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BP scaled back its energy transition strategy earlier this year but still stands out among rivals as the only oil major with plans to cut oil and gas output by 2030 by 25%. Auchincloss told staff in a brief town hall meeting on Wednesday that the company's aims were unchanged. As part of his energy transition strategy he had committed to BP reaching net-zero emissions by 2050. BP's strategy came under renewed scrutiny after rival Shell (SHEL.L) slowed down its energy transition strategy in June. "(The BP board) have enough flexibility within the current strategy to focus more on cash flow," a second source close to the company said.

Persons: Chris Helgren, Looney, Murray Auchincloss, Bernard Looney's, Auchincloss, hasn't, Helge Lund, Murray, Ron Bousso, Dmitry Zhdannikov, Jane Merriman, Mark Potter, Elaine Hardcastle Organizations: BP, REUTERS, Board, Investors, Canadian, Reuters, Shell, Thomson Locations: Vancouver , British Columbia, Canada

☆ BP CEO Bernard Looney resigns over failure to disclose personal relationships with colleagues
▼ + stars: | 2023-09-13 | 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 EmailBP CEO Bernard Looney resigns over failure to disclose personal relationships with colleaguesBernard Looney will step down with immediate effect. CNBC's Dan Murphy reports.

Persons: Bernard Looney, CNBC's Dan Murphy

☆ Stocks making the biggest moves premarket: Moderna, American, Spirit Airlines, Ford and more
▼ + stars: | 2023-09-13 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

A member of the Mississippi National Guard receives a dose of the Moderna Covid-19 vaccine in his arm in Flowood, Mississippi. Moderna — Moderna shares rose more than 3% in early trading after the Centers for Disease Control and Prevention recommended updated Covid vaccine shots for all Americans ages 6 months and older. BP — Shares rose more than 1% before the market open one day after BP CEO Bernard Looney resigned a little more than three years after assuming the post. American Airlines , Spirit Airlines — American Airlines fell 3.1% after lowering its third-quarter earnings guidance, citing higher fuel prices and costs from a new labor agreement. The airline now expects earnings per share in the range of 20 cents to 30 cents, lower than prior guidance of 85 cents to 95 cents.

Persons: Joseph Spak, Spak, Bernard Looney, NIO, —, Samantha Subin, Pia Singh, Sarah Min Organizations: Mississippi National Guard, Moderna, — Moderna, Centers for Disease Control, Pfizer, Apple, Apple Watch, Ford —, UBS, BP, Union, American Airlines, Spirit Airlines — American Airlines Locations: Flowood , Mississippi, U.S, NIO —

[1/2] Logo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022. BP plans to spend $55 billion to $65 billion on its new transition businesses between 2023 and 2030, when the sum will equal its investment in oil and gas. BP recently opened a new office in Hamburg which will oversee its offshore wind expansion. BP operates two refineries in Germany -- Lingen and Gelsenkirchen -- as well as Aral, Germany's largest petrol station network. Looney had defended the offshore wind bid, saying he expected strong demand for clean energy.

Persons: Kacper, Patrick Wendeler, Bernard Looney, Wendeler, Looney, Christoph Steitz, Ron Bousso, Alexandra Hudson Organizations: British, REUTERS, EV, BP, Reuters, Reuters Graphics BP, Volkswagen, BMW, Rivals, Shell, Reuters Graphics Reuters, Alexandra Hudson Our, Thomson Locations: Pienkow, Poland, FRANKFURT, LONDON, Germany, BP Europe, Hamburg, Lingen, Gelsenkirchen

☆ CEOs are having their worst year in decades
▼ + stars: | 2023-09-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Oil prices hit 10-month highGlobal oil prices climbed above $92 a barrel on Tuesday for the first time in nearly 10 months, reports my colleague Matt Egan. Takeaways from Apple’s iPhone 15 eventTuesday was a big day for Apple as the tech titan unveiled its iPhone 15 lineup along with other major updates during its September keynote event. Among the highlights: The iPhone 15 Pro and iPhone 15 Pro Max now feature a titanium casing, allowing the design to be slimmer and thinner than before. The iPhone 15 comes in 5 colors (white, black, pink, green and yellow) and in two sizes: A 6.1-inch screen for the iPhone 15 and 6.7 inches for iPhone 15 Pro. The iPhone 15 will start at $799, and iPhone 15 Pro will start at $999.

Persons: New York CNN — It’s, ”, Bernard Looney, Looney, Stewart Glendinning, Timothy Baxter, Baxter’s, Baxter, Macy’s, Rosalind Brewer, Neil Saunders, hasn’t, Matt Egan, Brent, Matt Smith, “, Clare Duffy, Samantha Murphy Kelly, Max Organizations: CNN Business, Bell, New York CNN, Ferguson Partners, BP, Express, Tyson Foods, Walgreens Boots Alliance, Walgreens, “, Americas, AAA, Apple Locations: New York, —, Libya, “ Libya, Kpler, Russia, Saudi Arabia

☆ BP CEO Bernard Looney Resigns Over Past Relationships With Colleagues
▼ + stars: | 2023-09-12 | by ( Jenny Strasburg | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/energy-oil/bp-ceo-bernard-looney-resigns-e3fb4dc1

Persons: Dow Jones, bernard, looney

☆ BP CEO Bernard Looney Resigns
▼ + stars: | 2023-09-12 | by ( Jenny Strasburg | ) www.wsj.com time to read: 1 min

Persons: Dow Jones, bernard, looney

☆ 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

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

☆ 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

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 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

☆ BP CEO Bernard Looney announces resignation, reports The Financial Times
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBP CEO Bernard Looney announces resignation, reports The Financial TimesCNBC's Dom Chu joins 'The Exchange' to share the Financial Times report about BP CEO Bernard Looney stepping down.

Persons: Bernard Looney, Dom Chu

LONDON, Sept 7 (Reuters) - BP (BP.L) launched on Thursday Britain's largest electric vehicle charging hub near Birmingham, capable of serving up to 180 cars. The hub, located on the intersection of three motorways in central England, includes 30 ultra-fast 300 kilowatt charging stations, which can add 100 miles (160.93 km)of driving range in 15 minutes, as well as 150 7kw slow-charging points. It is part of a plan to invest 1 billion pounds ($1.25 billion) this decade to build hundreds of EV charging hubs in the country, Akira Kirton, CEO of BP Pulse, the company's UK EV charging arm, told Reuters. BP Pulse uses 100% renewable power at its charging stations, Kirton said. EV charging is a central pillar in BP CEO Bernard Looney's energy transition plan, targeting returns of 15%.

Persons: Akira Kirton, Kirton, Bernard Looney's, Ron Bousso, Tomasz Janowski Organizations: EV, BP, Reuters, Thomson Locations: Birmingham, England

☆ They’re Tiny, They’re Toony, They’re Packing Off to Uni
▼ + stars: | 2023-09-07 | by ( Laurel Graeber | ) www.nytimes.com time to read: +1 min

First-year college students everywhere are now adjusting to campus life. Few, however, have to choose between classes like Banana Peel Placement and Whoopie Cushion Alternatives. Or suffer the crash of anvils on their heads when they give wrong answers. These experiences belong exclusively to the incoming freshmen of “Tiny Toons Looniversity,” a new animated series that begins streaming on Friday on Max and airing on Saturday on Cartoon Network. With Steven Spielberg as an executive producer, the show revives the characters and setting of the Emmy Award-winning early-’90s series “Tiny Toon Adventures,” whose own comic DNA descended from the “Looney Tunes” short films of the 1930s-60s.

Persons: Steven Spielberg, ”, Bugs, Daffy Duck, Wile E, Babs, Buster Bunny, Plucky, Hamton J, they’ve Organizations: Max, Cartoon Network, Acme, Warner Bros Locations: hilarity

☆ How the ‘Spider-Verse’ Movies Have Changed Animation for the Better
▼ + stars: | 2023-08-04 | by ( Esther Zuckerman | ) www.nytimes.com time to read: +2 min

It was wonderful to have ‘Spider-Verse’ going on in the next room so we could point to it and say, ‘Look, they’re doing it. We can do it too, right?’”Films like “Into the Spider-Verse,” and those that have followed in its footsteps, blend animation techniques that are common in 3-D computer-generated movies with those that were commonplace in the 2-D hand-drawn animation that preceded it. It’s not just that the images are less photorealistic, the movements of the characters are as well. The results are more broadly impressionistic in the ways that Looney Tunes cartoons, Disney classics or decades of anime have been. “The Last Wish,” directed by Joel Crawford, is linked to the era of animation dominated by C.G.I.

Persons: Rianda, It’s, “, ”, Joel Crawford, Crawford, ” Crawford Organizations: Disney, C.G.I, DreamWorks

A stronger dollar makes crude more expensive for investors holding other currencies. PVM analyst Tamas Varga noted that for months, predictions have been made that global oil demand will grow in the second half of 2023 versus the first half, in tandem with supply cuts to reduce global oil inventories. The latest figures from the U.S.- the world's biggest fuel consumer - showed fuel demand rose the highest level since August 2019. A Reuters poll also estimated U.S. crude oil and gasoline stockpiles were expected to have declined last week. In a conference on Monday, BP (BP.L) chief Bernard Looney presaged oil demand growth continuing into next year and OPEC+ being increasingly disciplined.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Dennis Kissler, Tamas Varga, group's, Bernard Looney, Arathy somasekhar, Natalie Grover, Emily Chow, Christian Schmollinger, Sonali Paul, David Evans, Nick Macfie, Jan Harvey Organizations: Reuters Connect, HOUSTON, Brent, . West Texas, BOK, Reuters, Thomson Locations: North, ., U.S, OPEC, Saudi Arabia, Houston, London, Singapore

SummaryCompanies BP hikes dividend by 10%Will repurchase $1.5 billion of sharesWeak refining, oil trading and high maintenance weighLONDON, Aug 1 (Reuters) - BP's (BP.L) second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10%. BP's underlying replacement cost profit, its definition of net income, missed expectations of $3.5 billion in a company-provided survey of analysts. It fell from $8.5 billion a year earlier and from $5 billion in the first quarter. BP's gearing, or debt-to-capital ratio, stood at 21.7% in the second quarter, compared with 19.6% in the first quarter and 21.9% a year earlier. For the third quarter, BP expects oil prices to be supported by OPEC supply cuts alongside above-historical-average refining margins helped by lower inventories and U.S. demand.

Persons: Bernard Looney, Looney, Biraj Borkhataria, Ron Bousso, Jason Neely Organizations: Rivals Chevron, Exxon Mobil, Shell, BP, Reuters, Reuters Graphics Reuters, RBC, Thomson Locations: Ukraine, Germany

☆ BP appeal requires more than short-term sweeteners
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 1 (Reuters Breakingviews) - Bernard Looney is throwing cash at BP’s (BP.L) shortcomings. In the three months to the end of June the $109 billion European oil major missed expectations by a wide margin, with net income falling 70% to $2.6 billion year-on-year. Wael Sawan, his counterpart at rival Shell (SHEL.L) who only took the helm this year, has refocused his company on “molecules” – from oil and gas to low-carbon hydrogen and biofuels. But Shell has done better, and Bernstein analysts recently estimated BP was trading at a yawning 87% discount to the sum of its parts. The risk for Looney is that if investors want to own one European oil major, it won’t be his.

Persons: Bernard Looney, Looney, Wael Sawan, Shell, Bernstein, won’t, Yawen Chen, Steve Cohen, ’, George Hay, Pranav Kiran Organizations: Reuters, Shell, outperforming, Exxon Mobil, Chevron, BP, Twitter, Sequoia, Thomson Locations: outperforming U.S, India

☆ BP Reports Sharply Lower Earnings as Oil Prices Slide
▼ + stars: | 2023-08-01 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +2 min

Behind the NumbersThe sharp drop was largely because of lower prices for the oil and natural gas that the company produces and sells. Energy prices soared last spring after Russia’s invasion of Ukraine, generating huge profits for oil companies. Since then, all major energy companies have been hit by lower prices, but BP’s earnings fell more proportionally than those of other large oil companies like Chevron and Shell. In a reminder of how important dividend payments from large energy companies are to investors, BP said it would increase its distribution by 10 percent, to about 7.3 cents a share, despite the earnings drop. Mr. Looney suggested the price was lower than it might seem because it will be gradually paid over nearly 20 years.

Persons: Bernard Looney, There’s, Mr, Looney, ”, ‘ Organizations: Energy, Chevron, Shell, BP, Oil, Brent Locations: Ukraine, London, Germany, China, United States

☆ BP has a 'commitment to transition' into non-oil and gas businesses, BP CEO says
▼ + stars: | 2023-08-01 | 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 EmailBP has a 'commitment to transition' into non-oil and gas businesses, BP CEO saysBP CEO Bernard Looney discusses the energy transition and the company's strategy, going forward.

Persons: Bernard Looney Organizations: BP

☆ Oil major BP posts 70% drop in second-quarter profit, raises dividend by 10%
▼ + stars: | 2023-08-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

LONDON — Oil major BP on Tuesday reported a nearly 70% year-on-year drop in second-quarter profits on the back of weaker fossil fuel prices, echoing a trend observed across the energy industry. The British energy major posted second-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.6 billion. Analysts had expected BP to report second-quarter profit of $3.5 billion, according to estimates collated by Refinitiv. Oil majors have failed to match the bumper profits posted during the same period of last year amid weaker commodity prices. British rival Shell and French oil major TotalEnergies on Thursday reported a steep drop in second-quarter profit, while U.S.-based Exxon Mobil's second-quarter profit slumped 56% year-on-year.

Persons: Refinitiv, we've, Bernard Looney, CNBC's Organizations: Oil, BP, London, Shell, Exxon Mobil's Locations: U.S

☆ BP CEO Bernard Looney: We believe the world needs a rapid and orderly energy transition
▼ + stars: | 2023-08-01 | 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 EmailBP CEO Bernard Looney: We believe the world needs a rapid and orderly energy transitionBP CEO Bernard Looney joins 'Squawk Box' to discuss the company's quarterly earnings results, which reported a nearly 70% year-on-year drop in second-quarter profits on the back of weaker fossil fuel prices, echoing a trend observed across the energy industry, the state of energy transition, and more.

Persons: Bernard Looney

☆ BP’s German wind option risks multiple blowbacks
▼ + stars: | 2023-07-13 | by ( George Hay | ) www.reuters.com time to read: +5 min

But Germany also aims to raise as much cash as possible from selling wind power development rights. But wind projects around the world have been hit by turbine makers like Siemens Gamesa and Vestas (VWS.CO)hiking prices in 2022 by 30%. Shaking down the private sector is fine, but not if you’re left with no wind projects. Reuters Graphics Reuters GraphicsFollow @gfhay on TwitterCONTEXT NEWSOil majors BP and TotalEnergies have won a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion). BP’s initial payments totaling 678 million euros, equivalent to 10% of the bid amount, will be paid by July 2024.

Persons: Bernard Looney, TotalEnergies, Looney, TotalEnergies ’, Patrick Pouyanné, Bernstein, you’re, BP, Aimee Donnellan, Pranav Kiran, Streisand Neto Organizations: Reuters, BP, Bernstein Research, Siemens, Reuters Graphics Reuters, TotalEnergies, Federal, Thomson Locations: Germany, Berlin, U.S, Heligoland, Baltic, Ruegen, Europe, TotalEnergies

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