BP forced to delay crucial investor meeting as boss recovers from surgery
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BP has postponed a crucial investor meeting as its boss recovers from surgery amid falling profits and slowing production. The FTSE 100 oil giant yesterday said it has delayed next month’s Capital Markets Day to allow chief executive Murray Auchincloss to recuperate after a ‘planned medical procedure’.
BP warned, meanwhile, that profit for the fourth quarter would be lower than the previous three-month period amid weaker trading at the end of 2024. Auchincloss, who took over from disgraced former boss Bernard Looney a year ago, is ‘recovering well’ and is expected to be back in the office next month, BP said.
But the investor update scheduled for February 11 in New York will now take place in London on February 26. Investors are eagerly awaiting clarity on BP’s strategy after putting pressure on Auchincloss, 54, to row back on his predecessors’ shift to green energy. Shareholders have pressed the Canadian businessman to abandon some climate targets.
Operation: BP said it has delayed next month’s Capital Markets Day to allow chief exec Murray Auchincloss (pictured) to recuperate. after a ‘planned medical procedure’. Last year it was reported that he planned to scrap a pledge to cut oil production to 2m barrels a day by the end of the decade.
It comes amid concerns that BP has underperformed its London rival Shell and is lagging behind US peers such as Exxon Mobil and Chevron. Panmure Liberum analyst Ashley Kelty said:‘We remain of the view that the incumbent board do not have the courage to change direction and revitalise the strategy.
