BP Plc BP
BP's ideologically driven 2023 strategy has failed; the Chair and Lead Independent Director must go, and the leaked U-turn on oil output breaches listing rules.
Thesis
Bluebell, following up its 25 September 2024 letter to BP's Board, accuses the company of leaking to Reuters its decision to drop the 2030 oil production reduction target rather than disclosing it as regulated information, which Bluebell considers a potential listing-rules breach it is asking the FCA to investigate. The firm argues the reversal vindicates its year-long campaign against Chair Helge Lund's 'ideologically motivated' February 2023 strategy, which it blames for BP's underperformance and for the $4bn (c.8%) EBITDA miss CEO Murray Auchincloss 'sneakily' guided at Q2 2024. After twelve months in office Auchincloss has produced no updated plan, deferring to February 2025. Bluebell demands BP immediately confirm or deny the Reuters report, publish the revised strategy at once, and remove the Chairman and Lead Independent Director.
SCQA
BP, a London-listed oil major, in February 2023 set a 2030 oil production reduction target under Chair Helge Lund as a cornerstone of its energy-transition strategy communicated to shareholders.
Rather than formally disclosing that it is abandoning that target, BP appears to have leaked the reversal to Reuters, an amateurish and potentially listing-rules-breaching communication that follows a disguised $4bn EBITDA profit warning and a year of inaction from CEO Auchincloss.
BP must immediately issue a press release confirming or denying the Reuters report, publish a revised strategy now instead of waiting until February 2025, and the Board should remove the Chairman and Lead Independent Director.
Not quantified; the implicit reward is restored market integrity, credible governance, and a coherent strategy to halt the stock-price destruction shareholders have suffered under the current Board.
The three reasons
- 1
BP leaked the abandonment of its 2030 oil output target to Reuters rather than disclosing it as regulated information
- 2
Helge Lund's 'ideologically motivated' 2023 strategy has failed and the Board has been complacent
- 3
CEO Auchincloss delivered a disguised $4bn EBITDA profit warning and has produced no updated plan after 12 months
Primary demands
- BP must immediately issue a press release confirming or denying the Reuters-reported abandonment of its 2030 oil production reduction target
- The Board must immediately publish the revised strategy rather than waiting until February 2025
- Remove the Chairman (Helge Lund) and the Lead Independent Director
- FCA to investigate whether BP's handling of price-sensitive information breached listing rules
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (3)
Notes
Public open letter to BP's Board (cc'd to FCA Chair Ashley Alder) following up a 25 September 2024 letter. Part of Bluebell's year-long campaign against BP begun October 2023. Letter embeds one screenshot of BP's February 2023 strategy slide as evidence. Tone is sharp and litigious, alleging possible listing-rules breach via selective leak to Reuters. Signed jointly by Bivona and Taricco (Partners/CIOs); Nicolas Ceron cc'd. No stake size disclosed and no valuation/target price offered — this is a governance/compliance escalation rather than a thesis presentation.