BP cutting debt to $35bn nearly a year ahead of schedule
BP expects to hit cut its debt to $35billion (£25.2bn) nearly a year ahead of schedule thanks to proceeds from a flurry of deals, moving forward its timeline for share buybacks.
Bernard Looney
BP CEO Looney takes £1.7m pay package in 2020
BP CEO Bernard Looney was awarded a total pay package of £1.7million in 2020.
CEO Looney wants BP’s oil business to be ‘best, not biggest’
BP chief executive Bernard Looney said today that he wants the company's oil business to be “the best, not the biggest”.
The case for data decarbonisation
This is the first in a series, by Snowflake, examining the concept of net zero data and how advances in technology can help the world’s largest organisations—especially those which are particularly emissions-intensive like oil and gas—reduce the carbon emissions footprint of their data.
BP and partner paying £900m for entry into UK offshore wind market
BP has entered the UK offshore wind market with leases for a combined three-gigawatts of projects in the Irish Sea.
BP targeting low carbon solutions with new strategic collaboration agreement
BP has signed a strategic collaboration agreement with Rosneft Oil Company focused on supporting carbon management and sustainability activities.
BP CEO Looney: ‘We’re not yet green, but we’re greening’
BP chief executive Bernard Looney said today that he would “emphatically” put value over volume when making low-carbon acquisitions.
BP sinks to losses of £18bn in 2020 as Covid and crude price crash take toll
BP fell to pre-tax losses of £18 billion in 2020 as the energy giant’s balance sheet creaked under the weight of lower oil and gas prices.
BP cuts oil exploration team down to fewer than 100 people – report
BP has made significant cuts to its oil exploration team, reduced to less than 100 people compared to a peak of over 700 before Bernard Looney's tenure, according to a news report.
BP chief Bernard Looney and Sir Ian Wood on UK Government ‘Build Back Better’ Council
Sir Ian Wood and BP CEO Bernard Looney have been announced as members of the new UK Government "Build Back Better" Council.
Vorlich first oil hailed as sign of North Sea’s enduring attractiveness
First oil from a North Sea field has been hailed as an encouraging sign that the basin remains attractive.
Analysts spell out cold, hard reality for BP
Commodity prices and refining margins will need to rise before pressure on BP’s credit rating eases up, Moody’s warned yesterday.
Hydrocarbons business is our ‘engine room’, BP chief says
BP chief executive Bernard Looney today described the firm’s hydrocarbons division as the “engine room” of the business.
Unburdened by huge write-offs and impairments, BP returns to profit in third quarter
Energy giant BP returned to profit in the third quarter of 2020 as the firm benefitted from the absence of the huge write-offs and impairments which dented its previous results in August.
BP to make 7,500 of global job cuts compulsory – report
BP will make 7,500 of its planned global job cuts compulsory after roughly 2,500 workers applied for voluntary redundancy, according to a news report.
BP CEO denies ‘greenwashing with a new brush’ by linking job cuts to energy transition
The CEO of BP has denied claims that linking job cuts to the energy transition is "greenwashing with a new brush".
OGA defends BP-Aberdeen scheme against ‘PR Coup’ accusation
The Oil and Gas Authority (OGA) has defended the BP – Aberdeen net zero partnership against a claim it may be a “PR coup”.
Peak Oil: BP, Eni, Shell lead Big Oil’s search for new business model
For most of the past century, Big Oil executives found it pretty easy to explain to investors how their businesses worked. Just locate more of the commodities that everyone needed, extract and process them as cheaply as possible, and watch the profits flow.
World needs Covid-scale emissions cuts every other year, says BP boss
The world needs emissions cuts on a par with those delivered by the Covid lockdown every other year for the next 25 if it is to reach net-zero by 2050, BP’s chief executive said today.
Implications of BP write-downs ‘are very real’ as some upstream assets become worthless
Energy giant BP is ”getting to grips” with a slump in the value of its offshore assets, with some now worth nothing at all, an industry expert said last night.
BP expects £10-13bn pound reduction in asset value
Oil giant BP has announced it expects to undertake a huge reduction in asset value during the second quarter of 2020, due to the combined hit of lower oil prices and the Covid-19 pandemic.
BP plans 10,000 job cuts
Energy giant BP has announced plans to cut around 10,000 jobs worldwide in response to the latest oil downturn.
Pandemic ‘deepens’ BP’s net zero transition but firm keeps quiet on finer details
Energy giant BP has told shareholders its net zero transition is “deepened and accelerated” by the Covid-19 pandemic, but kept quiet on the fine print.
Exclusive: BP’s North Sea chief Ariel Flores promoted
The boss of BP’s North Sea business is being promoted as part of a management overhaul at the energy giant.
BP cutting scores of senior leader roles as part of ‘reinvention’, report says
BP will cut its senior leadership team to about 120 positions from 250 in an effort to make the firm more “nimble”, a news report said.