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BP said Friday that Bernard Looney, head of the company's oil-and-gas exploration and production unit, will take over as CEO in early February.

Why it matters: It adds clarity to the oil giant's succession plans after word emerged recently that current CEO Bob Dudley, 64, is readying to step down after a decade in the role.

Where it stands: The 49-year-old Looney joined BP as an engineer in 1991 and moved through several roles, becoming head of the upstream division in 2016.

  • Per Reuters, "The Irishman's energetic management style was quickly felt as he spearheaded BP's drive to improve performance through cost cutting and digitalization."
  • He's been the upstream chief at an active time that included the $10.5 billion acquisition of BHP's U.S. shale assets and BP's recently announced sale of its Alaska operations.

The big picture: As I noted in this piece about Dudley's career, it's part of a wider changing of the guard at some of the world's largest oil companies.

  • ExxonMobil CEO Darren Woods took over for Rex Tillerson in 2017 after Tillerson left for what would be a short tenure as secretary of state.
  • Mike Wirth became CEO of Chevron in 2018, replacing John Watson.

One big question: How Looney will address growing pressure on oil-and-gas giants to take more aggressive steps on climate change.

  • Under Dudley, BP has set emissions-cutting targets for its operations and boosted investments in renewables, electric vehicle charging and other climate-friendly tech.
  • However, alternative energy remains a small share of its business. And BP has rejected activists' calls to set targets for emissions-cutting from use of its fuels in the economy (known as "scope 3" emissions).

What they're saying: BP Chairman Helge Lund, in a statement praising Dudley's tenure, said of Looney: "As the company charts its course through the energy transition this is a logical time for a change."

Go deeper: BP agrees to activists' calls for wider climate disclosure

Go deeper

Perfect storm brewing for extreme politicians

Data: Axios research; Table: Jacque Schrag/Axios

Redistricting and a flood of departing incumbents are paving the way for more extreme candidates in this year's midterm elections.

Driving the news: At least 19 House districts in 12 states are primed to attract such candidates — hard partisans running in strongly partisan districts — according to an Axios analysis of districts as measured by the Cook Political Report's Partisan Voter Index (PVI).

Updated 3 hours ago - Technology

3D printing's next act: big metal objects

Chief Scientist Andy Bayramian makes modifications to the laser system on Seurat's 3D metal printer. Photo courtesy of Seurat Technologies.

A new metal 3D printing technology could revolutionize the way large industrial products like planes and cars are made, reducing the cost and carbon footprint of mass manufacturing.

Why it matters: 3D printing — also called additive manufacturing — has been used since the 1980s to make small plastic parts and prototypes. Metal printing is newer, and the challenge has been figuring out how to make things like large car parts faster and cheaper than traditional methods.

Updated 5 hours ago - Technology

Mayors see cryptocurrency as a way to address income inequality

Illustration: Sarah Grillo/Axios

At the U.S. Conference of Mayors' meeting in D.C. this week, there's buzz around the idea of giving cryptocurrency accounts to low-income people.

Why it matters: Cities have been experimenting with newfangled ways to address income inequality — like guaranteed income programs — and the latest wave of trials could involve paying benefits or dividends in bitcoin, stablecoin or other digital currencies.