A message to all bp staff on our relationship with Rosneft
Release date: 27 February 2022
To the bp team,
Like so many of you, I have been deeply shocked and saddened by the situation unfolding in Ukraine. We are witnessing an act of aggression which is having tragic consequences across the region. A number of you have shared your concerns with me directly. I really appreciate it – it’s important you feel you can do this in our company, so thank you.
Right thing to do
In the hours and days since military action began, we have been fundamentally rethinking our position with Rosneft. And with that, I now want to share the decisions that the bp Board, after a thorough process, has made:
First, we will exit our shareholding in Rosneft and other businesses with Rosneft within Russia.
Second, I am resigning my seat on Rosneft’s board with immediate effect, as is Bob Dudley, our former ceo.
Third, our results from now onwards will not include any production and profits from our shareholding in Rosneft.
I am convinced that the decisions we as a Board have taken are not only the right things to do, they are also in the long-term interests of bp and our shareholders.
Yes, there are financial consequences that will show up as material non-cash charges in our next quarterly results. But importantly, this does not mean any changes to the update on our strategic progress we gave alongside our 2021 full-year results earlier this month. We are sticking with our plan.
Caring for our people
Now we have to work through the next steps. Most of all, this means looking after our great team in Russia. We will do this, as you would expect, with the utmost care for our people.
We are also looking at how bp can support the wider humanitarian effort in the region. My heart goes out to everyone affected.
These are desperately difficult times.
Thank you for all you continue to do for bp.
Bernard