Oct 27, 2020

BP has yet to prove it is performing or transforming

BP boss Bernard Looney started eight months ago with a trinity of soundbites: reimagining energy, reinventing BP, and performing while transforming. BP recorded a $6.7bn underlying loss in the second quarter after taking huge writedowns on the value of exploration assets. In reality, it is far too early to tell whether BP is performing in the way that matters, just as it is too early to tell whether it is transforming. Orsted, the Danish wind farm developer and an earlier adopter of renewables, has overtaken BP by market capitalisation in recent weeks. Whatever Mr Looney says, investors are no closer to knowing whether BP can really perform or transform.

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