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The Latest Breaking News from Bernard Looney

Fuel on the fire: why oil companies are profiting as the world gets dangerously hot

The scientific consensus is that burning fossil fuels drives the climate crisis, yet the world’s biggest oil companies are planning to increase production

The Guardian - UK

The BP drama will fade: boards are allowed to ditch the chair

Rather than a continuation of the company’s recent issues, isn’t this an example of the board doing what it is supposed to do?

The Guardian - UK

BP removes chair Albert Manifold over ‘serious’ governance and conduct concerns

Oil company is FTSE’s biggest faller as chair departs immediately after only eight months in the role

The Guardian - UK

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BP plans to sell shares in flagship carbon projects as it pulls back from green agenda

Oil firm seeks to reduce stake in carbon capture and storage projects in north-east of England after schemes fail to win over shareholders

The Guardian - UK

Embattled former BP CEO takes over Wyoming hyperscaler as first woman leader of Big Oil giant becomes new BP chief

The former BP chief is entering the AI age with American data center projects.

Fortune

BP names Meg O’Neill as new CEO after incumbent ousted

O’Neill, who has led Woodside Energy since 2021, will be oil and gas company’s first female chief executive

The Guardian - UK

BP predicts higher oil and gas demand, suggesting world will not hit 2050 net zero target

Conflict in Ukraine and Middle East as well as trade tariffs are making states focus on energy security

The Guardian - UK

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Nestlé sacks CEO over ‘undisclosed romantic relationship’

Swiss multinational finds Laurent Freixe breached code of conduct as it names Philipp Navratil as his replacement

The Guardian - UK

Embattled BP beats on earnings as it touts selling oil, not cups of coffee, poking fun at its former CEO

BP has a long way to go, but its quarterly profits show the British oil giant is heading in the right direction.

Fortune

BP appoints new chair to oversee shift back to fossil fuels

Albert Manifold, ex-boss at buildings material company CRH, to take over from embattled Helge Lund

The Guardian - UK

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

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

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Evening Standard

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.

The Guardian - UK

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’

Fortune

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.

Evening Standard

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.

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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.

The Guardian - UK

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

Benzinga

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.

The Guardian - UK

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

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.

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