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BP’s (BP.L) chief executive resigned late on Tuesday after the UK oil giant’s board found he had not been sufficiently transparent about past relationships with company colleagues. While his exit appears unrelated to strategy, it puts Chair Helge Lund and the rest of BP’s board on the spot over the $112 billion group’s future direction. On the face of it, BP’s strategy should be unaffected by Looney’s missteps. While Looney subsequently revised the reduction in hydrocarbons to 25%, BP remained more committed to the energy transition than European rival Shell (SHEL.L) or U.S. giants Exxon Mobil (XOM.N) and Chevron (CVX.N). Reuters Graphics Reuters GraphicsLund and board colleagues may be minded to do the same.

Persons: Bernard Looney, Helge Lund, Looney’s missteps, Looney, Wael Sawan, Norway’s Equinor, Murray Auchincloss, Peter Thal Larsen, Sharon Lam Organizations: Reuters, BP, Shell, Exxon Mobil, Chevron, Exxon, New Shell, Reuters Graphics, Graphics Lund, International Energy Agency, Thomson Locations: Ukraine, Germany, U.S

Looney's surprise resignation came after allegations of personal relationships with company colleagues surfaced recently, prompting the company to launch an investigation. That followed allegations the board investigated in May 2022 relating to personal relationships with company employees. During that review, Looney disclosed "a small number of historical relationships with colleagues prior to becoming CEO." Looney informed BP's board on Tuesday that he did not fully disclose details of all relationships, prompting his resignation. BP shares ended up 1% before the FT earlier reported his resignation after trading closed in London.

Persons: Bernard Looney, Amr Abdallah Dalsh, Murray Auchincloss, Looney, Looney's, BP's, Bob Dudley, Anirudh, Krishna Chandra Eluri, Marguerita Choy Organizations: BP, Egypt's, Petroleum, REUTERS, BP Auchincloss, Shell, Chevron, Exxon Mobil, Morningstar, Reuters, Thomson Locations: Cairo, Egypt, London, New York, COVID, Russia, Ukraine, Bengaluru, Shadia

☆ BP’s Chief, Bernard Looney, Resigns Over Relationships
▼ + stars: | 2023-09-12 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: 1 min

BP, the London-based oil giant, said on Tuesday that its chief executive, Bernard Looney, had resigned after acknowledging that he had not been “fully transparent” in disclosing his past personal relationships with colleagues. In a 2022 investigation, Mr. Looney acknowledged “a small number of historical relationships with colleagues” before becoming chief executive two years earlier, and BP concluded that he had not breached its code of conduct, the company said. But the company said it had recently received information that prompted another investigation, leading to Mr. Looney’s decision to resign. “He did not provide details of all relationships and accepts he was obligated to make more complete disclosure,” BP said. The company said Murray Auchincloss, the chief financial officer, would replace Mr. Looney on an interim basis.

Persons: Bernard Looney, Looney, ”, “, Murray Auchincloss Organizations: BP Locations: London

☆ BP CEO resigns after probe reveals undisclosed relationships with colleagues
▼ + stars: | 2023-09-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +1 min

New York CNN —BP CEO Bernard Looney has resigned after admitting that he had not been “fully transparent” about “historical relationships with colleagues,” according to a statement from the oil giant on Tuesday. “In May 2022, the Board received and reviewed allegations, with the support of external legal counsel, relating to Mr Looney’s conduct in respect of personal relationships with company colleagues. During that review, Looney disclosed “a small number of historical relationships with colleagues prior to becoming CEO,” but no breach of the company’s code of conduct was found. Further allegations of a similar nature were received recently, said BP, and the company began an investigation, which is ongoing. “Mr Looney has today informed the Company that he now accepts that he was not fully transparent in his previous disclosures,” said the statement.

Persons: Bernard Looney, Murray Auchincloss, Looney’s, Looney, Mr Looney, ”, “, ” Looney Organizations: New, New York CNN, Company Locations: New York

☆ BP CEO Bernard Looney resigns after not being 'fully transparent' on prior relationships
▼ + stars: | 2023-09-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Bernard Looney, CEO of BP, speaks during the 2023 CERAWeek by S&P Global conference in Houston, March 7, 2023. BP chief executive officer Bernard Looney has resigned after less than four years on the job, the London-based oil producer announced Tuesday. The resignation of Looney, who took over as CEO of BP in 2020 after previously leading BP's Upstream group, focused on exploration and production, is effective immediately. The company's chief financial officer Murray Auchincloss will serve as interim CEO, BP said. The change comes as Looney informed the company that he was not "fully transparent in his previous disclosures" about relationships with colleagues prior to becoming CEO, BP said.

Persons: Bernard Looney, Looney, Murray Auchincloss Organizations: BP, P Global, Company, Financial Times Locations: Houston, London, U.S

☆ VIEW BP boss Looney resigns over personal relationships with colleagues
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowSept 12 (Reuters) - British oil major BP's (BP.L) CEO Bernard Looney has stepped down after less than four years in office for failing to fully disclose details of past personal relationships with colleagues. STORY: read moreLINK: https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-ceo-resigns.htmlCOMMENTSEDWARD MOYA, SENIOR MARKET ANALYST AT OANDA"This was unexpected and could raise doubts to BP's transition towards renewable energy. BP share prices might not get rocked that hard as CFO Auchincloss appears poised to take over. So, depending on the new CEO, BP could theoretically roll back its transition plans further. Reporting by Arunima Kumar and Ashitha Shivaprasad in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Bernard Looney, EDWARD MOYA, Auchincloss, ALLEN, Shell, Arunima Kumar, Ashitha, Devika Organizations: Bp, MORNINGSTAR, BP, Thomson Locations: Bengaluru

LONDON (AP) — The chief executive of British energy giant BP has resigned after he accepted that he was not “fully transparent” in his disclosures about past relationships with colleagues, the company said Tuesday. He is stepping down with immediate effect and will be replaced by chief financial officer Murray Auchincloss on an interim basis, BP said. A statement from the firm said its board reviewed allegations relating to Looney's conduct “in respect of personal relationships with company colleagues" in May last year. The executive disclosed a small number of past relationships prior to becoming CEO and no breach of company rules was found, the statement said. “The company has strong values and the board expects everyone at the company to behave in accordance with those values.

Persons: Bernard Looney, Murray Auchincloss, Looney “, Looney Organizations: BP

☆ Democratic Rep. Robert Garcia wants to make the rest of the country more like Long Beach, California
▼ + stars: | 2023-08-03 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Rep. Robert Garcia, a freshman Democrat from California, is a self-described urbanist. The former mayor of Long Beach has crowdsourced ideas for urbanist legislation. "I think a good city, good urbanism, is a dense core, it's walkable, it's bikeable, and there's also a focus on public transit," Garcia said in an interview. He wants to bring policies that have worked in Long Beach and California to the entire country. Garcia said he's made connections with fellow Democratic members who see eye to eye on housing, transportation, and other related issues.

Persons: Robert Garcia, it's bikeable, there's, Garcia, he's, Jake Auchincloss, Seth Moulton of, Greg Casar of, Sen, Brian Schatz, hasn't, I've Organizations: Service, Republican, DC, Department of Transportation, Democratic Locations: California, Long, Wall, Silicon, Long Beach, Long Beach and California, Seth Moulton of Massachusetts, Greg Casar of Texas, Hawaii

☆ These 9 House Democrats voted to block 'race-based theories' from being taught in military-run schools
▼ + stars: | 2023-07-14 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +6 min

9 Democrats voted for an amendment to block "race-based theories" from schools run by the military. GOP Rep. Chip Roy gloated that those Democrats were "feeling heat from their own constituents." The amendment passed and was added to the NDAA, which cleared the House on Friday morning in a mostly party-line vote. Two of them, Perez and Golden, recently voted to block President Joe Biden's student debt relief plan. "I think that's an appropriate affirmation for military schools at a time when both the military and schools are under increasing political pressure from bad actors on the right," he added.

Persons: Chip Roy gloated, Jake Auchincloss, Chip Roy, Roy, Massachusetts Henry Cuellar, Massachusetts Henry Cuellar of Texas Jared Golden, Maine Seth Moulton of, Maine Seth Moulton of Massachusetts Wiley Nickel, Carolina Chris Pappas, New Hampshire Marie Gluesenkamp Perez, Washington Kim Schrier, Perez, Joe Biden's, Nickel, —, Auchincloss, Moulton Organizations: GOP, Democratic, Service, Nine, Republican, Caucus, National Defense, Department of Defense Education, Carolina, Washington, Republicans, Senate Locations: Wall, Silicon, Texas, United States, Massachusetts, Massachusetts Henry Cuellar of Texas, Maine Seth Moulton of Massachusetts, New Hampshire, Moulton, America

☆ Universal flu vaccine based on mRNA tech to be tested by National Institutes of Health
▼ + stars: | 2023-05-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Patients are now enrolling in an early stage clinical trial to test a universal flu vaccine based on messenger RNA technology, the National Institutes of Health announced Monday. "A universal flu vaccine could serve as an important line of defense against the spread of a future flu pandemic," Dr. Hugh Auchincloss, acting director of National Institute of Allergy and Infectious Diseases, said in a statement Monday. The universal flu vaccine trial will enroll up to 50 healthy people ages 18 through 49 to test whether the experimental shot is safe and produces an immune response, according to NIH. The universal shot was developed by researchers at the National Institute of Allergy and Infectious Diseases. The dominant flu strains can change between the time when experts select the strains and the manufacturers roll the shots out.

☆ BP’s strategy risks pleasing no one
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

Investors had cheered its February decision to walk back previously targeted 2030 oil and gas production cuts: BP’s shares rose 12% from Feb. 6 to Friday, compared with Shell’s (SHEL.L) 2%. BP’s shares subsequently fell 5% on Tuesday morning, wiping $6 billion off its market value, despite otherwise rosy earnings. Chief Financial Officer Murray Auchincloss pointed out that the decision was consistent with BP’s commitment to allocate 60% of 2023 surplus cash flow to share buybacks. CEO Bernard Looney is getting heat from both sides, with some investors pushing for faster decarbonisation and others willing him to pump more oil. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ What you need to know on the new House committee on China's first hearing
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat you need to know on the new House committee on China's first hearingRep. Jake Auchincloss (D-Mass.) joins 'Squawk Box' to discuss what we should expect from the bipartisan China panel's first hearing today.

It was created by OpenAI, a private company backed by Microsoft Corp (MSFT.O), and made available to the public for free. Its ubiquity has generated fear that generative AI such as ChatGPT could be used to spread disinformation, while educators worry it will be used by students to cheat. A second congressional aide described the discussions as focusing on the speed of changes in AI and how it could be used. In an interview with Time, Mira Murati, OpenAI's chief technology officer, said the company welcomed input, including from regulators and governments. "The whole value proposition of these types of AI systems is that they can generate content at scales and speeds that humans simply can't," he said.

☆ AI wrote a bill to regulate AI. Now Rep. Ted Lieu wants Congress to pass it.
▼ + stars: | 2023-01-26 | by ( Kate Santaliz | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Julie-Tsirkin-Circle-Byline-Template.Jpg | ) www.nbcnews.com time to read: +3 min

WASHINGTON — One way to get Congress to support regulating artificial intelligence is by using it to write a resolution calling for just that. Write a comprehensive congressional resolution generally expressing support for Congress to focus on AI.”The resolution doesn’t specify that it was written using artificial intelligence. And as a member of Congress, I am freaked out by A.I., specifically A.I. Lieu isn’t the first member of Congress to bring artificial intelligence to the House chamber. 34-year-old Rep. Jake Auchincloss, D-Mass., delivered a speech Wednesday on the House floor written by Chat GPT.

☆ BP doubles down on hydrogen as fuel of the future
▼ + stars: | 2022-12-05 | by ( Ron Bousso | ) www.reuters.com time to read: +6 min

[1/2] The BP logo is seen at a BP gas station in Manhattan, New York City, U.S., November 24, 2021. But grey hydrogen becomes "blue hydrogen" if the polluting emissions are captured. The IRA offers a $3 per kilogramme tax credit for clean hydrogen, which brings green hydrogen to par or even below the cost of grey and blue hydrogen, according to analysts. "With the hydrogen production tax credits that are now in place, it has ... allowed green hydrogen to be a lot more competitive," McLeod said. Subsidies will initially allow green and blue hydrogen to compete with grey hydrogen, allowing consumers to switch to cleaner fuel, McLeod said.

"For me, the hour has come for a new generation to lead the Democratic Caucus that I so deeply respect," Pelosi, 82, said in her floor speech. “Pelosi and Hoyer showed a lot of grace in stepping aside,” one younger Democratic lawmaker told NBC News. Meg Kinnard / AP fileAguilar said Friday he is now running for Democratic Caucus chairman. Under that scenario, Aguilar's caucus chair role would move up to No. But with Clyburn going for the assistant job and Aguilar entering the race for caucus chair, Neguse could find himself the odd man out.

BP said it expects to pay around $2.5 billion in taxes for its British North Sea business this year, including $800 million in a windfall tax. BP, which increased its dividend by 10% in the quarter, will buy back $2.5 billion of shares after repurchasing $7.6 billion so far this year. Reuters Graphics Reuters GraphicsGAS TRADINGBP's third-quarter underlying replacement cost profit of $8.15 billion, the company's definition of net income, compared with forecasts of a $6 billion profit in a company-provided survey of analysts. BP made a profit of $3.3 billion a year earlier and a 14-year high profit of $8.45 billion in the second quarter of 2022. Refining margins are also expected to remain high due to sanctions on Russian crude oil and refined products, BP said.

☆ Progressive Democrats withdraw letter calling on Biden to pursue talks with Russia after being accused of extending an 'olive branch to a war criminal'
▼ + stars: | 2022-10-25 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +5 min

Progressive Democrats withdrew a letter to Biden urging him to pursue talks with Putin to end the Ukraine war. One Democratic lawmaker said the letter extended an "olive branch to a war criminal." "The Congressional Progressive Caucus hereby withdraws its recent letter to the White House regarding Ukraine," Jayapal said in a statement. "This letter is an olive branch to a war criminal who's losing his war. By illegally annexing the Ukrainian regions and claiming them as part of Russia, Putin effectively threw the possibility of any negotiations out the window.

☆ The U.S. is in a stronger position than China in the world economy, says Jake Auchincloss
▼ + stars: | 2022-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe U.S. is in a stronger position than China in the world economy, says Jake AuchinclossRep. Jake Auchincloss (D-Mass. ), vice chairman of the Financial Services Committee and serves on the Transportation and Infrastructure Committee, joins CNBC's 'Squawk Box' ahead of scheduled testimonies from megabank CEOs to weigh in on the Federal Reserve's efforts to combat inflation and more.

☆ The Tucker Carlson origin story
▼ + stars: | 1998-01-28 | by ( Aaron Short | ) www.businessinsider.com time to read: +57 min

Tucker Carlson is remembered as a provocateur and gleeful contrarian by those who knew him in his early days. It was Tucker Carlson. (Note on style: Tucker Carlson and the members of his family are referred to here by their first names to avoid confusion.) In 1979, Richard Carlson married Patricia Swanson, heiress to the Swanson frozen foods empire that perfected the frozen Salisbury steak for hassle-free dinners. Tucker Carlson attended St. George’s School, a boarding school starting at age 14.

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