BP shareholders punish Helge Lind with low support
BP's Murray Auchincloss, CEO and Helge Lund, Chair were reelected on Thursday. However, the dramatically reduced level of support from shareholders for Lund may mean that his departure earlier than expected is possible. BP's Board was up for reelection at the annual general meeting. The group faced activist shareholder Elliott Management…
BP's leadership is facing shareholder votes amid Elliott campaign and climate ire
BP's Board is up for reelection on Thursday at its annual meeting. The group will be facing activist shareholder Elliott Management, as well as climate-focused investors that have asked for a vote to remove Chairman Helge Lind. BP's stock, which has underperformed rivals Shell and Exxon in recent months, is under pressure to increase its share price. This comes after U.S.
Helge Lound, BP chairman, to resign amid Elliott campaign
BP Chairman Helge Lund plans to step down in "likely 2026", and the process of selecting his successor has begun, BP announced on Friday. This comes amid a campaign from activist hedge fund Elliott to bring about more change within the company. Lund had backed BP’s 2020 strategy, which included an ambition to reduce its hydrocarbon production by 40% in this decade.
The LAPFF in Britain recommends voting against BP Chairman, annual report
The Local Authority Pension Fund Forum in Britain (LAPFF), recommended to shareholders on Monday, that they vote against the reelection of BP Chairman Helge Lund and BP's Annual Report, remuneration reports, as well as abstaining on whether BP Chief Executive Murray Auchincloss is reelected. Institutional Shareholder Services Inc.
Follow This, a BP activist investor, urges voting against Chair Lund on energy transition
BP activist investor Follow This intends to ask shareholders at the 17th April shareholder meeting to vote against Helge Lund being reappointed, claiming he had a duty to give investors a voice on the scrapping of energy transition targets. In a February strategy overhaul, CEO Murray Auchincloss announced that BP would cut spending on renewables while increasing investment in oil and natural gas.
BP changes course by increasing fossil fuel investments while cutting back on renewable energy
BP announced on Wednesday that it would increase its annual oil and natural gas investment by $10 billion. This will return the focus to fossil-fuels as part of Murray Auchincloss’ efforts to improve financial performance and boost returns. The oil giant has slashed its planned annual investment into transition businesses by over $5 billion compared to the previous forecast.
BP abandons renewables targets and returns focus to fossil fuels
BP's CEO will abandon a goal to double renewable energy generation by 2030 and return the focus to fossil energies as part of a new strategy announced on Wednesday in response to investor concerns about earnings. BP shares have been underperforming their rivals over the past few years, and it has already abandoned its goal to reduce oil and gas production by 2030.
BP promises fundamental reset as Q4 profit hit four-year low
BP announced a quarterly profit of $1.1 billion on Tuesday. This was lower than expected, and the lowest since 2004. The company also promised to reset its strategic direction after it became known that Elliott Management, an investor, had acquired a stake. BP has experienced a decline of earnings for the entire year 2024.
BP shares are at their highest level since August following Elliott's stake increase
In early trading on Monday, shares of oil giant BP rose 7%, reaching their highest level since August, following reports that activist investor Elliott Management acquired a stake in the firm, citing a reliable source. By 823 GMT the shares had risen 7.3% to 464.75pence, their largest daily gain since Febuary 2023. Shell shares dropped by nearly 4% and ExxonMobil rose 8%.
Source: Elliott, an activist, has a stake in BP oil giant.
Activist investor Elliott Investment Management built a stake on oil major BP. A source familiar with this matter said that Saturday. The source didn't specify the amount at stake. Bloomberg News reported on Saturday that Elliott, a U.S. company, is trying to increase shareholder value by urging BP consider transformative measures. Elliott's stake was described as "significant" in the company.
BP to slash over 5% of workforce
BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.Around 4,700 employees and 3,000 contractor positions will be cut this year, BP BP.L told Reuters. The cuts were announced in an internal memo seen…
Arcius Energy, a joint venture between BP and ADNOC’s XRG, will supply Egypt's gas.
BP and Abu Dhabi National Oil Company’s international investment arm XRG announced on Monday that they had closed a deal to create a natural gas joint-venture in Egypt. ADNOC is expanding its efforts abroad. Arcius Energy is a joint venture owned by BP (51%), and XRG (49%). The joint venture will initially operate in Egypt.
Looney, former BP boss, to lead US data company Prometheus Hyperscale
The U.S. data company announced on Sunday that former BP CEO Bernard Looney will chair Prometheus Hyperscale. Prometheus Hyperscale announced that Looney, the former CEO of British energy giant BP, resigned from his position in 2023, after serving four years as the company's chief executive, for failing to disclose all details about past personal relationships.
Euro Oil Giants Rethink Renewable Balance
Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals, revive its share price and allay investor concerns over future…
Sources say RPT-BP is considering selling a minority stake in the offshore wind business.
Four sources familiar with the matter have confirmed that BP may sell a minority stake of its offshore wind division. This is the latest move by CEO Murray Auchincloss in his efforts to reduce the company's focus towards renewables. Shareholders have been putting pressure on the company to abandon its 2020 energy transition…
Sources say that BP is considering selling a minority stake in the offshore wind business.
Four sources familiar with the matter have confirmed that BP may sell a minority stake of its offshore wind division. This is the latest move by CEO Murray Auchincloss in his efforts to reduce the company's focus towards renewables. Shareholders have been putting pressure on the company to abandon its 2020 energy transition…
Sources say that BP is considering selling a minority stake in the offshore wind business.
Four sources familiar with the matter have confirmed that BP may sell a minority stake of its offshore wind division. This is the latest move by CEO Murray Auchincloss in his efforts to reduce the company's focus towards renewables. Shareholders have been putting pressure on the company to abandon its 2020 energy transition…
BP sells its US Onshore Wind Business
BP announced Monday that it plans to sell the U.S. Onshore Wind Energy business. The assets did not align with its growth plan. BP has announced that it will soon begin the process of selling its wind assets. bp Wind Energy is a company with interests in ten operating onshore wind power assets spread across seven U.S. States.
BP Beefs Up Hydrogen Team in Bet on Fuel's Future
BP is beefing up its hydrogen management team as the energy company prepares to accelerate investments in the low-carbon fuel which it believes will play a key role in the world's shift away from fossil fuels.The revamp of the hydrogen team is the first clear sign of changes Anja-Isabel Dotzenrath, a former head of RWE Renewables…
BP Profit Triples to $2.6B in Q1 on Strong Oil, Gas Trading
BP's profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the energy company to start buying back its shares.The jump in profits from a year earlier comes as BP says it expects oil demand to recover in 2021 due to strong growth in the United States and China as COVID-19 vaccination programmes accelera
