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...Alongside BP, it launched arbitration proceedings against the company in September. Venture Global has denied the allegations....
...While BP insists that it is committed to cutting oil and gas production, the company has moved to slow its retreat in response to pressure from shareholders and as Russia’s full-scale invasion of Ukraine...
...BP’s latest green growth push comes as activist investor Bluebell Capital Partners calls on the company to abandon its green commitments and increase production of fossil fuels....
...Other energy companies are also looking to convert oil refineries for biofuels production....
...Auchincloss confirmed on Wednesday that BP’s transition “from international oil company to integrated energy company . . . does not change”. The overarching principle may not change....
...Now, Bluebell has turned its sights on troubled oil company BP, urging it to drop green commitments and increase production of fossil fuels....
...Yet there is little love lost between hedge fund Bluebell Capital Partners and BP. The London-based activist has called BP’s strategy to cut oil and gas production “irrational”....
...However, he did not rule out adjusting the company’s oil and gas production target again. “I can’t tell you what the volume will be at the end of the decade,” he said....
...In the letter, seen by the Financial Times, Bluebell said BP’s pledge to reduce oil and gas production by 25 per cent by 2030 compared with 2019 levels meant it was destroying shareholder value by moving...
...in other companies to a value of more than $2mn....
...The revision comes after the company pledged to devote a higher proportion of spending to oil and gas last year, and other oil groups such as BP have slowed their retreat from oil....
...Oil and gas production — still very much the engine of the company — posted $3.1bn of operating profit, higher than consensus estimates....
...Looney announced plans in 2020 to transform BP from an oil and gas producer into an integrated energy provider by cutting fossil fuel production and investing in green technologies....
...Stints in Texas and Scotland as finance chief for the company’s North America gas and North Sea operations, respectively, followed....
...“Commercial viability is fundamental for ambitious projects of this size and scale,” said Molly Morris, president of Equinor Renewables Americas....
...However, Auchincloss added that BP would not follow Exxon and Chevron in acquiring additional oil production either....
...Meanwhile, BP has finally announced a new permanent chief following Bernard Looney’s abrupt departure in September after failing to disclose past relationships with company colleagues....
...BP has pledged to cut operational emissions by 50 per cent by 2030 but that is compared with 2019 levels, rather than Shell’s 2016....
...Two other recent examples are BP’s Deepwater Horizon crisis in 2010 and the Volkswagen Emissions Scandal of 2015; one might also think of the existential crises at Bank of America and UBS a decade and a...
...It accounted for about 4.5 per cent of global electricity production in 2022....
...BP said Venture Global’s actions were “a wilful breach of our contract”....
...Plus, WeWork’s former CEO Adam Neumann is trying to buy the company out of bankruptcy....
...Scaringe told investors on an earnings call that the company’s bank of orders had declined....
...BP remains wedded to its industry-leading commitment to cut oil and gas production, its new management said on Tuesday, as the company sought to reassure investors that the resignation of chief executive...
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