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The Latest Breaking News from Bernard Looney

BP green energy chief to exit as it retreats from low-carbon investments

Oil company says Giulia Chierchia will not be replaced after pressure from investors including Elliott

The Guardian - UK

BP dropped its green pledges and turned back to oil. Now the price of crude has collapsed

At its AGM this week, the company will face not only the activist investor at its heels, but a global economy being changed from the White House

The Guardian - UK

BP chief takes more than £2.3m pay cut after slump in profit

Murray Auchincloss’s pay fell by one-third last year, ahead of BP making a drastic pullback from its green energy targets.

Evening Standard

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Some British firms ‘stuck in neutral’ over AI, says Microsoft UK boss

Survey of bosses and staff finds that more than half of executives feel their organisation has no official AI plan

The Guardian - UK

Ex-BP boss Bernard Looney takes chairman job at climate AI firm

His appointment comes after BP drastically reduced its spending on renewables last week, rolling back plans made during Mr Looney’s tenure.

Evening Standard

Why has BP pulled the plug on its green ambitions?

Oil firm abandons plan to become net zero energy company as its CEO claims strategy went ‘too far, too fast’

The Guardian - UK

How BP went from eco poster child to possible takeover target

“In an industry where timing is everything, BP made the right bet at the wrong time,” says one professor who has studied its strategy.

Fortune

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BP expected to roll back green energy pledges to boost profit

The oil giant was criticised by environmental groups amid forecasts that it will roll back pledges made five years ago in a bid to boost profit.

Evening Standard

Hedge fund’s BP stake worth £3.8bn as firm expected to ditch green promises

Activist investor Elliott Management is expected to push for BP to pivot back towards traditional oil and gas.

Evening Standard

BP shares jump after feared US hedge fund Elliott takes stake

Activist fund predicted to push for overhaul of oil company’s strategy and shake-up of board

The Guardian - UK

BP to cut 4,700 jobs and 3,000 contractor roles to help save £1.6bn

Oil company to lose 5% of its staff in effort to cut costs amid shareholder worries over green energy strategy

The Guardian - UK

Former BP Oil CEO Joins AI Data Center Startup Prometheus Hyperscale

Bernard Looney, former CEO of oil and gas giant BP said on Sunday that he will join AI data center start-up, Prometheus Hyperscale, as the chairman of the board of directors.

Benzinga

Investors need clarity on BP policy not boss’s weak promises

Shareholders still do not know if giant will jettison goal to cut oil and gas production by 25% by 2030

The Guardian - UK

BP ‘abandoning plan to cut oil output’ angers green groups

Reports of strategy reset leave campaigners saying company is prioritising profits over planet

The Guardian - UK

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International Business Times

Oil Giant BP Reports Tumbling Profits In First Half

BP on Tuesday announced tumbling profits for the first half, with the British oil and gas giant hit by depreciation of assets and falling revenue.

The Guardian - UK

BP to take hit of nearly $3bn amid oil refining woes

Shares fall as energy company expects huge writedown on German plant

The Guardian - UK

BP has scaled back its green energy plans – don’t be surprised if it happens again

The oil major’s net zero plans have made it a sector leader but have yet to win over investors while fossil fuels are booming

The Guardian - UK

BP imposes hiring freeze and halts new offshore wind projects

New boss Murray Auchincloss reverses move away from fossil fuels, which had weighed on company’s share price

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Fortune

BP managers told to disclose office romances from the last 3 years or face the sack

BP updated is rules months after sacking its CEO Bernard Looney for "not being fully transparent" about past relationships.

The Guardian - UK

BP staff risk sack if they fail to disclose intimate relationships with colleagues

New policy follows sacking of ex-CEO Bernard Looney with top managers given three months to report all relationships in past three years

The Guardian - UK

Abu Dhabi state oil company reportedly looked at buying BP

Adnoc decided move was not right fit but it is latest sign of foreign buyers circling UK firms

The Guardian - UK

BP claws back £1.8m from sacked boss Looney and hands new CEO £8m pay deal

Salary package for Murray Auchincloss branded ‘sickening’ by anti-fossil fuel campaigners

Evening Standard

BP hands new CEO Murray Auchincloss £8 million after predecessor Looney's shock exit

BP said it was “in our shareholders’ interest” to make him one of the top-paid bosses on the FTSE 100

The Guardian - UK

BP’s new boss should be clearer on green strategy – fudging pleases no one

Shareholders on all sides want to know where the oil giant stands on renewables, yet Murray Auchincloss opts for ambiguity

International Business Times

BP Bags Bumper 2023 Profits, Rewards Investors

British energy giant BP logged multi-billion-dollar annual profits Tuesday despite lower oil prices and following boardroom turmoil, sending its share price rallying thanks also to more big payouts to investors.

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