Will going back to basics restore BP’s fortunes?

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Financial Times 12h ago

Will going back to basics restore BP’s fortunes? - Financial Times

Quick Summary:

And after its rivals Shell and TotalEnergies set out ambitious plans to move beyond oil and gas to building solar and wind farms and selling electricity, the pressure for action rose inexorably.“I remember going into a meeting with investors in Toronto [in 2016] where they said we were the next Big Tobacco,” says Gilvary.

Looney announced BP’s green pivot in February 2020 and promised to lay out more detail later in the year, after the company and its advisers, primarily McKinsey, worked on translating the vision into hard numbers.

But his delay in jettisoning Looney’s plans and a series of poor quarterly results have put the company under intense pressure.“I don’t think he [Auchincloss] is in control of events,” says one former senior BP executive.“He’s a good guy but he’s in a difficult position now.