BP

BP's moves highlight Big Oil's slow diversification into power tech

BP Exploration Alaska headquarters in Anchorage, Alaska.
Photo by Lance King/Getty Images

BP's venture arm announced Thursday that it led a Series A funding round for Grid Edge, a British software company that helps buildings control and cut their energy use.

Why it matters: It's the latest sign of how oil majors are boosting their investments in power technologies, EV charging and other areas outside their dominant fossil fuel lines.

BP names Bernard Looney as its next CEO

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.