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The Latest Breaking News from Bernard Looney

Cost-of-living crisis: Boris Johnson wants to cut 90,000 civil servants

The Prime Minister hinted the money saved by cutting the Civil Service by a fifth could be used for tax cuts.

The Independent UK

Looney’s tune on windfall taxes is unpersuasive

The BP chief executive calls the proposed levy ‘unpredictable’ but it is also thoroughly affordable

The Guardian - UK

Why has Boris Johnson taken his cabinet to Stoke-on-Trent for ‘away day’?

Ministers asked to ‘bring Queen’s Speech to life’ with 300-mile round trip to Staffordshire

The Independent UK

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Rishi Sunak plans North Sea oil windfall tax to ease cost of living crisis

The Chancellor is reported to have ordered officials to look at the Labour plan to impose a one off tax on the massive profits generated in the North Sea.

Daily Record

Boris Johnson wavering on opposition to windfall tax amid backlash

BORIS Johnson has signalled he could cave in to opposition demands for a windfall tax on energy companies to help tackle the cost of living crisis.

The National (Scotland)

North Sea oil and gas bosses get combined £25m pay rise

Pay package included a £4.6m ‘golden hello’ for CEO of the sector’s largest operator, Harbour Energy’s Linda Cook

The Guardian - UK

Oil firms collect £22bn in profits as fuel and energy bills soar

BP, Shell and Exxon among firms reporting big rises in revenues, while Britsh Gas and SSE have boosted their earnings expectations

The Independent UK

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City comment: BP boss Bernard Looney is doing himself no favours on windfall tax

Bernard Looney is not doing himself any favours.

Evening Standard

Evening Standard Comment: As Shell and BP make bumper profits, it could be time to consider a windfall tax

The timing is certainly awkward. Oil giant Shell has reported underlying profits of £7.2 billion in the first quarter of this year, up 43 per cent on the final three months of 2021, thanks to high oil and gas prices. It comes days after BP announced profits of more than…

Evening Standard

BP celebrates record profits - despite UK pensioner riding bus all day to stay warm

BP's underlying profits rose to $6.2 billion for the first quarter of this year

Bristol Post

BP boss Bernard Looney takes home £4.5m as soaring gas and oil prices turn company into 'cash machine'

The chief executive, who grew up on a dairy farm in County Kerry in Ireland and was the first in his family to go to University, insists he understands how many households were “really, really struggling”.

Daily Record

Windfall tax wouldn’t stop BP’s £18bn parade of projects

Neither would it make the energy crisis go away, but after a while it becomes hard to resist

The Guardian - UK

BP profits skyrocket amid demands for windfall tax to tackle cost of living

BP has notched up its highest quarterly underlying profits for more than a decade thanks to rocketing oil and gas prices as calls grow for a…

The National (Scotland)

BP promises to ‘back Britain’ with £18 billion as profits hit highest since 2008

The oil giant made an underlying profit of $6.2 billion in the first three months of the year, far higher than the City was expecting

Evening Standard

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AFP

BP plunges deep into red on pullout from Russia

London (AFP) - British energy giant BP said Tuesday that its decision to pull out of Russia as a result of the war in Ukraine pushed it deep into the red in the first three months of this year.

AFP

BP plunges into $20.4-bn loss on Russia exit

London (AFP) - British energy giant BP on Tuesday plunged into a huge net loss in the first quarter after it decided to exit Russia over the country's invasion of neighbour Ukraine.

The Guardian - UK

High energy prices leave oil giants untroubled by Russia exit or tax hints

BP and Shell are expected to report increased profits this week despite taking a big hit from the war in Ukraine

The Hindu

Govt asks state-run petroleum firms to consider buying Russian oil assets

The call on companies to explore buying the stake in Rosneft came after BP CEO Bernard Looney met Petroleum Minister Hardeep Singh Puri in March

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The Guardian - UK

Sunak would do well to retain option of windfall tax on oil and gas profits

Firms’ bleating would fade if sum is as little as £3bn, as models suggest, and levy is applied only rarely

Evening Standard

BP boss Bernard Looney sees pay nearly double to £4.5 million

The bumper pay out comes amid soaring oil and gas prices but BP insists the increased reward is not linked

The Guardian - UK

BP boss Bernard Looney’s pay almost doubles to £4.5m in 2021

Remuneration package includes £142,000 wage increase and £2.4m in bonuses for financial performance

Businessweek

‘We Could Lose It All’: BP’s Bet on Russia Was Always a Gamble

The company will eat a $25 billion loss with its forced exit from the country—but higher oil prices will ease the pain.

Daily Mirror

BP offloads 19.75% stake in Russian oil giant Rosneft with immediate effect

BP is to offload its 19.75% stake in state-owned Russian oil giant Rosneft "with immediate effect" following President Putin's invasion of Ukraine

The Independent UK

BP to sell stake in Russian oil giant Rosneft after Ukraine invasion

The oil giant’s chief executive Bernard Looney is also resigning from the Rosneft board.

Axios

BP will divest stake in Russian oil giant Rosneft

BP CEO Bernard Looney will immediately resign from Rosneft's board.

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