BP’s Shares Rise After It Says It Will Increase Oil Output

BP’s new chief executive, Murray Auchincloss, promised a flexible approach to the shift away from fossil fuels as the oil giant reported a $3 billion profit in its latest quarter on Tuesday.

Mr. Auchincloss said in an interview after BP reported earnings that the company was pursuing what he called a “demand strategy.” BP’s shares rose nearly 5 percent in trading in London, where the company is based.

BP has a plan to become what Mr. Auchincloss called an integrated energy company. But in the meantime, “we see growing demand for energy right now across the globe,” he said. “It is not slowing down.”

BP is “going to invest in today’s energy system, to help make sure that prices don’t get out of control,” Mr. Auchincloss said. “So that’s investing into oil and gas,” he added, while also putting money into alternative energy sources like biofuels and hydrogen.

Mr. Auchincloss was confirmed as chief executive of BP in January. The former chief financial officer had been serving in an interim capacity after the departure of his predecessor, Bernard Looney, over his failure to fully disclose personal relationships at the company.

In a presentation to financial analysts on Tuesday, Mr. Auchincloss seemed to suggest a more profit-oriented approach than the one pursued by Mr. Looney, who after becoming chief executive in 2020 began perhaps the most ambitious shift into renewable technologies among the major oil companies.

source

Leave a Reply

Your email address will not be published. Required fields are marked *