From Breakingviews: Bernard Looney’s new job is already hard. BP’s incoming boss faces a dilemma over how to balance fossil fuels with a lower-carbon world. Q3 results on the surface complicate things further, but there’s a silver lining, says gfhay:
LONDON - Bernard Looney’s new job is already hard. BP’s incoming chief executive, who takes over next year, faces a dilemma over how to balance fossil fuels with a lower-carbon world. Third-quarter results on the surface complicate things further, but there’s a silver lining.
Still, BP’s call to exit Alaska in favour of markets which are cheaper and have a shorter production cycle, like the Permian Basin, is sound. BP is three-quarters of its way through a $10 billion disposal programme, which should help return gearing nearer 25% next year, and the group generated the same $6 billion of cash as the third quarter of 2018. Meanwhile, Looney has a trump card.
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