What's next for BP as CEO Looney leaves

Why it matters: Looney's successor will arrive at a critical moment for BP — and the industry more widely.

The big picture: Multinationals are calibrating how quickly to diversify, what tech to lean into and how much to invest in their core products.

• BP, which under Looney set a 2050 "net zero" goal in 2020, recently scaled back oil production-cutting targets and boosted supply investments.
• But the same February announcement also saw BP vow to boost low-carbon investments.

BP isn't alone in adjusting its posture. Shell has tapped the brakes on oil production cuts and signaled a more selective approach to renewables.

What they're saying: "Depending on the new CEO, BP could theoretically roll back its transition plans further," Morningstar analysts said, per Reuters.

• "But if the board likes the current direction, regardless of the lagging stock price, they will likely bring in someone who keeps BP on the same path."

The bottom line: Big oil is juggling pressure to do more on climate, strong current fossil demand and an uncertain global energy transition trajectory.

• Running an oil major is lucrative — and complicated.