07/16 Closing Prices / revised 07/17/2024 08:15 GMT |          07/16 OPEC Basket  $84.44   -$0.87 cents 07/16 Mexico Basket (MME) $74.97   -$1.06 cents  | 06/31 Venezuela Basket (Merey)  $69 23   -$1.22 cents| 07/16 NYMEX WTI  August CLQ24  $80.76 -$1.15 cents  | 07/16 ICE Brent Sept  BRNU24 $83.73 -$1.12 cents  | 07/16 NYMEX Gasoline Aug RBQ24 $2.48 -0.6 %  |  07/16 NYMEX  Heating Oil  Aug  RBQ 24   $2.47  -1.8% | 07/16 Natural Gas August NGQ 24    $2.19 +1.4%  | 07/12 Active U.S. Rig Count (Oil & Gas)    584  -1  | 07/17 USD/MXN Mexican Peso   17.6789 (data live)  | 07/17 EUR/USD   1.0910 (data live)  | 07/17 US/Bs. (Bolivar)   $36.5060000 (data BCV)

BP names interim boss Murray Auchincloss as permanent chief executive – The Guardian

Former finance chief to replace Bernard Looney, who departed unexpectedly last year. Auchincloss has been on the BP board since he became chief financial officer four years ago. (Amr Alfiky/Reuters)

Jillian Ambrose, The Guardian

EnergiesNet.com 01 19 2024

The oil company BP has appointed its former chief financial officer, Murray Auchincloss, as its new chief executive after the shock departure of Bernard Looney last year.

BP said Auchincloss, who has acted as interim chief executive since September, would take up the permanent role with immediate effect. He succeeds Looney, who stepped down after failing to disclose to the board personal relationships with colleagues.

The appointment brings to an end a “robust and competitive search process” that many believed would lead to the oil supermajor’s first external chief executive hire in its history.

Auchincloss, a 53-year-old Canadian national, joined BP when it took over the oil company Amoco in 1998 and has been on the board since he became chief financial officer four years ago. In his new role he will take home an annual salary of £1.45m before pension and bonus opportunities.

He reportedly competed for the role against Carol Howle, BP’s head of trading and shipping, and Emma Delaney, the head of customers and products. The chief executive of BAE Systems, Charles Woodburn, was also reportedly linked to the role.

Helge Lund, the BP chair, said: “Since September, BP’s board has undertaken a thorough and highly competitive process to identify BP’s next CEO, considering a number of high-calibre candidates in detail. The board is in complete agreement that Murray was the outstanding candidate and is the right leader for BP.

“Many already know Murray well, and few know BP better than he does. His assured leadership, focus on performance and delivery, and deep understanding of the opportunities and challenges in the energy transition will serve BP well as we continue our disciplined transformation to an integrated energy company.”

Auchincloss said: “Our strategy – from international oil company to integrated energy company, or IOC to IEC – does not change. I’m convinced about the significant value we can create.

“Now, more than ever, our focus must remain on delivery – operating safely and efficiently, executing with discipline, and always focusing on returns. This is how we will deliver real benefits for our customers and other stakeholders and continue to grow long-term value for BP’s shareholders.”

Looney became the third of BP’s last four bosses to leave the role abruptly when he announced his decision to step down with immediate effect last September.

BP said Looney had admitted that he had not been “fully transparent in his previous disclosures” about personal relationships with colleagues, and “accepts he was obligated to make more complete disclosure”.

theguardian.com 01 17 2024

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top