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The company said it plans to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code. A stalking horse bidder will be sought.

The national average diesel price crept up 1.2 cents to $3.677 a gallon, according to U.S. Energy Information Administration data Feb. 18.

A sale of the business is one of the many options BP is considering to win back investor confidence after years of underperformance, sources said.

Fuel card skimming has become an increasing threat to the financial security of truck fleets, but industry leaders have been making progress addressing the issue over the past year.

Brazil’s government on Feb. 18 approved joining OPEC+, signaling the country’s evolution into a major oil state just nine months ahead of hosting the United Nations’ annual climate summit.

“[The port] was held up for five years, and it was stonewalled. Bureaucrats got in the way, and now we are moving forward with that," DOT Secretary Sean Duffy told reporters Feb. 14.

“We have more energy than any other country and now we are unleashing it,” President Donald Trump said as he signed executive orders in the Oval Office on Feb. 14.

Steel giant ArcelorMittal is investing $1.2 billion to build an Alabama mill slated to produce advanced steel by 2027 for hybrid and electric vehicle motors to feed into the U.S. supply chain.

Chevron Corp. plans to cut its global workforce by 15% to 20% by next year, as part of efforts to reduce costs at the U.S. oil major.

Canada has granted C$25 million to the Halifax Port Authority for sustainable environmental infrastructure and establish a hydrogen production facility.