Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
British oil logo Major VP.
Images Sopa | LightRockket | Gets the image
Within a few weeks, market languages have been viewed about the potential merger between the UK oil giants – by the end of the SHEL SPECIMS SPECIVICS, the reports that it is negotiating the acquisition of BP.
But as we have reached the fact that the BP, the British oil exploration company, which was founded in 1909 called Anglo-Persian Oil Company, is now regarded as a possible target for its long competitor?
Reset
Back in 2020, under the guidance of the recently appointed CEO Bernard Luni, BP announced that he would start reworking himself as a “Net-Zero by 2050 and earlier,” “ During increasing investment in renewable energy projects. The energy giant pledged to “perform during the transformation” when he posted this new strategy.
At the time, Luni acknowledged that the shift would be a problem, but claimed it was “also a great opportunity”.
The original explosion
LOOONY launched the strategy as the COVID-19 pandemic has made its way around the world, causing a shock and craters for raw prices. The energy giant posted its first loss for the full year in ten years, but the company continued its refurbishment, sending the annual profit in 2021 at $ 7.6 billion, than more than $ 27.65 billion in 2022, when Russia’s invasion sent oil prices to Ukraine.
BP Price of Shares.
LOOONY praised the results by telling Cnbc Now the firm relied on its strategy.
“We announce up to $ 8 billion more investment in energy transition in this decade, and up to $ 8 billion more in oil and gas in support of energy safety and energy availability in this decade,” he said.
This increase in investment in the company’s energy transition has been strengthened by forecasts published in the BP 2023 The prospect of energythat the share of fossil fuels in primary energy in 2019 will decrease from approximately 80% to 20% in 2050.
Luni is sent
The BP remained when Bernard Luni dramatically announced his resignation in September 2023 after less than four years of work, and the company showed that he was not “completely transparent in his previous disclosure” about the workplace before becoming the CEO.
Then the chief financial director Murray Auhinklos entered the CEO before he was appointed constantly in January 2024.
But the man who directed the VR vision as a renewable energy giant has already left the building.
Fastening speculation
Reduction of the annual profit in 2023 and 2024, as well as the departure of Luni and the constant insufficient performance of BP shares compared to peers, raised fresh questions about the oil major strategy and its future as an autonomous campaign. Apart from Shell, Chevron and Exxon Mobil were also considered as potential grooms for BP, and Adnoc Emirates “Emirates” reportedly looked at some of its gas assets.
Activist Investor Eliot As reported Strategic reset BP This seeks to increase investment in oil and gas and reduce the focus on renewable energy sources. Investors have not yet impressed, and since then the shares have decreased by 15%.
Speaking before CNBC’s AprilAuchinCloss got rid of concern that the company was the goal of the absorption, saying: “We are a strong, independent company. Its peers, CEO of Shell Wael Sawan June What “we have a very high bar” for M&A capabilities, but claimed that the company continues to prefer to buy its own stock.
What’s next
It seems that the reliable rejection of these Shell reports appears to throw cold water on a potential application for absorption on BP. Morningstar allen Good’s senior analyst has questioned the BP shell’s merits at this point, saying CNBC that “if the assessment is not super attractive,” it probably doesn’t follow the headache.
