BP Chair Helge Lund intends to step down "likely during 2026" and the process to pick his successor has started, the energy group said on Friday amid a campaign by activist hedge fund Elliott for more change at the company.
Lund had backed BP's 2020 strategy under former CEO Bernard Looney to move away from oil and gas, including an ambition to cut its hydrocarbon output by 40% this decade. BP's shares have been underperforming rivals such as Shell and Exxon . BP's market capitalisation of around $84 billion is currently less than half of Shell's.
Following gradual steps away from that strategy - and Looney's departure in 2023 after it emerged he had not disclosed relationships with colleagues - new Chief Murray Auchincloss in February announced a renewed focus on oil and gas.
Elliott Management, which has built a near 5% stake in BP according to sources, wants even more change, including a more ambitious asset disposal programme compared with the group's $20 billion divestment target through 2027.
BP's shares were down 1.7% in early trading compared with a 2% fall for a wider index of energy companies
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Shell has denied reports that it is in talks to acquire BP in a historic £60 billion deal, despite ongoing market speculation about a potential merger between the two oil giants.
bp, in collaboration with its partners, has signed a series of agreements to strengthen and expand its significant oil and gas interests in Azerbaijan.
bp, SOCAR and TPAO today signed several agreements enabling TPAO to join the production sharing agreement (PSA) for the Shafag-Asiman offshore block in the Azerbaijan sector of the Caspian Sea.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
On July 4, Azerbaijani President Ilham Aliyev met with Turkish President Recep Tayyip Erdoğan in Khankendi, reaffirming the deep-rooted alliance between the two nations.
The 17th Summit of the Economic Cooperation Organization (ECO) was successfully held in Khankendi, Azerbaijan, highlighting the region’s revival and the deepening economic cooperation among member states.
European shares dropped on Friday after President Donald Trump intensified tariff threats against the EU, casting doubt on trade talks and dampening investor confidence.
Turkmenistan has gathered 1.407 million tonnes of wheat, matching its 2025 goal after a round-the-clock harvest on 690,000 hectares that officials say was bolstered by new combines and higher state purchase prices.
Azerbaijan Railways CJSC signed a Memorandum of Understanding with the Chinese company 'Xi'an Free Trade Port Construction and Operation' and has opened its representative office and container terminal in the Xi'an International Port.
The UK and Japan have signed a Memorandum of Cooperation (MoC) aimed at enabling increased UK investment into Japan, further strengthening the economic ties between the two nations.
German inflation eased to 2.0% in June, the federal statistics office said on Thursday, confirming preliminary data.
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