BP boss Murray Auchincloss defends fossil fuel shift Energy 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 Energy 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 Energy 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 [...]