Oil prices: FTSE energy stocks tumble after Opec coronavirus chaos March 9, 2020 FTSE 100-listed energy stocks have crumbled in early trading after Saudi Arabia initiated a price war that saw oil prices collapse today. Shell’s share price plummeted 21 per cent before trimming losses to stand down 14.8 per cent by 9.50am, while BP’s tumbled 17.3 per cent to 326.9p. Petrofac fell over 50 per cent to [...]
BP makes pledge to become a net zero company by 2050 February 12, 2020 BP has announced plans to become a net zero emissions company by 2050 or sooner, one of the most ambitious climate pledges yet made by an oil major. Along with absolute net zero commitments across all of BP’s operations, it will also cut the carbon intensity of products it sells by 50 per cent by [...]
Under the pump: the challenges facing BP’s new boss in the 2020s February 12, 2020 When Bob Dudley bowed out after a decade at the helm of BP last week, the praise was both effusive and universal. During his tenure, Dudley managed to plot a course between the Scylla and Charybdis of 2010’s Deepwater Horizon disaster and the mid-decade collapse of the oil market while maintaining BP’s position as the [...]
BP profit plunges but oil giant beats expectations in Bob Dudley’s swansong February 4, 2020 Bob Dudley bowed out after a decade as BP’s chief executive today as the firm outperformed analyst expectations in the face of a challenging macroeconomic environment. Despite a 26 per cent fall in profit in the final quarter of 2019, the oil giant’s underlying replacement cost (RC) figure – BP’s definition of net income – [...]
BP faces calls to link bonuses to climate change action February 2, 2020 Investors are calling on oil giant BP to make performance on tackling climate change a key element in its bonus structure amid increasing concerns about companies’ response to the climate crisis. The bonuses of around 36,000 staff are already linked to plans for reducing emissions, but investors are now calling for more rigorous targets, potentially [...]
BP withdraws from Iraqi oil field as expansion falls through January 21, 2020 BP has withdrawn from Iraq’s Kirkuk oilfield after it failed to come to a new agreement on the giant field’s expansion. The oil major’s contract, which expired at the end of last year, was worth $100m (£76.6m), and the British firm informed Iraqi officials it would pull staff out of the site in December, sources [...]
BP’s finance chief steps down after 34 years at oil giant January 21, 2020 After 34 years at the company, BP’s chief financial officer Brian Gilvary today announced his retirement from the oil major. Gilvary, who has been in his post for eight years, will be succeeded by Murray Auchincloss, who currently holds the same job in BP’s upstream division. Auchinloss will join the board on 1 July and [...]
Channel 4 under fire over BP Paralympics sponsorship January 12, 2020 Channel 4 has come under fire from climate activists after it announced that BP will sponsor its coverage of the 2020 Paralympic Games in Tokyo. Environmental evangelists have taken aim at the broadcaster for accepting money from the oil giant, which is one of the world’s largest contributors to fossil fuel emissions. Read more: Boris [...]
British Museum cools on BP ahead of Arctic exhibition January 5, 2020 Oil giant BP will not be a sponsor for the British Museum’s upcoming ‘Arctic: culture and climate’ exhibition, in a decision that is likely to be seen as a victory for climate activists. The institution has come under increasing criticism for its links to the fossil fuel firm, which has sponsored blockbuster exhibitions at the [...]
Oil giants face vast cuts to hit climate targets November 1, 2019 The world’s major oil and gas suppliers must cut combined production 35 per cent by 2040 to keep emissions within international climate targets. According to a new report released this morning from think tank Carbon Tracker, none of the majors are currently on track to be in line with the Paris agreement by 2040, despite [...]