Oct 4, 2019
BP: Greta expectations
For a time, Russian spies followed Bob Dudley, who is stepping down as chief executive of UK-listed oil group BP. Climate activist Greta Thunberg will tail his successor Bernard Looney. Her condemnation of environmental profligacy will dog his footsteps instead. Big Oil is the new Big Tobacco. Shareholders such as Norges Bank, Axa and Legal & General are disinvesting from oil and gas stocks, or planning to do so. His new quest is to map an escape route for BP from an industry facing slow decline. Société Générale says oil stocks already incorporate an implicit discount, holding them back even when the oil price jumps.
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