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FT: BP CEO resigns

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Looney took over the role in 2020, replacing Bob Dudley, who retired that year

FT: ΠαραιτεΙται ο CEO τησ BP

BP chief executive Bernard Looney is expected to step down, the Financial Times reported on Tuesday.

Looney joined BP in 1991 aged 21 and has spent his entire career with the company. He became CEO in 2020 with a primary mission to transform the oil producer into an integrated energy company.

The CEO had pledged to reduce oil and gas production while investing in clean energy technologies such as wind power, hydrogen and electric vehicle charging.

The British energy major reported second-quarter underlying replenishment cost earnings, used as a proxy for net profit, of $2.6 billion. Analysts had expected BP to report a second-quarter profit of $3.5 billion, according to estimates compiled by Refinitiv.

The second-quarter result compared with a $4.96 billion profit that recorded in the first three months of the year and with $8.5 billion recorded in the second quarter of 2022.

However, BP increased its dividend by 10% to 7.27 cents per share, in its fourth increase since halving in the outbreak of the pandemic three years ago.

With information from FT

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Source: www.kathimerini.com.cy

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