After a decade at the helm, BP boss Bob Dudley is bowing out with forecast-beating results and a promise of higher dividends.
Julian Satterthwaite reports.
BP boss bows out with forecast-beating results
After a decade at the helm, Bob Dudley is bowing out as boss of BP.
And he does so on a high note.
The oil giant said Tuesday (February 4) it had beat forecasts for a 12th straight quarter.
BP net income, on its definition, hit almost 2.6 billion dollars - well ahead of the 2.1 billion forecast by analysts.
The firm says it will now raise its dividend as a result.
Its gains come even as oil prices slump close to year lows on concern over what the China coronavirus outbreak will mean for global growth.
BP is also bucking the trend among peers, who reported reported a sharp slowdown in revenues last week.
Exxon Mobil, Shell and Chevron all said demand had gone soft.
On Wednesday (February 5) the new boss will take over.
Bernard Looney plans to raise BP's climate targets, and is considering a major overhaul of the company's structure.
He will enjoy an easier start than Dudley, who was brought in after the Gulf of Mexico oil spill disaster.
But after all those quarters of beating forecasts, Looney won't want to be the one who breaks the streak.