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BP (NYSE:BP) +2.3% in Monday’s trading, outgaining most oil and gas producing peers, as the company is viewed as the potential standard bearer in Europe’s possible new energy order after right-wing parties showed considerable strength in European Union elections over the weekend.
While the last five years have prioritized a low-carbon transition for the economy, the next years may look to balance both transition and energy security, offering energy companies a chance to be seen as part of the solution, according to analysts at Citi.
“We think it is the emergence of a profitable, scalable transition business within BP that can set the standard for how a modern European energy company can sit within progressive equity portfolios,” Citi said.
Separately, Reuters reported that BP (BP) has told employees they must disclose any intimate relationships with colleagues or risk losing their jobs, after former CEO Bernard Looney was dismissed for failing to do so.
The updated conflicts of interest policy, which reportedly was communicated to staff last week, highlights how Looney’s ouster last September continues to reverberate through the company.