BP (LON: BP) has confirmed its CEO Bernard Looney has resigned after an investigation into his “conduct in respect of personal relationships with company colleagues” and misleading the board.
Analysts have warned that the surprise announcement of a new CEO for Petrofac (LON: PFC) is a negative signal for investors, with “renewed scrutiny” ahead for its balance sheet.
An investigation into allegations of bribery at Petrofac, which wrapped up yesterday, “will unlock the lucrative” Saudi Arabia and United Arab Emirates (UAE) markets.
As oil and gas faces a rise in climate activism, ESG concerns, and the need to raise its own profile as a pillar of the energy transition, investors are weighing the impact.