British energy company BP has confirmed it is to slash spending on green ventures and up its oil and gas production.

BP says its former chief executive has been denied a payout of 32.4 million pounds, or $41 million, after he was found to have misled the company over his past relationships with colleagues.

Global energy giant BP is scurrying to find a new chief executive after CEO Bernard Looney became the latest corporate leader to step down amid questions about his personal conduct.

The CEO of British energy giant BP has resigned after he accepted that he was not “fully transparent” in his disclosures about past relationships with colleagues.

BP’s earnings have more than doubled in the third quarter as the London-based energy giant benefited from high oil and natural gas prices following Russia’s invasion of Ukraine.

LONDON Energy company BP is writing off as much as $17.5 billion from its oil and gas assets and will review its plans to develop oil wells as the COVID-19 pandemic accelerates its goal of decreasing its reliance on fossil fuels. The company pledged in February to become a net-zero company by 2050, but the pandemic has forced them to re-consider their assumptions once more. We are also reviewing our development plans,'' Looney said. Supply of oil and gas was particularly high when the outbreak began, creating a perfect storm for the industry. With storage facilities filling up, the U.S. price of oil went below zero in April for the first time ever.

LONDON Energy company BP says that its global workforce will be trimmed by 10,000 jobs amid the ongoing impact of the COVID-19 pandemic. Chief Executive Bernard Looney said Monday that the roles will be office-based and come mostly this year. The companys current global workforce is 70,000. The global energy industry has been hit hard during the pandemic as the widespread limits on business, travel and public life reduced the need for oil, gas and other fuels. With storage facilities filling up, the U.S. price of oil went below zero in April for the first time ever.