BP BP Plc

0949 GMT - BP is among the most mentioned companies across news items over the past three hours, according to Factiva data, after the British oil-and-gas major confirmed interim Chief Executive Officer Murray Auchincloss as permanent boss. Auchincloss took over as interim CEO on Sept. 12 when his predecessor left the company after BP said he had failed to disclose details about past personal relationships with colleagues. Shares have fallen 14% since the abrupt exit, in large part due to uncertainty around BP's future strategy. "Our strategy--from international oil company to integrated energy company, or IOC to IEC--does not change," Auchincloss said Wednesday. The 53-year old Canadian is a longtime BP executive who went on to serve as chief of staff to the CEO from 2010 to 2013, and had been finance chief since July 2020 before becoming interim CEO. The confirmation of Auchincloss is "the best possible outcome for BP shareholders in the short term, as it represents continuity for the investment case," RBC Capital Markets analyst Biraj Borkhataria says in a research note. Dow Jones & Co. owns Factiva. (christian.moess@wsj.com)

(END) Dow Jones Newswires

January 17, 2024 05:04 ET (10:04 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.