BP Details COVID-19 Response and Provides Market Update
BP today set out actions it is taking in response to the COVID-19 pandemic and ongoing market disruption. It also provided an update on factors expected to affect its first quarter results. Chief executive Bernard Looney said: “The world is in a fight against COVID-19 and I want to thank …
Advancing Energy: Ambition Launch Response ̶ Trust and Trade Associations ̶ Low Carbon Pioneers
We announced this week that we would withdraw from three trade associations over climate change differences, citing our support of the Paris Agreement goals and net zero ambition as reasons for the decision. Why now? BP’s in-depth review of the policies held by 30 key trade associations comes a few …
BP to Leave Three Trade Associations After Detailed Review of Climate Policies
BP today announced that, following an in-depth review examining the alignment of the climate-related policies and activities of trade associations with BP’s positions, it will leave three US-based organisations – American Fuel and Petrochemical Manufacturers (AFPM), the Western States Petroleum Association (WSPA) and the Western Energy Alliance (WEA). Earlier this month …
Russia’s Rosneft Pledges $5 Billion for ‘Green’ Causes Over Next Five Years
Russian largest oil producer Rosneft (ROSN.MM) has pledged to invest around $5 billion in environmentally friendly projects over the next five years, the company said on Monday. The plans were revealed after BP (BP.L), owner of 19.75% of Rosneft, pledged deep cuts to its carbon emissions by 2050, setting one …
Schlumberger Moves Technology Chief to Head of ‘New Energy’ Division
Oilfield service giant Schlumberger is moving one of its top executives to lead a newly created division for “new energy” initiatives. In a Friday morning filing with the Securities and Exchange Commission, Schlumberger reported that Executive Vice President of Technology Ashok Belani switched roles Feb. 11 to become executive vice …
BP Sets Ambition for Net Zero by 2050, Fundamentally Changing Organisation to Deliver
BP today set a new ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero. The ambition is supported by ten aims: Five aims to get BP to net zero: 1. Net zero across BP’s operations on an absolute basis …
BP Chief Financial Officer Brian Gilvary to Retire and be Succeeded by Murray Auchincloss
The board of BP p.l.c. today announced that Brian Gilvary, BP chief financial officer (CFO), has decided to retire from the company and step down from the BP board on 30 June 2020. Gilvary has had a 34-year career with BP, including over eight years as CFO. He will be succeeded by Murray …
BP’s 3Q 2019 Results
3Q in detail Financial results Underlying replacement cost profit for the third quarter of 2019 was $2.3 billion, compared to $3.8 billion a year earlier. The result was impacted by significantly lower Upstream earnings, resulting from lower prices, maintenance and weather impacts. A divestment-related, non-cash, non-operating after-tax charge of $2.6 …
BP Chief Executive Bob Dudley to Retire, to be Succeeded by Bernard Looney
The Board of BP announced today that, after a 40-year career with BP and over nine years as group chief executive, Bob Dudley, 64, has decided to step down as group chief executive and from the BP Board following delivery of the company’s 2019 full year results on 4 February 2020 and will retire …
Saipem: Wins $145m Contract in Azerbaijan
Saipem, in consortium with Boshelf LLC and STAR GULF FZCO, has recently been awarded three new contracts by BP for the development of the Azeri-Chirag-Gunashli oil and gas (ACG) field offshore Azerbaijan. Saipem has been a key contractor in this field since the 1990s. Located in the Caspian Sea at …