After a ‘stunning’ update, what does the future hold for long-suffering BP? Energy BP wowed shareholders with its first quarter results – doubling profit and bolstering its balance sheet. But with an activist breathing down its neck, its new boss Meg O’Neill isn’t out of the woods yet, writes Ali Lyon As she sat down to pen her first email to BP’s 100,000 staff, Meg O’Neill opted against [...]
BP suffers shareholder revolt over climate U-turn at crunch AGM Energy BP’s turnaround plans were dealt a major blow on Thursday after its shareholders rejected two resolutions backed by the board and a sizeable minority voted against the reelection of its new chair. At a crunch annual general meeting (AGM), investors voted down the energy major’s proposal to dial back its reporting commitments on the climate [...]
BP makes its largest oil discovery in 25 years Energy BP has made its biggest oil discovery in a quarter of a century off Brazil’s Atlantic coast, in a big boost for the beleaguered oil giant mired in a battle to turn around years of underperformance. The petrochemicals giant’s head of production and operations, Gordon Birrell, announced the “significant discovery” in Brazil’s Santos Basin to [...]
BP suffers huge shareholder revolt amid green spat April 17, 2025 BP has suffered a huge rebellion from its shareholders as the London-listed oil giant’s annual general meeting faces scrutiny of its environmental policy. Nearly a quarter voted against the re-election of outgoing chair Helge Lund at the firm’s annual general meeting. as conflict swirls over BP’s decision to cut back on climate goals. Chief executive [...]
BP chair Helge Lund to step down as Aviva chief heads search for successor April 4, 2025 BP has announced that its chair Helge Lund will step down, with Aviva chief executive Amanda Blanc – a non-executive director for the blue-chip oil giant – set to lead the search for a successor. Lund is expected to stay on until 2026, which BP says will “ensure an orderly transition.” Blanc has said that [...]
BP boss Murray Auchincloss defends fossil fuel shift March 10, 2025 BP boss Murray Auchincloss has defended the company’s move to increase fossil fuel production and ditch its renewable energy commitments. Auchincloss is under mounting pressure from BP investors, who are frustrated at the oil major’s underperforming share price. The executive unveiled plans for a “fundamental reset” two weeks ago, which included ditching a series of [...]
Elliott takes up £3.8bn stake in BP February 13, 2025 Notorious activist investor Elliott Management has taken up a £3.8bn stake in BP, becoming the ailing oil major’s third-largest shareholder, according to reports. The US fund’s investment in the London-listed petrochemical giant emerged last weekend, shortly before BP reported an anaemic set of full-year results that saw its profit slump to $8.9bn (£7.9bn). The earnings [...]
BP to target shareholder returns as firm plans fundamental reset February 11, 2025 Oil and gas giant BP has promised to “fundamentally reset” its strategy and improve its performance after profit crashed last year. On Tuesday, the group reported a near 50 per cent decline in profit for the fourth quarter due to a collapse in profit at its refining arm. The results prompted boss Murray Auchincloss to [...]
BP reveals boss Auchincloss recovering after procedure as it signals weaker trading January 14, 2025 Oil giant BP has delayed an investor event due to be held in New York to allow boss Murray Auchincloss to recover after a medical procedure as it signalled weaker end-of-year trading. Its scheduled capital markets event that was due on February 11 in New York will now be delayed until February 26 and will [...]