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UK oil major’s shares climb 6% as new boss expands share buybacks and pledges to ‘simplify’ business

Departure follows resignation of Bernard Looney

Auchincloss must convince activist investor Elliott Management he can turn around troubled oil major

Former chief financial officer to replace Bernard Looney, who abruptly resigned from the energy company last year

Oil major says balance sheet will benefit from upcoming reduction to pension surplus tax charge

Predictable shareholder payouts and high returns on investments would prevent discord from spreading

Despite third-quarter weakness, the group is well positioned to make the energy transition

Enthusiasm for energy major is in short supply and its options limited

Plus, Prada nears a deal to buy Versace and a planned management buyout bid for 7-Eleven’s parent collapses

UK group is not the first oil major to cut its refining footprint, and it won’t be the last