BP and Shell two of Europe’s biggest oil-and-gas companies, have a valuation problem that they haven’t been able to solve for decades. Exxon trades at 12 times forward earnings, as does Chevron Shell, by contrast, is at eight times, while BP is at seven. This is a conundrum that Shell CEO Wael Sawan and BP CEO Murray Auchincloss would like to crack.
The U.S. Securities and Exchange Commission said on Thursday it has charged the husband of a BP Plc manager with insider trading over the energy company's $1.3 billion deal to buy TravelCenters of America Inc. The SEC alleges that Tyler Loudon, the husband of an M&A manager at BP, overheard several of his wife's work-related conversations about the TravelCenters deal and purchased shares of TravelCenters stock before the merger was announced on Feb. 16, 2023. "We allege that Mr. Loudon took advantage of his remote working conditions and his wife’s trust to profit from information he knew was confidential," SEC official Eric Werner said in a statement.
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