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| BP green energy chief to exit as it retreats from low-carbon investments | BP green energy chief to exit as it retreats from low-carbon investments |
| (31 minutes later) | |
| Oil company says Giulia Chierchia will not be replaced after pressure from investors including Elliott | Oil company says Giulia Chierchia will not be replaced after pressure from investors including Elliott |
| The architect of BP’s failed green energy agenda will leave the embattled oil company within months as it continues its retreat from low-carbon investments amid a sharp fall in profits. | The architect of BP’s failed green energy agenda will leave the embattled oil company within months as it continues its retreat from low-carbon investments amid a sharp fall in profits. |
| The oil company said Giulia Chierchia, the executive in charge of BP’s sustainability ventures, would step back from her role from 1 June 2025 to “pursue other opportunities” outside the company. She will not be replaced. | The oil company said Giulia Chierchia, the executive in charge of BP’s sustainability ventures, would step back from her role from 1 June 2025 to “pursue other opportunities” outside the company. She will not be replaced. |
| BP, which is under pressure from the New York hedge fund Elliott Management, has also promised investors it will tighten its spending, particularly in low-carbon energy, and increase its plans to sell off parts of the business as part of its efforts to improve the company’s flagging market value. | BP, which is under pressure from the New York hedge fund Elliott Management, has also promised investors it will tighten its spending, particularly in low-carbon energy, and increase its plans to sell off parts of the business as part of its efforts to improve the company’s flagging market value. |
| As it announced a 49% drop in profits for the first quarter, BP said it would lower its planned spending for 2025 by $500m (£373m) to about $14.5bn this year. | As it announced a 49% drop in profits for the first quarter, BP said it would lower its planned spending for 2025 by $500m (£373m) to about $14.5bn this year. |
| It also plans to divest between $3bn and $4bn of assets, up from its previous plan to sell off business interests worth $3bn this year. The company aims to sell $20bn in total by the end 2027. | It also plans to divest between $3bn and $4bn of assets, up from its previous plan to sell off business interests worth $3bn this year. The company aims to sell $20bn in total by the end 2027. |
| BP’s share price has lagged its industry rivals in recent years after former chief Bernard Looney set the company on course to become a “net zero” energy company under Chierchia – whom he hired months after taking the top job in early 2020. | BP’s share price has lagged its industry rivals in recent years after former chief Bernard Looney set the company on course to become a “net zero” energy company under Chierchia – whom he hired months after taking the top job in early 2020. |
| Looney left BP abruptly BP in September 2023 after failing to fully disclose his relationships with female colleagues to the board. | |
| BP said Chierchia’s sustainability team would be integrated into other parts of BP’s business to “simplify our structure” and enable “quicker decision-making and clearer accountabilities”. | BP said Chierchia’s sustainability team would be integrated into other parts of BP’s business to “simplify our structure” and enable “quicker decision-making and clearer accountabilities”. |
| The company was reportedly under pressure to oust Chierchia, the driving force behind its failed pivot towards green energy by investors including Elliott, which has built up a 5% share in the company. | The company was reportedly under pressure to oust Chierchia, the driving force behind its failed pivot towards green energy by investors including Elliott, which has built up a 5% share in the company. |
| The hedge fund is notorious for amassing shares in struggling companies in order to agitate for changes that could increase market value, leading to a profit for the fund. | |
| BP’s profits plummeted to $1.4bn in the first quarter of this year from $2.7bn in the same period last year while its net debt has climbed to almost $27bn from $24bn from this time last year. | BP’s profits plummeted to $1.4bn in the first quarter of this year from $2.7bn in the same period last year while its net debt has climbed to almost $27bn from $24bn from this time last year. |
| The BP chief executive, Murray Auchincloss, said: “In February, we announced a fundamental reset of our strategy – to grow the upstream, focus the downstream an invest with discipline in the transition – and we have already made significant progress.” | The BP chief executive, Murray Auchincloss, said: “In February, we announced a fundamental reset of our strategy – to grow the upstream, focus the downstream an invest with discipline in the transition – and we have already made significant progress.” |
| The company has started up three big oil and gas projects, and made six exploration discoveries. |