{"id":60406,"date":"2023-09-13T09:16:24","date_gmt":"2023-09-13T13:16:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bp-ceos-exit-casts-doubt-on-idea-oil-companies-can-lead-green-transition\/"},"modified":"2023-09-13T09:16:27","modified_gmt":"2023-09-13T13:16:27","slug":"bp-ceos-exit-casts-doubt-on-idea-oil-companies-can-lead-green-transition","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60406","title":{"rendered":"BP CEO’s Exit Casts Doubt on Idea Oil Companies Can Lead Green Transition"},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

The sudden departure of
\n BP
\n Chief Executive Bernard Looney will create further skepticism that oil companies can lead the transition to greener, low-carbon energy.<\/p>\n

BP\u2019s London shares were down 0.4% on Tuesday after the announcement of Looney\u2019s exit. Its American depositary receipts (ticker: BP) rose 2.3% in premarket trading. Looney resigned suddenly after the company found he failed to fully disclose past relationships with colleagues.<\/p>\n

\n

Environmental activists may have doubted that Big Oil was ever interested in cutting carbon emissions and working toward net zero. But Looney was certainly paying attention to concerns about climate change and, unlike his peers at American rivals
\n Exxon
\n (XOM) and
\n Chevron
\n (CVX), tried to set the company on a different path.\u00a0<\/p>\n

Looney, who took the CEO role less than four years ago, was an advocate of investing in renewable sources of energy and had explicitly committed to reducing the company\u2019s carbon emissions and shifting it away from producing fossil fuels.<\/p>\n

That may have seemed reasonable, and perhaps even commercially savvy, when Looney took the reins in 2020 and oil prices were plummeting. But he faced a backlash when crude prices spiked last year, boosted by the emergence from the Covid-19 pandemic and Russia\u2019s invasion of Ukraine.\u00a0<\/p>\n

Investors became frustrated as BP\u2019s valuation lagged behind Exxon and Chevron, and Looney\u2019s green ambitions shouldered much of the blame. Looney dialed back his plans to shrink emissions in February this year.\u00a0<\/p>\n

BP is still behind. It trades at 7.1 times forward earnings, compared with 13.1 for Exxon, 11.9 for Chevron, and 7.8 for European rival
\n Shell
\n (SHEL), which has also backed away from environmental goals.\u00a0<\/p>\n

This isn\u2019t the first time BP has tried to remake itself with a greener image. Former CEO John Browne changed the company\u2019s name from British Petroleum to BP more than 20 years ago and suggested the initials could stand for \u201cBeyond Petroleum.\u201d<\/p>\n

Looney is also the third out of the last four BP CEOs to leave under a cloud. Browne resigned in 2007 amid controversy over his personal life. His successor Tony Hayward left after the Deepwater Horizon disaster and Gulf of Mexico oil spill, which wiped out any progress BP might have made in burnishing its green credentials.<\/p>\n

Bob Dudley served as CEO from 2010 until early in 2020, a decade in which the company sold off assets, renegotiated its position in Russia and worked to pay off the $65 billion in fines and penalties from Deepwater Horizon. Looney, a lifelong veteran of BP and previously the head of the exploration and production division, succeeded Dudley.<\/p>\n

BP said Chief Financial Officer Murray Auchincloss will run the company on an interim basis.<\/p>\n

Write to Brian Swint at brian.swint@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The sudden departure of BP Chief Executive Bernard Looney will create further skepticism that oil companies can lead the transition to greener, low-carbon energy. BP\u2019s London shares were down 0.4% on Tuesday after the announcement of Looney\u2019s exit. Its American depositary receipts (ticker: BP) rose 2.3% in premarket trading. Looney resigned suddenly after the company […]<\/p>\n","protected":false},"author":1,"featured_media":60407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-60406","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBP CEO's Exit Casts Doubt on Idea Oil Companies Can Lead Green Transition | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The sudden departure of BP Chief Executive Bernard Looney will create further skepticism that oil companies can lead the transition to greener, low-carbon\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=60406\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BP CEO's Exit Casts Doubt on Idea Oil Companies Can Lead Green Transition | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"The sudden departure of BP Chief Executive Bernard Looney will create further skepticism that oil companies can lead the transition to greener, low-carbon\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=60406\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-13T13:16:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T13:16:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/1694610985_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=60406#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=60406\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"BP CEO’s Exit Casts Doubt on Idea Oil Companies Can Lead Green Transition\",\"datePublished\":\"2023-09-13T13:16:24+00:00\",\"dateModified\":\"2023-09-13T13:16:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=60406\"},\"wordCount\":464,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=60406#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=60406\",\"url\":\"https:\/\/ifintechworld.com\/?p=60406\",\"name\":\"BP CEO's Exit Casts Doubt on Idea Oil Companies Can Lead Green Transition | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-09-13T13:16:24+00:00\",\"dateModified\":\"2023-09-13T13:16:27+00:00\",\"description\":\"The sudden departure of BP Chief Executive Bernard Looney will create further skepticism that oil companies can lead the transition to greener, low-carbon\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=60406#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=60406\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=60406#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"BP CEO’s Exit Casts Doubt on Idea Oil Companies Can Lead Green Transition\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"BP CEO's Exit Casts Doubt on Idea Oil Companies Can Lead Green Transition | iFintechWorld","description":"The sudden departure of BP Chief Executive Bernard Looney will create further skepticism that oil companies can lead the transition to greener, low-carbon","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=60406","og_locale":"en_US","og_type":"article","og_title":"BP CEO's Exit Casts Doubt on Idea Oil Companies Can Lead Green Transition | iFintechWorld","og_description":"The sudden departure of BP Chief Executive Bernard Looney will create further skepticism that oil companies can lead the transition to greener, low-carbon","og_url":"https:\/\/ifintechworld.com\/?p=60406","og_site_name":"iFintechWorld","article_published_time":"2023-09-13T13:16:24+00:00","article_modified_time":"2023-09-13T13:16:27+00:00","og_image":[{"width":1024,"height":512,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/1694610985_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=60406#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=60406"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"BP CEO’s Exit Casts Doubt on Idea Oil Companies Can Lead Green Transition","datePublished":"2023-09-13T13:16:24+00:00","dateModified":"2023-09-13T13:16:27+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=60406"},"wordCount":464,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=60406#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=60406","url":"https:\/\/ifintechworld.com\/?p=60406","name":"BP CEO's Exit Casts Doubt on Idea Oil Companies Can Lead Green Transition | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-09-13T13:16:24+00:00","dateModified":"2023-09-13T13:16:27+00:00","description":"The sudden departure of BP Chief Executive Bernard Looney will create further skepticism that oil companies can lead the transition to greener, low-carbon","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=60406#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=60406"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=60406#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"BP CEO’s Exit Casts Doubt on Idea Oil Companies Can Lead Green Transition"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/60406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60406"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/60406\/revisions"}],"predecessor-version":[{"id":60408,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/60406\/revisions\/60408"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/60407"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}