(Bloomberg) — BP Plc CEO Bernard Loney will step down, the Financial Times reported, citing two unnamed people.
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The company’s US depositary receipts rose as much as 2.9% on the news. BP declined to comment.
Loney oversaw an effort to transition one of the world’s most valuable oil explorers to post-fossil fuel power before scaling back some of its more ambitious ambitions and reviving spending on crude and natural gas.
An electrical engineer trained at University College Dublin, Loney is a lifeblood of BP, rising through the chain of command from drilling engineer to head of exploration before moving up to chief executive in early 2020.
The report comes a month after the London-based company said it would raise its dividend by 10 percent and buy back another $1.5 billion in shares. The payments from BP and rival oil majors have drawn some criticism at a time when many households are grappling with the cost of living and the world is looking for huge investment in low-carbon energy.
Similarly, BP’s profit fell more than expected last quarter.
(The company declined to provide further details.)
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