Oil Crisis Presents BP’s New CEO With a Chance to Change

(Bloomberg) — As Bernard Looney took to the stage in London in February to announce his plan to transform BP Plc for a low-carbon future, the U.K. capital confirmed its first case of Covid-19.The oil giant’s chief executive officer couldn’t have known how the virus would shake the foundations of his industry: since the start of the pandemic, BP has said it will write off as much as $17.5 billion of fossil-fuel assets, slash 10,000 jobs and exit the petrochemicals business. And on Tuesday, it may announce the first dividend cut since the Macondo oil-spill disaster a decade ago.But despite …read more

Source:: Yahoo Finance