Royal Dutch Shell Group .com Rotating Header Image

There are no calls to break up BP’s ‘cash machine’, says Bernard Looney

The Times

There are no calls to break up BP’s ‘cash machine’, says Bernard Looney

BP is not facing calls to break itself up, such as those aimed at Royal Dutch Shell, its boss has said.

Bernard Looney said that the energy transition required integrated companies that could use oil profits to fund green investment.

He said that BP was a “cash machine” after the oil price soared in the third quarter, helping it to deliver underlying net profits of $3.3billion, up from only $86 million in the same period last year and beating forecasts of $3.1 billion.

Brent crude averaged $73.51 a barrel in the three months, up from $42.94 in the same quarter in 2020, and was about $84 a barrel yesterday. Gas prices also have soared and BP yesterday reported a “very strong trading result” after traders

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Comments are closed.

%d bloggers like this: