BP's interim boss struggles to be heard. But his message is right | Nils Pratley

'Nothing's changed' stance by Murray Auchincloss needs time despite sceptism of investorsBP plays down takeover speculation after lower than expected profits"We remain committed to executing our strategy," said Murray Auchincloss, BP's stand-in chief executive, for the umpteenth time since Bernard Looney was defenestrated as permanent boss seven weeks ago. Auchincloss's problem is that repetition doesn't make it more convincing in the eyes of a sceptical market. Investors were already wondering if Looney would bow to pressure to water down his green transition plans further. Now it's open season for speculation about BP's future. Takeover target? Breakup candidate? There is an air of instability.That is partly because the two biggest US oil majors are seemingly more confident than ever in their hydrocarbons-for-longer strategies. ExxonMobil is buying the US shale group Pioneer for $60bn (?49bn) and Chevron is making a record purchase by paying $53bn for Hess, complete with access to Guyana's offshore oil reserves. Both deals are a case of doubling down on fossil fuels, which naturally provokes a fresh round of muttering among a few BP investors about whether renewables will ever earn the same returns on capital as oil and gas. BP's shares are persistently priced at a valuation discount to those of the US majors. Continue reading...