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BP CEO Bernard Looney Resigns Amid Transparency Controversy
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BP plc’s (BP - Free Report) CEO Bernard Looney resigned on Tuesday, admitting that he had not been fully transparent about his past personal relationships with colleagues.
BP's board initiated an investigation in May after receiving anonymous information about these relationships. According to BP, Looney had disclosed a limited number of past relationships prior to his tenure as the CEO, which began in February 2020, and no breach of the company's code of conduct was discovered.
However, recent allegations of a similar nature emerged, prompting a more in-depth probe that is still ongoing.In an official statement, BP mentioned that Looney has informed the company that he was not fully transparent in his previous disclosures. Although he did not provide details of all relationships, he accepted he was obliged to make more further revelation.
In the wake of Looney's resignation, BP now faces a period of transition and uncertainty. The company has appointed CFO Murray Auchincloss as interim CEO, indicating a commitment to maintaining stability during challenging times. However, its yet to be seen how this leadership change will impact BP's strategic direction.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #5 (Strong Sell).
USA Compression Partners is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower. USAC has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 30 days.
Global Partners is a Delaware limited partnership, formed by affiliates of the Slifka family. The partnership owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. GLP is one of the largest wholesale distributors of distillates. It has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.
Viper Energy Partners is a variable distribution MLP, generating strong and steady royalty income from mineral interests in Eagle Ford and Permian Basin. VNOM has witnessed an upward earnings estimate revision for 2023 and 2024 in the past seven days.
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BP CEO Bernard Looney Resigns Amid Transparency Controversy
BP plc’s (BP - Free Report) CEO Bernard Looney resigned on Tuesday, admitting that he had not been fully transparent about his past personal relationships with colleagues.
BP's board initiated an investigation in May after receiving anonymous information about these relationships. According to BP, Looney had disclosed a limited number of past relationships prior to his tenure as the CEO, which began in February 2020, and no breach of the company's code of conduct was discovered.
However, recent allegations of a similar nature emerged, prompting a more in-depth probe that is still ongoing.In an official statement, BP mentioned that Looney has informed the company that he was not fully transparent in his previous disclosures. Although he did not provide details of all relationships, he accepted he was obliged to make more further revelation.
In the wake of Looney's resignation, BP now faces a period of transition and uncertainty. The company has appointed CFO Murray Auchincloss as interim CEO, indicating a commitment to maintaining stability during challenging times. However, its yet to be seen how this leadership change will impact BP's strategic direction.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #5 (Strong Sell).
Some better-ranked players in the energy sector are USA Compression Partners, LP (USAC - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and Global Partners (GLP - Free Report) and Viper Energy Partners LP (VNOM - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
USA Compression Partners is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower. USAC has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 30 days.
Global Partners is a Delaware limited partnership, formed by affiliates of the Slifka family. The partnership owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. GLP is one of the largest wholesale distributors of distillates. It has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.
Viper Energy Partners is a variable distribution MLP, generating strong and steady royalty income from mineral interests in Eagle Ford and Permian Basin. VNOM has witnessed an upward earnings estimate revision for 2023 and 2024 in the past seven days.