BP swings back to profit but coronavirus weighs on demand October 27, 2020 BP returned to a small profit in the third quarter, but warned the pace of recovery from Covid-19 remains uncertain as the pandemic weighs on fuel demand and refining profits. The oil major reported a profit of $86m (£66m) profit for the three months to 30 September, beating analysts’ expectations of a $120m loss. The [...]
BP takes first step into offshore wind with $1.1bn Equinor deal September 10, 2020 BP will make its first foray into offshore wind power after it today announced a $1.1bn (£845m) deal with Norwegian energy giant Equinor to buy 50 per cent of its US offshore operations. The acquisition is the latest step in the oil giant’s push into becoming a “integrated energy company”. It plans to develop 50 [...]
BP looks to a low carbon future after coronavirus oil carnage August 4, 2020 It’s not every day that an oil giant gets a slap on the back from Greenpeace. But that’s exactly what BP achieved this morning when it slipped out plans to produce 40 per cent less oil by the end of this decade. Alongside its second quarter results – which made ugly reading for investors, as [...]
BP halves dividend after record $6.7bn loss in coronavirus quarter August 4, 2020 BP halved its dividend, its first cut in a decade, after booking a record $6.7bn (£5.13bn) loss in a second quarter devastated by the impact of coronavirus. The figures BP fell to a $6.7bn loss on its preferred underlying replacement cost metric for the three months to 30 June. However, analysts had expected a $6.8bn [...]
BP set to axe 10,000 jobs due to coronavirus June 8, 2020 Oil giant BP will cut 10,000 jobs as a result of the coronavirus crisis, chief executive Bernard Looney announced today. Reuters first reported that Looney told employees of the cuts, which account for 15 per cent of BP’s workforce, in a global conference call this morning. In a company-wide email seen by City A.M., Looney [...]
BP slashes management team in half amid green energy push May 22, 2020 BP is cutting the size of its top management team by more than half as part of new boss Bernard Looney’s plan to make the oil giant a net zero emissions company. The FTSE 100 giant will cut its leadership positions to roughly 120 from 250 with many veteran executives set to leave in the [...]
BP will not judge National Portrait Gallery award for first time in more than 20 years May 4, 2020 BP will not have a representative on the judging panel for the National Portrait Gallery’s portrait award for the first time in more than 20 years. Campaigners have been pushing for the gallery to cut ties with the oil and gas giant, which will continue to sponsor the award this year. The National Portrait Gallery [...]
The CEO Perspective: How is COVID-19 defining business purpose? May 1, 2020 | City Talk When the dust settles, will business emerge having played its part and who will have stayed true to their purpose? As leaders strive to steer their corporate ships through unimaginably stormy waters, there’s an understandable need to focus solely on the management of immediate, operational and financial issues. But in the midst of uncertainty, companies [...]
BP profit tumbles by two-thirds as oil demand dries up April 28, 2020 BP’s underlying profit fell by two-thirds in the first quarter as the coronavirus crisis destroyed global demand for oil. The oil giant’s underlying cost replacement profit, its preferred reporting metric, dropped from $2.4bn (£1.9bn) to $0.8bn year-on-year. Shares in BP fell a little over one per cent this morning. The figures For the quarter, the [...]
Oil majors slash spending plans by a quarter as demand collapses April 16, 2020 The world’s biggest oil firms have cut their capital spending programmes by a combined 26 per cent for 2020 due to the collapse in oil prices caused by the coronavirus outbreak. In total, Reuters data shows that the combined sum of the cuts comes to $60.5bn (£48.2bn), as firms seek to conserve cash among an [...]