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...BP and Looney declined to comment....
...Russell started at BP in 2006 and held various roles in BP’s upstream business before joining the leadership team in February 2022....
...Exxon boasts a market value of about $480bn versus $300bn for Chevron, $230bn for Shell and $110bn for BP....
...For today, I have a report about BP and the Asian Renewable Energy Hub. BP’s growing role in the project marks a notable acceleration of the oil major’s renewable energy ambitions....
...Sir John Sawers, the former head of MI6, will also step down from the BP board in April, after nine years of service....
...“The message we’re telling [BP] is: keep your flexibility to adjust to what will happen in the actual world.” BP chair Helge Lund must feel that he is caught between a rock and a hard place....
...In the case of BP, it hasn’t....
...BP has become a “Marmite” stock, in terms of dividing opinion sharply....
...Some of BP’s investments in offshore wind — in particular the US — have looked misguided. However, BP’s strategy has since evolved....
...BP is set to book a $700mn windfall due to tax changes aimed at boosting corporate pension fund investment in the economy....
...BP and Adnoc declined to comment beyond NewMed’s statement....
...The Australian refinery is one of five biofuel projects that BP has planned globally, the company said. But, make no mistake, oil is still king at BP....
...“This irrational strategy has, quite understandably, depressed the value of BP’s share price,” it said....
...BP will also “pragmatically adapt” to changes in energy demand across the world “much like we did in February 2023”, he said....
...Finance chiefs have traditionally not been appointed to chief executive at BP but Auchincloss is generally well liked by BP’s institutional investors....
...Finance chiefs have rarely been appointed to the top job at BP....
...BP declined to comment, while Loudon could not be reached for comment....
...“It’s not necessarily the right decision because BP needs root-and-branch transformation in my view....
...The museum’s decision to renew its partnership with BP was criticised by environmental campaign groups and activists....
...Murray Auchincloss is BP’s continuity candidate in more ways than one....
...BP’s share price has trailed the MSCI Europe Energy index since the resignation. Rivals Shell and TotalEnergies now earn a valuation premium of 12 per cent to BP’s 3.2 times enterprise value to ebitda....
...BP needs to pick a chief executive with similar credentials — and fast....
...BP and Equinor had agreed to sell renewable energy credits from the 1,260MW Empire Wind 2 phase of the project at a strike price of $107.50 a megawatt-hour....
...BP concluded this week that failure amounted to “serious misconduct”, which would affect his pay arrangements....
...BP said Venture Global’s actions were “a wilful breach of our contract”....
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