BP unexpectedly wins arbitration, adding positive factors to the company's recovery efforts.

Jin10 data reported on October 10th that Citigroup analysts wrote in a report that BP unexpectedly won in the arbitration proceedings against the U.S. liquefied natural gas supplier Venture Global, adding another positive factor to the company's efforts to turn the situation around. BP and other companies had accused Venture Global of refusing to deliver liquefied natural gas shipments as stipulated in contracts after the outbreak of the Russia-Ukraine conflict, instead selling them on the Spot market for profit. Analysts noted that the disclosed information suggests that BP will seek more than $1 billion in damages. They added that, given Venture Global's recent victory in a similar case against Shell, BP's apparent win was unexpected. Analysts believe that while $1 billion is not a game-changing amount for BP, it aligns very well with the ongoing restructuring narrative, deleveraging, and positive momentum in exploration success.