Former BP boss Bob Dudley says Looney’s shock exit ‘came out of nowhere’
Bernard Looney gestures as he addresses the gathering on the second day of the three-day B20 Summit in New Delhi on August 26, 2023.
Arun Sankar | Afp | Getty Images
Former BP CEO Bob Dudley on Tuesday said that Bernard Looney’s abrupt resignation last month came as a shock and denied any prior knowledge of the latter’s past personal relationships with colleagues.
Dudley, who worked at BP for 40 years and led the company as CEO for nearly a decade, said the British energy major would soon find a suitable successor and that Looney’s departure would likely not impact the firm’s strategy. Looney succeeded Dudley, who stood down as BP CEO in 2020.
Looney resigned with immediate effect on Sept. 12 after less than four years on the job. He informed the company that he was not “fully transparent in his previous disclosures” about relationships with colleagues prior to becoming CEO, BP said.
Citing anonymous sources familiar with the matter, the Financial Times reported that Looney had promoted women with whom he had undisclosed past relationships, adding that his relevant romantic relationships with BP colleagues took place before his promotion to CEO. CNBC was unable to independently verify the reports.
“It’s a shock to the organization. It came out of nowhere, and I think that the company has great assets, great people,” Dudley told CNBC at the Abu Dhabi International Progressive Energy Congress oil and gas conference on Tuesday.
“It is not about one person, and it won’t be long before there will be replacements in there, and the company will do fine, because it is a really strong company with a wide spectrum to its portfolio,” he added.
Asked whether there was a valid accusation that he might have known more about the situation, given his time mentoring Looney, Dudley replied, “I didn’t know anything about it and neither did the deputy CEO and others and the board. Should have I known? I don’t know. Maybe I was a bit naïve, but I had no clue. No clue at all.”
‘Things at BP are OK’
Looney’s surprise departure has raised questions about the outlook for BP, although current and former executives have insisted that the firm’s medium and longer-term strategy remains the same.
“Things at BP are OK. We move forward as you would expect, despite the change that happens,” interim BP CEO Murray Auchincloss said Monday during a CNBC-moderated ADIPEC panel session.
Auchincloss said the company remains “firmly committed” to the outlook it laid out earlier in the year, emphasizing that “the strategy is not an embodiment of a single individual, it is the embodiment of a management team and a board.”
Murray Auchincloss, interim chief executive officer of BP Plc, speaks during a panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, on Monday, Oct. 2, 2023.
Bloomberg | Bloomberg | Getty Images
“Look, we laid out an update to the strategy in February, seven months ago, that’s a strategy that’s endorsed by the management team, endorsed by the board. One person leaving does not change the strategy,” Auchincloss said.
“It’s focused on providing energy today as cleanly as we possibly can,” he added. “On the transition growth engine, it’s unchanged. We have five of them. We in particular like biofuels, both sustainable aviation fuel and biogas.”
Dudley — who now chairs the Oil and Gas Climate Initiative, an organization backed by BP, Saudi Aramco, Exxon Mobil and other Big Oil firms — echoed Auchincloss’ view. He said BP’s strategy would likely remain “business as usual.”
“It was a very aggressive strategy, and I think the world changed when Russia invaded Ukraine. The need for security of supply changed everybody’s views on this,” Dudley said, when asked whether Looney is on the right track, particularly regarding decarbonization.
“Before, it was clean, affordable energy, which meant reducing carbon however you could. After the invasion, look at Europe’s energy flows, no pipelines of gas essentially and shortages around the world,” he added. “You can’t run a big energy company and ignore the facts of the world, so he backed off to a degree on that and to me that made a lot of sense.”
Shares of London-listed BP are up 9.5% year-to-date.
— CNBC’s Jesse Pound contributes to this report.
The 2025 Hyundai IONIQ 5 got a major glow up with extra driving range, a sleek interior and exterior facelift, and even Tesla Supercharger access with an added NACS port. With leases starting at just $179 per month, the Hyundai IONIQ 5 might be your best bet to get into an EV right now.
How much does the 2025 Hyundai IONIQ 5 cost to lease?
Hyundai upgraded its best-selling electric SUV in every way possible for the 2025 model year. The 2025 IONIQ 5 can drive up to 318 miles on a single charge, recharge from 10% to 80% in under 20 minutes, and is available starting at just $42,500.
After cutting lease prices last month, the 2025 Hyundai IONIQ 5 was available to lease for as low as $179 per month.
The offer was set to end on July 7, but Hyundai extended it through its new “Hyundai Getaway Sales Event.” The 2025 Hyundai IONIQ 5 SE Standard Range model is still available for lease, starting at just $179 per month.
That’s for the base version, which has a range of up to 245 miles. The offer is for a 24-month lease with $3,999 due at signing.
The long-range SE RWD variant, with a driving range of up to 318 miles, can be leased for as little as $199 per month. Upgrading to the AWD model will cost $249 per month. You can even snag the off-road XRT variant for $299 a month right now.
Hyundai upgraded the IONIQ 5 with a sleek facelift, adding to its already bold design. Inside, the 2025 IONIQ 5 features a redesigned center console, steering wheel, and HVAC control system based on driver feedback.
It also features a more powerful, next-gen infotainment system. The setup includes dual 12.3″ driver display and infotainment screens with standard wireless Apple CarPlay and Android Auto, voice-recognition, and more.
If you’re looking for something a little bigger, Hyundai’s three-row electric SUV, the IONIQ 9 (Check out our review), is listed for lease starting at just $419 per month.
| 2025 Hyundai IONIQ 5 Trim | EV Powertrain | Driving Range (miles) | Starting Price* | Monthly lease price July 2025 |
| IONIQ 5 SE RWD Standard Range | 168-horsepower rear motor | 245 | $42,500 | $179 |
| IONIQ 5 SE RWD | 225-horsepower rear motor | 318 | $46,550 | $199 |
| IONIQ 5 SEL RWD | 225-horsepower rear motor | 318 | $49,500 | $209 |
| IONIQ 5 Limited RWD | 225-horsepower rear motor | 318 | $54,200 | $309 |
| IONIQ 5 SE Dual Motor AWD | 320-horsepower dual motor | 290 | $50,050 | $249 |
| IONIQ 5 SEL Dual Motor AWD | 320-horsepower dual motor | 290 | $53,000 | $259 |
| IONIQ 5 XRT Dual Motor AWD | 320 horsepower dual motor | 259 | $55,400 | $359 |
| IONIQ 5 Limited Dual Motor AWD | 320-horsepower dual motor | 269 | $58,100 | $299 |
To sweeten the deal, Hyundai is throwing in a free ChargePoint Level 2 home charger with the purchase or lease of a new 2025 IONIQ 5 or 2026 IONIQ 9.
Both the 2025 IONIQ 5 and 2026 IONIQ 9 are built at Hyundai’s new EV plant in Georgia. The current lease offers include the $7,500 federal EV tax credit, which is set to expire at the end of September. Hyundai’s new deals are available through September 2, 2025.
Ready to test one out for yourself? We can help you get started. You can use our links below to find deals on the Hyundai IONIQ 5 and IONIQ 9 near you.
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Environment
Tesla Semi efficiency improves in real-world trucking test covering 4,494 miles over 3 weeks
The Tesla Semi, Tesla’s electric Class 8 semi-truck, saw its efficiency improve in a new real-world trucking test covering 4,494 miles over three weeks.
The Tesla Semi underwent significant changes over the years of delays.
Tesla officially unveiled the “production version” in 2022, but the vehicle never entered volume production. It is expected to finally happen at the end of the year at a new factory in Nevada.
When unveiling the “production version”, which turned out not to be the final production version, Elon Musk said that the Tesla Semi has an efficiency of 1.7 kWh per mile.
In September 2024, Tesla reported improvements in its own fleet after covering 250,000 miles. It claimed to be achieving 1.6 kWh per mile.
Last year, two Tesla Semi customers got closer to what Musk claimed in 2022. DHL got 1.72 kWh per mile in their own test, and Saia got 1.73 kWh per mile.
Now, Tesla Semi appears to have improved quite a bit in a new real-world test by logistics company ArcBest.
The company claims to have put Tesla Semi through regular operations, varying from lane dispatch to regional runs over three weeks:
Over a three-week period, ABF operated a Tesla Semi across typical dispatch lanes, including over-the-road routes between service centers in Reno, Nevada and Sacramento, California. The pilot also included regional runs in the Bay Area and rail shuttle operations.
ArcBest claims that Tesla Semi averaged 1.55 kWh per mile during the three weeks:
The electric Semi logged 4,494 miles, averaging 321 miles per day with an overall energy efficiency of 1.55 kWh per mile.
Efficiency in the trucking business varies considerably based on several factors, including the load, but it is nonetheless an impressive performance.
Dennis Anderson, ArcBest chief innovation officer, commented on the test program:
“Freight transportation is a vital part of the global economy, and we know it also plays a significant role in overall greenhouse gas emissions. While the path to decarbonization presents complex challenges — such as infrastructure needs and alternative fuel development — it also opens the door to innovation. Vehicles like the Tesla Semi highlight the progress being made and expand the boundaries of what’s possible as we work toward a more sustainable future for freight.”
Tesla says that the truck should enter volume production toward the end of the year and customer deliveries are expected to start next year.
While the efficiency of the electric truck has improved, we previously reported that its price has increased significantly.
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Range Rover now has its own logo for the first time. The luxury automaker is unveiling a sleek new look as it gears up to launch its first electric SUV later this year.
Range Rover introduces its first logo
Since it launched its first vehicle in 1970, the Range Rover badge has become an iconic status symbol. You can’t miss the classic Range Rover look.
With its first EV due out later this year, the luxury automaker is preparing for a new era. JLR revealed the new Range Rover logo, a first for the luxury automaker, during an investor presentation.
The new logo is a stark contrast to the “Range Rover” badge we are accustomed to seeing, featuring a minimalist design similar to the Rolls-Royce emblem.
JLR told Autocar that the new logo won’t replace the signature Range Rover badge at the front or rear. Instead, it will be used to complement it.
“The Range Rover Motif has been developed as a smaller symbol for where our familiar Range Rover device mark does not fit, such as on a label or as part of a repeating pattern, and within event spaces where an emblem is more appropriate,” the company said.
With Range Rover’s first electric SUV set to hit showrooms later this year, will we see it featured on the new EV? JLR confirmed in May that the Range Rover Electric now has over 61,000 clients on the waitlist.
The company claims the new EV is undergoing “the most intensive testing any Range Rover vehicle has ever endured” ahead of its big debut later this year.
According to Thomas Müller, Range Rover’s executive director of product engineering, the electric SUV is already outperforming some of its top gas-powered models.
JLR has already begun testing new EV production lines at its Solihull, UK, plant in preparation for the new Range Rover model. Next year, the luxury brand is expected to introduce the smaller Sport and Velar EV models.
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