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| Version 2 | Version 3 |
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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 |
| (about 11 hours 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 strategy, 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 strategy, would step back from her role from 1 June 2025 to “pursue other opportunities” outside the company. She will not be replaced. |
| BP announced her departure weeks after its chair, Helge Lund, said he would step down from the company by next year, and later faced a shareholder rebellion at its AGM over his role in overseeing BP’s failed green agenda. | BP announced her departure weeks after its chair, Helge Lund, said he would step down from the company by next year, and later faced a shareholder rebellion at its AGM over his role in overseeing BP’s failed green agenda. |
| Chierchia and Lund had faced questions over their future in the months since BP abandoned its green strategy in favour of a renewed focus on oil and gas to increase its profits and bolster its flagging market value. | Chierchia and Lund had faced questions over their future in the months since BP abandoned its green strategy in favour of a renewed focus on oil and gas to increase its profits and bolster its flagging market value. |
| The company’s profits dropped by almost 50% in the first three months of this year to $1.4bn (£1.0bn), from $2.7bn in the same period last year. It reported the worse than expected start to the year after its annual profits fell by a third in 2024 to $8.9bn. BP’s shares fell more than 2% on Tuesday. | |
| BP’s financial struggles have made the company a target for New York hedge fund Elliott Management, which is notorious for amassing stakes in struggling companies in order to agitate for changes that could increase market value, leading to a profit for the fund. | |
| The activist hedge fund has built a 5% stake in BP and has reportedly called on the oil company to U-turn on its green agenda and tighten its financial discipline while undertaking an overhaul of its board. | The activist hedge fund has built a 5% stake in BP and has reportedly called on the oil company to U-turn on its green agenda and tighten its financial discipline while undertaking an overhaul of its board. |
| 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 in September 2023 after admitting that he failed to fully disclose his relationships with female colleagues to the board. | Looney left BP abruptly in September 2023 after admitting that he failed 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 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. | The company 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 plans to lower its planned spending for 2025 by $500m to about $14.5bn this year. It will also 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 plans to lower its planned spending for 2025 by $500m to about $14.5bn this year. It will also 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. |
| The BP chief executive, Murray Auchincloss, said: “In February, we announced a fundamental reset of our strategy – to grow the upstream, focus the downstream and 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. | The company has started up three big oil and gas projects, and made six exploration discoveries. |