Monday, 21 October, 2019

Bob Dudley leaves the BP energy giant

Newly appointed BP CEO Bernard Looney will take over BP's transition to lower-carbon energy as pressure from investors grows to meet targets under the Paris Climate Agreement. Image Jason Alden Bloomberg BP chief to retire having steered oil giant through gulf-spill fallout
Russell Knight | 07 October, 2019, 12:52

Multi-national oil and gas company BP said Friday CEO Bob Dudley will step down in February after 40 years with the British-based energy conglomerate.

Dudley's most notable achievement was rescuing the company in the wake of the Deepwater Horizon catastrophe in the Gulf of Mexico that caused the biggest oil spill in US history and killed 11 people.

Bernard Looney, who now heads up BP's oil and natural gas exploration division Upstream, will succeed Dudley, as had been speculated.

He rose to prominence when he replaced Tony Hayward as chief executive in 2010 - with the world still reeling from the Deepwater Horizon disaster that left 11 oil rig workers dead and 87 days of oil leaking into the Gulf of Mexico.

BP clocked up vast losses on clean-up and compensation costs and was forced to axe thousands of jobs and sell billions of dollars of assets to meet a total bill of about $70 billion.

Looney "has deep experience in the energy sector, has risen through the ranks of BP, and has consistently delivered strong safety, operational and financial performance", Lund said in the statement.

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Dudley described his successor as "a terrific choice" who "knows BP and our industry as well as anyone but is creative and not bound by traditional ways of working". Dudley, 64, officially retires March 31.

Cantor Fitzgerald says: 'Dudley has led BP through perhaps the most challenging time in its history, with the business looking well positioned despite the troubled macro picture and changing energy landscape. McKay is stepping down as deputy group chief executive.

He has led the company into new countries including Mauritania and Senegal, and spearheaded the acquisition of US assets from BHP Group Ltd. past year.

Like other European majors, the company in recent years has also increased its investment in low-carbon energy, which Looney is expected to continue.

Looney successfully led BP's oil and gas production back in 2016 at a time when the industry was still reeling from the collapse in oil prices two years prior.

Looney has run BP's upstream business since April 2016 and has been a member of the company's executive management team since November 2010. The company produces more than 1.2 million barrels of oil per day from its far-flung operations and is projected to earn more than $10 billion in profit this year on $300 billion in revenue. "I have no doubt that he will thoughtfully lead BP through the transition to a low carbon future", he added.

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