BP boss Murray Auchincloss has medical procedure as oil company faces weaker trading
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Energy giant BP has been forced to postpone an investor presentation originally planned for New York as chief Murray Auchincloss needs more time to recover following a medical operation, signaling softer trading towards the year's end. A statement from the firm confirmed that the capital markets day, initially scheduled for February 11 in the Big Apple, has been pushed back until February 26 and relocated to London "to ensure his full recuperation".
BP reassured investors that their annual results would still be announced on February 11, as previously set out. The company said: "Mr Auchincloss has recently undergone a planned medical procedure from which he is recovering well. He will be back in the office by February.".
Mr Auchincloss took over as CEO in January last year after former leader Bernard Looney abruptly left his post in September 2023, amid revelations that he had not declared past relationships with fellow staff members at BP. The update on Mr Auchincloss's health surfaced as BP, in a preliminary notice before its full-year earnings, stated that output of oil and gas during the fourth quarter was less than that seen in earlier quarters. Additionally, they forecast that oil trading might reveal "weak" performance.
Expected impacts include diminished refining margins that could weaken results by an estimated $100m (£82m) to $300m (£246m). On top of this, the energy titan anticipates impairments of up to $2bn (£1.6bn), along with higher yearly expenses of about $600m (£491m) within its assorted business divisions and corporate sector due to foreign exchange setbacks.
