BP – Page 4 – Oil & Gas 360

Exclusive: BP short-lists three internal candidates for CEO

December 19, 2023

Nasdaq LONDON – BP’s BP.L board has short-listed interim CEO Murray Auchincloss and two senior female executives as internal candidates to replace Bernard Looney as chief executive, three company and industry sources told Reuters. BP was thrown into turmoil after Looney resigned on Sept. 12 for failing to disclose relationships with employees and leaving no clear succession plan in place. The company’s

BP’s former CEO forfeits £32 million pay on misleading board

December 13, 2023

Yahoo Finance (Bloomberg) — BP Plc’s former Chief Executive Officer Bernard Looney will forfeit as much as £32.4 million ($40.6 million) in pay after resigning in September because he lied about his personal relationships with other employees. “Mr Looney knowingly misled the board,” the company said in a statement on Wednesday. “The board has determined that this amounts to serious

BP’s search for new CEO to extend into next year as Looney probe drags on

November 30, 2023

Nasdaq LONDON – BP’s search for a new chief executive is set to extend into the first quarter of 2024, three sources told Reuters, while the board’s probe into whether previous CEO Bernard Looney breached the code of conduct in his undisclosed personal relationships with staff drags on. The oil company has been in turmoil since Looney’s resignation in September, company sources

bp’s quarterly results bring “quiet” Canadian interim CEO into spotlight after Looney’s suprise resignation

October 30, 2023

World Oil (Bloomberg) – Less than two months since Bernard Looney’s shock resignation, BP Plc is going into its first set of quarterly results without a permanent chief executive officer. In his place will stand Murray Auchincloss, the 53-year old Canadian interim CEO who was parachuted into the top job from the position of chief financial officer after Looney admitted he had

Analysis: Mega transatlantic oil mergers less likely after Exxon, Chevron deals

October 23, 2023

Yahoo Finance LONDON – The prospect of Exxon Mobil or Chevron buying European majors has receded after the two leading U.S. oil companies announced major acquisitions focused on the Americas this month, investors said. Speculation that Chevron and Exxon might try to buy rivals BP and Shell intensified over the last two years as the European majors underperformed their U.S.

BP considers selling $1 billion stake in its Gulf Of Mexico pipeline network

October 4, 2023

Oil Price BP is considering selling 49% of its oil and gas pipeline network on the U.S. Gulf Coast, eyeing proceeds of $1 billion, Reuters has reported, citing unnamed sources. The supermajor has already organized its pipeline stakes into a separate company, in which it plans to keep 51% and sell the rest to fund future dividend payouts and pay down debt,

Global fossil fuel subsidies skyrocket to $7 trillion

August 29, 2023

Oil Price This weekend, the chief executive of BP, Bernard Looney, said that the world needs to invest in more oil and gas production. Just two years ago, such a statement from Looney would have caused a shock. The then-new CEO of the supermajor had wholeheartedly embraced the energy transition and had big plans for BP’s expansion into virtually every facet

BP raises dividend despite 70% earnings plunge

August 1, 2023

Oil Price BP (NYSE: BP) raised its dividend even as it missed earnings estimates after reporting on Tuesday a 70% annual decline in second-quarter profit, due to lower oil and gas prices and weaker refining margins and trading business. Underlying replacement cost profit, the most closely watched metric, slumped to $2.6 billion for the second quarter, down from $5.0 billion for the

BP makes record profit in 2022, slows shift from oil

February 7, 2023

Yahoo Finance LONDON – BP reported on Tuesday a record profit of $28 billion for 2022 and hiked its dividend, but infuriated climate activists by rowing back on plans to slash oil and gas output and reduce carbon emissions by 2030. The blockbuster profit follows similar reports from rivals Shell, Exxon Mobil and Chevron last week after energy prices surged

Disappointing returns may force BP to rein in its renewable energy push

February 1, 2023

Oil Price Bernard Looney, the chief executive of BP, has recently discussed plans with people close to the supermajor to potentially scale back the company’s push into greener operations with less emphasis on ESG targets, The Wall Street Journal reported on Wednesday, quoting sources with knowledge of the discussions. Looney took over as chief executive at BP in early 2020. Just days

BP believes oil demand will peak near 2030 as shift to renewables accelerates

January 30, 2023

Oil Price Global oil demand is expected to peak between the late 2020s and early 2030s as the Russian invasion of Ukraine is accelerating investment in clean energy and governments are looking to bolster energy security with higher shares of renewables in the energy mix, BP said on Monday. In one of the most closely-watched industry reports, the BP Energy Outlook 2023 with

BP boosts buybacks as Q3 profit doubles to $8.2 billion

November 1, 2022

Oil Price BP (NYSE: BP) announced a further $2.5 billion share buyback after more than doubling its Q3 profit from a year earlier, thanks to what it described as an “exceptional” gas marketing and trading result and higher gas realizations. BP joined other international oil and gas majors in reporting very strong earnings after it reported on Tuesday an underlying replacement cost

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