Oil giant BP plc (BP) announced a definitive, multi-year agreement with Synchrony Financial (SYF), a premier consumer financial services company for the launch of a private label credit card and co-branded credit programs for consumers.
The new BP credit card programs will be launched in the second quarter of 2015 and will include the BP private-label credit card and co-branded options for qualifying customers. The card can be used for purchases at over 7,000 BP locations as well as other retail locations.
London-based BP plc is one of the world's largest energy companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemical products. It operates in three segments: Exploration and Production, Refining and Marketing, and Other Businesses and Corporate.
In the last reported third quarter, total production of 2.147 million barrels of oil equivalent per day (MMBoe/d) was down 2.7% year over year. The company sold liquids for $91.42 per barrel in the third quarter (versus $100.66 in the year-earlier quarter) and natural gas for $5.40 per thousand cubic feet (versus $5.01). Overall price realization fell to $61.61 per Boe from the year-ago level of $62.80 per Boe.
BP expects fourth-quarter production to be lower than the third quarter primarily due to weather disruptions and the closing of the Alaska assets sale. Similarly, its fuels business would be affected by a lower level of turnarounds and seasonal demand. Margins are expected to drop for both fuels and petrochemicals businesses in the ongoing quarter.
BP currently carries a Zacks Rank #5 (Strong Sell). Investors interested in the oil and gas sector could consider better-ranked stocks like Spectra Energy Partners LP (SEP) and Golar LNG Partners LP (GMLP). Both these stocks carry a Zacks Rank #1 (Strong Buy).
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