The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1020 ET - BP's board needs to give a full account of exactly why Chairman Albert Manifold was dismissed, ACCR's oil and gas strategy lead, Nick Mazan, writes. ACCR is an activist investor that tabled a resolution at BP's AGM that called on management to explain how its strategy of spending big on oil-and-gas production would deliver value for shareholders. Just over a quarter of investors supported it. Manifold was not a popular chair given that 18% of shareholders voted against his election, Mazan says. BP needs to reflect on how it conducts its searches for new chairs, he says. Shares fall 4% to 529.20 pence. (adam.whittaker@wsj.com)

1011 ET - The removal of BP Chair Albert Manifold is unlikely to have any major impact on the business given his short tenure on the board, Quilter Cheviot analyst Maurizio Carulli writes. He says the board will need to focus on professional skills and personal characteristics in the search for a new chair. Manifold was removed from the board over serious concerns about governance and conduct, BP said. Shares are down 4.4% at 527 pence. (ian.walker@wsj.com)

0958 ET - The removal of BP Chair Albert Manifold raises concerns over the company's HR policies and corporate culture, XTB research director Kathleen Brooks writes. Manifold was removed by the board over serious concerns about governance and conduct, BP said. "There was no detail as to what these breaches were, or when they occurred, and it leaves investors wondering how they weren't unearthed during the hiring process," Brooks says. She notes that Manifold is the second major executive to be replaced for conduct reasons in three years. Brooks adds that Manifold's removal could threaten or delay the company's transition. Shares are down 4.6% at 526 pence. (ian.walker@wsj.com)

0953 ET - Serious questions need to be asked about the BP board's decision-making process after Chairman Albert Manifold stepped down due to serious corporate governance issues, Barclays analyst Lydia Rainforth writes. While the reasons for his dismissal aren't clear, his appointment appears to be another mis​​step by the board, she says. The sheer number of personnel changes at the energy company should raise questions, she says. Shares trade down 4.4% at 5.27 pounds, having fallen more than 9% earlier. (adam.whittaker@wsj.com)

0943 ET - While reasons for BP Chairman Albert Manifold's removal are unclear right now, anything related to finances would likely have been noted in the release, RBC Capital Markets analyst Biraj Borkhataria writes. Manifold was seen as an "agent of change" and it is reasonable the oil major's shares have dropped on his removal, Borkhataria adds. If share underperformance continues, and assuming there are no financial impacts related to his removal, BP shares would likely become more attractive to potential buyers, he adds. Shares trade down 4.8% at 524.3 pence having fallen more than 9% earlier. (adam.whittaker@wsj.com)

0854 ET - Oil futures are recovering some of yesterday's steep losses after U.S. strikes against Iranian boats and missile launchers. Iran threatens retaliation, although talks continue. "We see oil prices regaining upward momentum despite some traffic continuing through the Strait of Hormuz, carrying millions of barrels of oil to their destinations, as the battle of words surrounding a potential peace deal continues to push back prospects for an imminent resolution to the war," Peter Cardillo of Spartan Capital says in a note. Brent is up 3.1% at $99.07 a barrel and WTI trades at $92.89, down 3.9% from Friday's close but above yesterday's levels. (anthony.harrup@wsj.com)

0824 ET - BCE's should easily be able to contract its remaining 427 megawatts of available power earmarked for AI, says Desjardins analyst Jerome Dubreuil. He notes that management told investors the current customer pipeline "significantly exceeds 800 MW" including multiple opportunities above 100 MW, which gives the firm strong visibility on demand. The analyst says that BCE views the remaining capacity as effectively "put in the bank," reflecting its own confidence in securing long-term agreements. Fully contracting the remaining 427 MW of power could generate more than C$500 million in additional annual adjusted Ebitda, Dubreuil adds, noting that the data center opportunities should increasingly be reflected in BCE's share price in the coming quarters. (adriano.marchese@wsj.com)

0508 ET - Iberdrola has a once-in-a-generation growth opportunity, Barclays analysts write, as they upgrade the stock to overweight and raise their target price by 34% to 22.60 euros. The Spanish utility has sector-leading earnings per share growth potential of close to 11% over 2026 to 2030, as well as higher than average total shareholder returns, the analysts forecast. Artificial intelligence-fueled electricity demand growth and Iberdrola's pivot to regulated networks in the U.K. and U.S. provides an earnings tailwind, they add. Its strong balance sheet can finance these growth opportunities, they add. Shares rise 1.7% to 20.08 euros. (adam.whittaker@wsj.com)

0330 ET - London's oil and gas stocks fall in their first trading day since the U.S. and Iran signaled progress over the weekend on a deal that could open the Strait of Hormuz. Oil prices fell Monday on optimism an agreement could be reached and pulled European oil stocks lower. U.K. listed shares weren't traded as the market was closed for a public holiday. Oil prices gain around 3% Tuesday after the U.S. attacked targets in southern Iran. BP shares fall 1.4% while Shell slips 0.6%. Harbour Energy is down 3.5% and Ithaca falls 2.4%. Brent crude is up 3% to $96.16 a barrel, while WTI futures rise 2.9% to $92.53 a barrel. (adam.whittaker@wsj.com)

2208 ET - Tenaga Nasional could be largely insulated from higher fuel costs arising from the Iran war, TA Securities analyst Hafriz Hezry says in a note. This is supported by the monthly tariff automatic fuel adjustment mechanism and fuel cost pass-through arrangements for its generation business, he says. The utility giant's outlook could remain supported by grid upgrade needs under Malaysia's energy transition blueprint, he reckons. He also expects further earnings contribution from a newly awarded 1.4GW gas plant in Terengganu and continued income from the extended Kenyir hydro power purchase agreement. TA Securities maintains a buy rating on Tenaga and keeps target price at 18.00 ringgit. Shares are 1.5% lower at 14.24 ringgit. (yingxian.wong@wsj.com)

2014 ET - Oil futures are mixed early Tuesday in Asia as traders assess Middle East developments. On the one hand, progress toward a U.S.-Iran deal to end the conflict between the two countries slowed Monday and a media report cited U.S. Central Command as saying that American forces conducted self-defense military strikes in southern Iran to protect troops. On the other hand, the U.S. and Iran still appear to be working toward a memorandum of understanding to end the fighting. Front-month WTI crude oil futures are down 5.3% at $91.50 per barrel, while front-month Brent crude oil futures are up 1.8% at $97.90 a barrel. (ronnie.harui@wsj.com)

1945 ET - Infratil's share price falls 3.9% to 15.35 New Zealand dollars following its annual result, cooling a rally that had seen the stock rise more than 40% since the start of last month. Citi had anticipated the shares would be weaker Tuesday as Infratil's FY27 earnings guidance missed consensus hopes by some 13%. Citi estimates Infratil's guidance is equivalent to NZ$1.055 billion-NZ$1.120 billion of Ebitda. Analyst Suraj Nebhani says lower forecast earnings in telecom business OneNZ and Infratil's radiology businesses help to explain the guidance miss. Infratil also signaled higher corporate costs and development spending. Citi had a buy call and NZ$15.70/share price target on Infratil ahead of the FY26 result. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

May 26, 2026 12:20 ET (16:20 GMT)

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