#murray auchincloss

[thoughtlessarse]

A memorandum of understanding was signed by Iraq's Oil Minister Hayan Abdel Ghani and BP's CEO Murray Auchincloss, Prime Minister Mohamed Shia al-Sudani's media office said. "The memorandum includes the rehabilitation and development of the four oilfields under the North Oil Company in Kirkuk: the Kirkuk oilfield, Bai Hassan, Jambur and Khabbaz oilfields," the statement said. "This initiative is part of the government's efforts to optimally invest in promising energy opportunities, aiming to increase and enhance oil production and gas and solar energy investments," it added. BP is one of the biggest foreign players in Iraq's oil sector, with a history of producing oil in the country dating back to the 1920s when it was still under British mandate. According to the World Bank, Iraq has 145 billion barrels of proven oil reserves -- among the largest in the world -- amounting to 96 years' worth of production at the current rate.

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Climate crisis? What climate crisis?

[songsofprotestpeacerevolution]

Louise Harris - We Tried

All proceeds of this song go to climate causes.

Meet Your Murderers [The faces on the wall in the video]: • Suella Braverman - Former UK Home Secretary - Imprisoned climate activists, introduced a police state, removed our legal right to protest in the streets. • Rishi Sunak - UK Prime Minister - Approved over 100 new oil and gas licences 1 week after his family signed a billion dollar deal with BP. • Grant Schapps - Former UK Secretary of State for Energy Security and Net Zero. • Claire Coutinho - Current UK Secretary of State for Energy Security and Net Zero. • Jonathan Harmsworth or "4th Viscount Rothermere" - Chairman and Controlling Shareholder of the Daily Mail and General Trust - Perpetuates climate denial, demonises climate activists. • Rupert Murdoch - Owner of News Corp. (The Sun, Wall Street Journal, The Australian) & Fox News - Climate denying news outlets, demonise climate activists. • Jes Stanley - Former CEO of Barclays - Barclays is the worst bank in the UK, and one of the worst in Europe, for financing fossil fuel projects. • Coimbatore Sundararajan Venkatakrishnan, also known as Venkat - Current CEO of Barclays. • Ben van Beurden - Former CEO of Shell. • Wael Sawan - Current CEO of Shell. • Bernard Looney - Former CEO of BP. • Murray Auchincloss - Chief Financial Officer of BP and Current interim CEO.

[norainahmadme-blog]

BP Profit Falls, but It Still Sees ‘Potential to Grow’ in Oil and Gas

The energy giant’s chief executive, Murray Auchincloss, has taken a profit-oriented approach and said in an interview that the company’s “principal aim” was increasing earnings. Source link

[rjzimmerman]

Exclusive: BP abandons goal to cut oil output, resets strategy. (Reuters)

Excerpt from this Reuters story:

 BP (BP.L), opens new tab has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said.

When unveiled in 2020, BP's strategy was the sector's most ambitious with a pledge to cut output by 40% while rapidly growing renewables by 2030. BP scaled back the target in February last year to a 25% reduction, which would leave it producing 2 million barrels per day at the end of the decade, as investors focused on near-term returns rather than the energy transition.

The London-listed company is now targeting several new investments in the Middle East and the Gulf of Mexico to boost its oil and gas output, the sources said.

Auchincloss took the helm in January but has struggled to stem the drop in BP's share price, which has underperformed its rivals so far this year as investors question the company's ability to generate profits under its current strategy.

The 54-year-old Canadian, previously BP's finance head, has sought to distance himself from the approach of his predecessor Bernard Looney, who was sacked for lying about relationships with colleagues, vowing instead to focus on returns and investing in the most profitable businesses, first and foremost in oil and gas.

The company continues to target net zero emissions by 2050.

"As Murray said at the start of year... the direction is the same – but we are going to deliver as a simpler, more focused, and higher value company," a BP spokesperson said.

[prcg]

BP abandona su objetivo de reducir la producción de petróleo y gas

Cuando se dio a conocer en 2020, la estrategia de BP era la más ambiciosa del sector, con el compromiso de reducir la producción en un 40% y, al mismo tiempo, hacer crecer rápidamente las energías renovables para 2030. BP abandonó su objetivo de reducir la producción de petróleo y gas para 2030, mientras el director ejecutivo Murray Auchincloss reduce la estrategia de transición energética de la…

[secretstalks]

Anant Mukesh Ambani and bp CEO Murray Auchincloss Celebrate 500th Jio-Bp Pulse EV Charging Station Milestone

Anant Mukesh Ambani, Director of Reliance Industries Limited (RIL), and bp CEO Murray Auchincloss have inaugurated the 500th Jio-bp Pulse EV charging station at the Jio World Centre (JWC) in BKC, Mumbai. This milestone underscores the ambitious rollout of 5,000 Jio-bp charging points across India.

Advancing EV Charging Infrastructure in India

Jio-bp Pulse has swiftly established a robust network of 5,000 charging points across 500 stations, with an impressive 95% of its infrastructure dedicated to fast-charging options. This positions Jio-bp as a frontrunner in the Indian market, particularly in the high-performance 480 KW public charger segment.

The newly opened EV charging station serves visitors to the Nita Mukesh Ambani Cultural Centre and marks a significant achievement in expanding Jio-bp’s nationwide charging network.

In just one year, Jio-bp has scaled its stations from 1,300 to 5,000, boasting an unmatched ratio of fast charging stations. The company aims to become India’s most reliable charging network, offering high-speed charging with an exceptional 96% uptime.

Additionally, Jio-bp has rolled out state-of-the-art 480 KW chargers, accompanied by unique Customer Value Propositions (CVPs) to enhance charging efficiency at various locations, including malls, corporate parks, hotels, and rest areas. By alleviating range anxiety and minimizing charging times through DC fast chargers, Jio-bp is enriching the electric vehicle (EV) experience with its innovative Jio-bp pulse charging app, thereby promoting greater EV adoption across India.

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[influencermagazineuk]

Shell's $1 Billion Pause on Green Fuel Factory

A giant green gas plant being built in Rotterdam by Shell has been paused at the expense of the affected company to the tune of a billion dollars. It was to help airlines cut carbon emissions. With rising costs and occasional fees, Shell halted the undertaking, disappointing airways that wished for more sustainable fuels. The Anglo-Dutch firm has brought to a halt the construction of a ginormous green gas factory in Europe, that has resulted in a loss of $1 billion. The Rotterdam factory was supposed to fill the diesel tanks of European airways and truckers with planet-friendly fuel. Barely weeks after stopping the development, shell came out saying it had done so on a Friday morning.The move is a significant blow to the dreams of airlines to deliver low-carbon flights. Shell cited increased costs and weak pricing as the reason for canceling the plan. The manufacturing plant was supposed to supply 820,000 tons per year of biofuels. Half of that was to be renewable jet fuel, nevertheless, which is produced from waste vegetable oils and animal fats.Airlines have all held out for sustainable jet fuel as a central component of their strategy to market flights as "low carbon." It is all a part of its effort to reduce business impacts on the environment. Shell was seen as a crucial SAF supplier because of exposing its Dutch branch to launching the biofuel project in 2021. The production facility was expected to commence in 2025. A claim not isolated in itself, the move by Shell is the latest in a line of blows to low-carbon projects by major energy companies. BP announced today that it would not invest in any new offshore wind projects. Its new boss, Murray Auchincloss, decided to shift towards fossil fuels. He also brought a halt to biofuel projects in Germany and the US.Apart from suspending the green gas manufacturing unit, it recently announced a write-down of between $600 million and $800 million associated with the sale of the refining and chemicals hub in Singapore. Since Wael Sawan was appointed top govt of Shell in January 2023, he has been refocusing business enterprise strategy on oil and fuel in search of returns.The updated approach differs from an earlier policy at Shell, where management had committed to reducing oil production each year until 2030. According to Wael Sawan, new assets brought on stream in the last year would add over 200,000 barrels of oil equivalent to peak production. These projects are part of a broader program due to come onstream with the aid of 2025. At their peak all projects combined will add more than half of 1,000,000 barrels of oil equivalent per day to Shell's production. On the whole, Shell stopping the Rotterdam green gasoline project and refocusing its priorities back to conventional oil and fuel depicts a gigantic struggle for the future of low-carbon aviation fuel. The move shook the company not only in financial terms but also in terms of the expectations of carriers and environmentalists looking toward a greener aviation sector. Read the full article

[ceevee5]

“Value for shareholders” will always trump global warming for fossil fuel giants.

[petnews2day]

BP chief's £8m pay deal fuels calls for fat-cat bonus tax

New Post has been published on https://petn.ws/BhAIg

BP chief's £8m pay deal fuels calls for fat-cat bonus tax

BP’s new boss was paid more than £8m last year, before he took over the top job full-time from his ousted predecessor. The revelation of his rewards package sparked fresh calls for more hard hitting windfall taxes on the oil industry as well as a bonus tax on executives. Murray Auchincloss’s pay package consisted of […]

See full article at https://petn.ws/BhAIg #CatsNews

[akashambanifc91]

Bob Dudley, Former CEO bp and Murray Auchincloss, CEO bp and PMS Prasad, Executive Director, Reliance Industries Limited देशी-विदेशी सब मेहमान अनंत-राधिका को आर्शीवाद देने जामनगर पहुंच रहे हैं

[omegatrades]

Is BP Stock a Buy? Here's Why Investors Are Taking Another Look

BP's Shift Back to Oil and Gas

BP Stock Price Hasn't Reacted to This News

Undervalued U.S. Operations

BP, one of the largest oil producers in the Gulf of Mexico, holds a strong position in U.S. regions like Permian, Haynesville, and Eagle Ford. The market, however, seems slow to recognize this shift. U.S.-listed shares trade around $34, hitting a 52-week low. With a price-to-earnings ratio of just seven times projected 2024 earnings, BP stands out as a cheap investment among European energy companies.

Attractive Dividend Yield and Share Repurchase Plan

BP offers a 5% dividend yield, the highest among oil majors. The company prioritizes dividend growth, aiming for a 4% annual increase even if benchmark crude prices fall. Additionally, BP has an active share-repurchase plan, having repurchased about $8 billion of stock in 2023 and expected to repurchase $4 billion to $6 billion in 2024.

Leadership Change and Investor-Friendly Approach

Murray Auchincloss, BP's new CEO, is seen as shareholder-friendly, indicating a commitment to traditional energy businesses. Auchincloss plans to double production to 650,000 barrels a day by 2030, potentially quadrupling annual free cash flow to $4 billion.

Robust Earnings Outlook and Resource Base

BP targets $55 billion of earnings before 2030, up from an estimated $43 billion in 2023. The company plans to maintain a transition business segment, contributing about $12 billion in earnings. With a currently recoverable resource base of 18 billion barrels of oil equivalent, BP has significant reserves.

Challenges and Opportunities

Despite challenges in its wind business, investors see potential in BP's mobility and convenience division. Focus on the higher-return parts of the low-carbon value chain is crucial for success. There's also speculation about potential activist interest, given BP's estimated sum-of-the-parts value, making it a potential acquisition candidate.

Conclusion: A Low-Risk Play on the Future of Oil

BP's strategic shift back to oil and gas, coupled with its undervalued stock, attractive dividend yield, and robust earnings outlook, positions it as a low-risk investment in the oil sector. As the company navigates its pivot and addresses investor concerns, it presents an opportunity for those seeking exposure to the future of oil and beyond.

Want More? Get AI Stock Reports.

[leprivatebanker]

BP to appoint interim boss Murray Auchincloss as chief executive

He will replace Bernard Looney, who abruptly resigned from the energy company last year

[olko71]

New Post has been published on All about business online

New Post has been published on https://yaroreviews.info/2023/12/bp-bernard-looney-to-forfeit-32m-after-misconduct

BP: Bernard Looney to forfeit £32m after 'misconduct'

Getty Images

Former BP boss Bernard Looney is to be dismissed without notice and will forfeit up to £32.4m after the oil giant found he committed “serious misconduct” over relationships with colleagues.

Mr Looney will not receive further salary or benefits, the oil giant said.

He resigned in September after admitting not being “fully transparent” about his past personal relationships.

The board said they had been “knowingly misled” by Mr Looney.

On Wednesday the firm said Mr Looney had given “inaccurate and incomplete assurances” as part of an investigation into the relationships in 2022.

His dismissal means he will get no further salary, pension allowance or benefits, no annual bonus, and lose out on nearly £25m in share awards.

Mr Looney had spent his career at BP, which he joined in 1991 as a drilling engineer.

Born in Ireland and raised on a farm, he became a member of its executive team in 2010.

Before taking over as chief executive from Bob Dudley, he was previously head of oil and gas production.

Chief financial officer Murray Auchincloss has been acting as interim chief executive while the oil firm investigated allegations about Mr Looney, and searched for his successor.

Mr Looney was approached for comment.

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More on this story

BP boss out after board misled over relationships

13 September