business and directing more capital towards higher-return oil and gas operations.
If tensions across the Middle East persist or escalate further, energy prices could remain elevated, providing an additional tailwind for the sector. The key question for investors is whether BP can use this favourable backdrop to create lasting shareholder value long after today’s geopolitical uncertainty eventually fades.”
Disruption aheadThe firm anticipates production in the third quarter to range from 2,100 to 2,250 thousand barrels of oil equivalent per day (mboe/d), compared with the second quarter 2,201 mboe/d.
This has caused the group to drop its upstream production expectations for the year to 2,180 to 2,270 mboe/d, compared to last year’s 2,312 mboe/d.
BP pinned its outlook on the “continued disruption in the Middle East” and the likelihood of potential “weather events in the Gulf of America”.
The group expects income taxes paid in the quarter to be roughly $1bn higher, “mainly due to timing effects”.
O’Neill said: “We need to take a clear look at ourselves: assessing what needs to change, stopping what holds us back and building strength where it matters. We have to get fit to grow.”
Tyler Durden Wed, 08/05/2026 - 06:30Why Mamdani’s team botched the deadly Legionnaires’ outbreak
The 3 most important things to do if you’re going to the gym for the first time — or the first time in ages
The Sims and EA FC maker Electronic Arts sells for $55bn to Saudi-led group
Afghan migrant suspected in killing Scottish aid worker, stuffing body in suitcase appears in court
GOP Rep. Chuck Edwards drops re-election bid after scathing House ethics report finds ‘inappropriate conduct’
Ghoul dressed as ‘Grim Reaper’ busted for staring at patients, doctors from hospital roof
A trio of Giants youngsters are lighting up training camp — the hard part is what’s next
Look at the data, doom-and-gloomers — food costs aren’t what you think
NASA’s moon base will be a reality and Americans will live there within 20 years, agency’s chief says
NASA chief Jared Isaacman tells ‘Pod Force One’ about his NIMBY solution to data center backlash
You'll Never Guess Which Nation Drinks The Most Tea Or Coffee
With a global market valued at more than $300 billion in 2026, tea is said to be the second most consumed hot beverage in the world.
As the United Nations notes, the tea industry provides "a major source of income and export earnings for some of the poorest countries and, thanks to its high labor requirements, generates numerous jobs, particularly in remote and economically disadvantaged areas."
Statista Consumer Insights surveyed 32 countries around the world to find out more about global tea drinking habits.
You will find more infographics at Statista
As Statista's Katharina Buchholz details below, the survey found that while tea was a popular choice for many adults, coffee is consumed by a higher share of people in almost every country included in the survey, except for Asian tea strongholds China, India and Japan.
However, the difference to the share of respondents consuming coffee was just 2-4 percent for China and Japan and 9 percent for India.
Coffee-loving nations, on the other hand, shun tea to a higher degree. This applies to Finland, famously a nation of coffee drinkers, where 74 percent said they drank coffee regularly and just 36 percent said the same about tea. But countries like this also exist in Asia, the continent most associated with tea. In the Philippines, 70 percent said they drank coffee and 31 percent said they drank tea on a regular basis. These numbers stood at 59 percent and 25 percent in South Korea.
In Western Europe and North America, nations typically see around 60 percent of regular coffee drinkers and around 40 percent of regular tea drinkers. In Latin American countries, this was closer to 70 percent and 50 percent, respectively. The share of tea drinkers is elevated in the United Kingdom at 56 percent, the Netherlands at 55 percent and Germany at 47 percent. In the United States, a comparatively low share of people said they drank coffee regularly (51 percent), which was surpassed by soft drinks (54 percent).
And so, to answer the headline question, the highest consumption of both tea and coffee was recorded in Gulf countries Saudi Arabia and the United Arab Emirates at around 70 percent for each beverage.
Tyler Durden Wed, 08/05/2026 - 05:45New Signals Point To Another Possible Migrant Invasion Against Ceuta
The scenes from the Ceuta invasion were deeply alarming, as 60,000 predominantly military-aged men, many carrying no supplies, crossed from Morocco into the Spanish enclave. The invasion set off alarm bells across the West, reinforcing concerns that uncontrolled mass migration poses a major national security risk.
According to The Sun, there are new concerns that a second invasion of Ceuta could be "just days" away, as the outlet cites online posts warning it may be their [migrants] "last chance" to enter Europe.
Just kidding, this is the actual footage … pic.twitter.com/jYRpSWM24e
— Elon Musk (@elonmusk) July 31, 2026The outlet continued:
Fears are also mounting convicted terrorists were among the tens of thousands of people who stormed the Spanish enclave last week, reports say.
. . .
But reports say the peninsula could see scenes of mayhem play out on the streets yet again, as plans are being made for another mass border crossing on August 15.
On social media, posts appear to be plotting another storming of the shores of Ceuta, with one message reading: "Everything will be seen that day."
Another appears to call for the creation of a WhatsApp group, saying: "Our appointment is on 15/08/2026."
The invasion prompted Italy to suspend Schengen arrangements with Spain and to secure its borders, while 22 EU leaders demanded "immediate action" to address the national security threat. Denmark's Mette Frederiksen, Italy's Giorgia Meloni, Germany's Friedrich Merz, and other European leaders warned:
"We cannot allow uncontrolled mass crossings, the instrumentalization of migration or other hybrid threats to create the perception that illegal entry into the European Union is possible."
Reports that emerged in recent days show that Spanish Prime Minister Pedro Sánchez's (unhinged socialist) claim that the migrants had been expelled from Ceuta may not have reflected the situation on the ground. Read the full report.
Years of open-border policies under Spain's socialist government may now be approaching a political breaking point. The invasion of military-aged men was so visible to the world in real time on X, making it increasingly difficult for lefty corporate media to reconstruct the narrative and gaslight the public into believing this was merely a humanitarian migration event. The images instead reinforced views of a coordinated border invasion and undercut the left-wing narrative framing such arrivals solely as poor migrants searching for milk and bread.
Related:
We noted last week:
Hopefully, common sense can return to the West: secure borders. And, really, hold those accountable for nation-killing open border policies.
Tyler Durden Wed, 08/05/2026 - 05:45