BP ADR

BP has removed chairman Albert Manifold from the board with immediate effect over "serious concerns" about leadership standards, oversight and conduct. Ian Tyler was named as interim successor. The share fell intraday by more than nine percent and was still about 4.6 percent down in the afternoon. Manifold had only joined last year and had been instrumental in pushing through leadership changes and a stronger focus on fossil fuel investments; the board voted unanimously to approve the removal. » More on finanzen.net

Oil major BP has relieved Albert Manifold of his duties as chairman of the board with immediate effect, citing “unacceptable” failures in corporate governance and behavioural issues. The board expressed “serious concerns” about governance, oversight and conduct and appointed Ian Tyler as interim chair. The announcement sent BP’s shares down by more than nine percent at one point. At the same time, the European Commission approved the sale of the Gelsenkirchen refinery to the Klesch group, while the German economics ministry has opened a review. » More on spiegel.de

The European Commission sees no competition law concerns over BP’s sale of the Gelsenkirchen refinery to the Klesch group. The integrated complex processes around twelve million tonnes of crude oil per year and employs about 1,800 people. BP plans to complete the sale in the second half of 2026, and according to the report the Federal Ministry for Economic Affairs is also reviewing an investment screening of the acquisition. » More on finanzen.net

BP and the United Steelworkers' leadership will resume contract negotiations for the Whiting (Indiana) refinery on Monday. BP says it is bargaining in good faith and seeks an agreement that protects jobs, improves refinery performance and safety, and ensures long-term competitiveness. Around 800 employees have been locked out since March 19; the facility has a capacity of 440,000 barrels per day and is the largest refinery in the U.S. Midwest. » More on de.investing.com

BP posted an adjusted result of $3.2 billion in the first quarter, beating analysts' expectations, driven mainly by strong oil trading after price jumps following the Iran war. The trading business delivered a pre-tax profit of $3.2 billion, its best result since 2022. New CEO Meg O'Neill presented the figures for the first time and announced measures to simplify the group and boost value; net debt rose to $25.3 billion. BP reiterated the planned sale of the Gelsenkirchen refinery, said it will reduce hybrid bonds by the end of 2027, and had previously suspended its share buyback program. » More on manager-magazin.de