Murray Auchincloss, the acting CEO of energy giant BP, has dismissed speculation that his company could be targeted for a takeover following disappointing profit results.
For the third quarter, BP recently posted £2.7 billion in profits, which was sharply down on profits of £6.8 billion that it posted for the same period last year. While the difference can largely be explained by the drop in oil prices, the firm had been expecting the company to post profits of £3.3 billion. With BP’s shares falling 4.5%, some believe it may be a target for a takeover, especially after Chevron and ExxonMobil announced their big acquisitions of Hess and Pioneer.
Nevertheless, speaking to the Financial Times, Auchincloss played down such suggestions, saying:
“I don’t feel vulnerable. In fact I feel quite confident.”
Auchincloss took over from former CEO Bernard Looney after he resigned over failing to declare personal relationships with work colleagues. He is managing the company until a permanent successor is appointed.
Auchincloss also reaffirmed BP’s commitment to the UK and North Sea gas and oil production, saying:
“We remain very committed to the UK. We have a good concentrated portfolio west of Shetland and in the North Sea and continue to develop there. We don’t guide beyond 2030 but certainly, we have the resources to grow.”
In addition to being an energy producer, BP also makes lubricants for industry, such as the Castrol Perfecto turbine lubricants and the Castrol Spheerol grease. Speak with our helpful team at TrAchem to learn more about the Castrol range.
