Shares in British Petroleum, BP, were down on the FTSE 100 this morning, a day after it bought £4.65bn worth of assets from Devon Energy's Brazilian portfolio.

es in British Petroleum, BP, were up on the FTSE 100 after it confirmed acquisition of Devon Energy's deepwater assets.

BP <BP.L> will pay $7 billion (4.7 billion pounds) to Devon Energy <DVN.N> for assets that will extend its reach into Brazil and bulk up its position in the Gulf of Mexico, as the world's top oil companies look to acquisitions to refill depleting reserves.

London-based oil major BP has agreed to buy Brazilian, Azeri and Gulf of Mexico assets from Devon Energy for $7 billion (4.7 billion pounds), as the U.S. producer refocuses on onshore U.S. fields.

Petrofac, an oilfield services company, delivered solid second half figures yesterday, resulting in its share price soaring on the FTSE 100.

London-based explorer Tullow Oil <TLW.L> said its net profit fell a less-than-expected 92 percent to 19 million pounds in 2009 due to lower oil and gas prices and output.

Npower has said it will be cutting gas prices by as much as seven per cent on standard bills, following similar decisions by a number of its competitors.

Chevron Corp <CVX.N>, the second-largest U.S. oil company, said it planned to put several downstream operations up for sale, including its Pembroke refinery in the UK, and eliminate 2,000 jobs this year.

Chilean Copper miner, Antofagasta, has reported full year operations on course, with production facilities set to increase dramatically and current production 'ahead of schedule'.

The chief executive of Europe's largest oil company by production, BP Plc <BP.L>, enjoyed a 41 percent rise in total pay in 2009, even though profits dropped 45 percent.

Shares in BP were up over one per cent on the FTSE 100 ahead of a strategy presentation and following the appointment of Ian Davis as a new non-executive director.

Utility Centrica <CNA.L> posted a 7 percent drop in profit for 2009, reflecting lower wholesale gas and power prices, but said its British Gas unit was performing strongly and it was confident about 2010.

The incoming chairman of BHP Billiton <BLT.L> <BHP.AX>, Jac Nasser, will take up his post on March 30, the world's biggest mining group said on Wednesday.

Total has promised not to close or sell any French refineries for five years, a union official said on Tuesday, as Europe's biggest refiner came under pressure to keep jobs here ahead of regional elections in March.

Total plans to sell its UK refinery, industry sources said, as it faces rising pressure from French unions and government to avoid plant closures and job losses here ahead of regional elections in March.

Shares in Drax fell sharply in morning trading on the FTSE 100 after the power station owner said that its pre-tax profit fell by nearly two thirds and added that it would be slashing dividend payments.

Miner Anglo American <AAL.L> declined to reinstate a dividend, unlike some rivals, promising instead to resume payouts later this year after annual profit fell less than expected and cost savings were ahead of target.

Royal Dutch Shell Plc <RDSa.L> said it was overhauling its pay practices for top management, including a pay freeze for Chief Executive Peter Voser and a limit on bonuses, after a shareholder revolt last year. Shareholders welcomed the move but said they wanted tougher targets and for the Angl...

Global miner Rio Tinto <RIO.L> is slightly more upbeat than rival BHP Billiton <BLT.L> on the outlook for commodity markets, and paid its first dividend in a year as it posted a bigger-than-expected half-year profit.