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Environment

Reuters exclusively reports BP offers employees shares in rallying cry for low-carbon shift

Reuters exclusively reported that oil major BP is launching its first share award scheme to rally its more than 60,000 employees around CEO Bernard Looney’s plan to shift to renewable energy following a bruising year of mass layoffs, bonus suspensions and spending cuts. The distribution of the shares, which will be locked for four years, will take place throughout 2021. The cost of the program was not yet clear, but BP said it would not impact its $2.5 billion cost savings target or plans to reduce debt to $35 billion this year.

Article Tags
Topics of Interest: Environment
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Europe
Countries: England
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
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