BP revealed this week that its chief financial officer, Murray Auchincloss, will act as the company’s chief executive on an interim basis after Bernard Looney resigned with immediate effect amid an ongoing investigation into personal relationships with colleagues at the company
But who is Auchincloss?
Well, according to BP’s website, his “financial expertise, experience and knowledge make him a trusted advisor and group leader.”
“His extensive experience working across the group has provided him with a deep insight into BP’s assets and businesses,” the BP site states, noting that the new interim CEO holds a degree in commerce from the University of Calgary, Canada. and qualified as co-authorized. financial analyst at West Virginia University.
“His drive to modernize is to improve BP’s financial teams, control costs and continue to provide transparent financial disclosures to investors and markets,” the site notes.
Auchincloss has held a “wide range” of tax and finance roles, the BP site notes, “first for Amoco and then for BP after the two organizations merged in 1998.”
He has worked in both the US and the UK, in a number of roles including CFO, Upstream and CFO, North Sea. He was the chief financial officer of the company’s North American gas business and, as head of the CEO’s office for three years, managed all aspects of that office and the executive process, the BP site notes .
As CFO, a role he assumed in July 2020, Auchincloss led finance, tax, treasury, planning and performance management, mergers and acquisitions, investor relations, audit, global business services and acquisitions.
A Canadian national, Auchincloss is currently a member of the board of directors of Aker BP ASA, Norway, and a member of the Group 100 Main Committee.
In a statement announcing the retirement of former CFO Brian Gilvary and the appointment of Auchincloss to the role, BP chairman Helge Lund said: “following a thorough selection process, the board is satisfied to have chosen Murray as BP’s next CFO.”
“With his international financial and commercial experience and deep understanding of the whole group, he will play an important role as BP continues to develop in a rapidly changing energy market,” he added at the time.
In that statement, Looney said, “I have worked closely with Murray for many years and have the utmost confidence in his ability to fill this critical role.”
Rigzone has asked BP when it will select its next permanent CEO, whether Looney will maintain any connection with BP in any capacity, and whether BP’s strategy will change as a result of Looney’s departure. As of this writing, the company has yet to respond to Rigzone.
According to its website, BP remains focused on transforming itself into an integrated energy company. The business has a three-pillar strategy that includes five “transitional growth engines,” the site explains.
“Our three-pillar strategy has not changed: it focuses on investing in our transition growth engines and, at the same time, investing in the current energy system. And integration connects everything,” the BP site states.
“Since we set our strategy in 2020, our track record of delivery has given us more confidence as we invest in the BP transition and the energy transition,” he adds.
In its latest earnings call, BP reported a profit of $1.8 billion, an underlying replacement cost benefit of $2.6 billion and net debt of $23.7 billion in the second quarter.
“Another quarter of performance as it transforms,” Looney said in this earnings statement.
“Our underlying performance was resilient with good cash delivery, during a period of significant trading activity and weaker margins in our refining business,” he added.
“We’re delivering on our strategy at pace: we’ve started two major oil and gas projects to help keep energy flowing today, and we’re accelerating our transformation through our five transitional growth engines,” he continued.
“And we’re delivering to shareholders by increasing our dividend and announcing a new share buyback. This reflects confidence in our performance and cash flow outlook, as well as continued progress reducing our share count.” , Looney said.
To contact the author, please send an email andreas.exarcheas@rigzone.com
