Bernard Looney: Latest News

London-based BP's disclosure came a day after rival Shell reported a similar multimillion-dollar pay package for its top executive on the heels of both companies posting their highest-ever annual earnings last month.BP said in its annual report that CEO Bernard Looney was paid a total of 10 million pounds ($12 million) in 2022, up from 4.5 million pounds the previous year. Looney's pay package includes a cash bonus of 2.4 million pounds and 6 million pounds in bonus company stock.READ MORE: Gas prices increase, but the tide may change: AAABP reported in February that its profit doubled to $28 billion as Russia’s invasion of Ukraine sent oil and gas prices soaring.Fat profits at fossil fuel giants and big salaries for top executives have spurred demands for the companies to do more to shield consumers from high energy costs that have fueled decades-high inflation and ratcheted up utility bills.Activist groups such as Global Witness and some opposition lawmakers in Britain have called for expanding taxes on the windfall profits of energy companies and taxing bonuses.The BP company logo is seen outside a petrol station on September 23, 2021 in London, England.

LONDON – Energy company BP is writing off as much as $17.5 billion from its oil and gas assets and will review its plans to develop oil wells as the COVID-19 pandemic accelerates its goal of decreasing its reliance on fossil fuels.Chief Executive Bernard Looney said the pandemic is forcing the company to face the long-term impact on the economy, together with the likelihood of weaker demand for a longer period of time. The company pledged in February to become a net-zero company by 2050, but the pandemic has forced them to re-consider their assumptions once more.“We are also reviewing our development plans,'' Looney said.

BP announced Monday that it will slash its global workforce by 10,000 jobs as the COVID-19 pandemic slams the oil and gas industry.Chief Executive Bernard Looney said that the cuts will affect office-based roles in BP’s global workforce of 70,000 people and come mostly this year. The changes are expected to significantly affect senior levels, cutting the number of group leaders by a third.“We are protecting the frontline of the company and, as always, prioritizing safe and reliable operations,” Looney said after a call with his staff.

LONDON – Energy company BP said Monday that its global workforce will be trimmed by 10,000 jobs as the COVID-19 pandemic slams the oil and gas industry.Chief Executive Bernard Looney said that the roles will be office-based and come mostly this year. The company’s current global workforce is 70,000.The changes are expected to significantly impact senior levels, cutting the number of group leaders by a third.

For NHS frontline staff staying home during the Coronavirus crisis is not an option, so in response many major corporations are supporting frontline staff in any way they can.