Meg O’Neill is overseeing rapid clearing of the decks at BP after strategic muddle of recent years, with ‘message’ for new PM BP boss urges Burnham to prioritise UK oil and gas Revealed: major oil firms make $93bn profits amid war and climate crisis BP will ignore “sentiment” and “history” in pruning its portfolio of assets, says its new-ish boss, Meg O’Neill. She demonstrated as much last week when putting the company’s 60-year-old North Sea oil and gas business up for sale, explaining on Tuesday that “it just doesn’t compete” in the internal battle for capital. Now comes a disposal that delivers an equally unsentimental message about priorities. The US biogas business, Archaea, which was a prized acquisition in the brief green-tinged era of Bernard Looney, is on the block less than four years after BP bought it for $4bn (£2.98bn). Continue reading...
The high street billionaire Mike Ashley is leading a race to acquire a collection of London buildings in what would represent a further expansion of his burgeoning property empire.
Iran conflict windfall over three months reignites calls for companies ‘cashing in on human misery’ to pay for environmental damage BP boss urges Burnham to prioritise UK oil and gas Nils Pratley: BP boss is unsentimental in pruning portfolio Eight of the biggest oil companies amassed profits of more than $90bn (£67bn) in just three months as the Iran conflict sent energy prices soaring and the emissions-fuelled climate crisis caused deadly heatwaves. The windfall war profits have reignited calls for oil and gas supermajors such as Saudi Aramco and BP to pay for the environmental damage caused by “cashing in on human misery” and fund a rapid transition to renewable energy. Continue reading...