Former BP boss Tony Hayward has returned to the top ranks of the corporate world, becoming permanent chairman of Glencore Xstrata, the FTSE 100 commodity trading and mining group.
BP's profit from its stake in Russia's Rosneft was hit by the falling value of the ruble, pushing its contribution to BP's underlying profit down by 75% to $271m (£161m) in the first three months of this year.
BP's partnership with Rosneft is again under the spotlight after the chairman of the Russian state-owned oil firm was added to the US government's sanctions list.
BP will come under pressure at its annual meeting this week to explain how its decision to take a 20% stake in Russia's biggest oil company Rosneft is going to be affected by the country's standoff with the west over Crimea.
BP has been sucked into the row over Russia's annexation of Crimea with calls for the delisting from the London Stock Exchange of Rosneft, the Moscow-based oil company in which the British group has a 20% holding.
BP is closer to restoring its operations and reputation in the US after agreeing a deal with environmental protection authorities that it will enable the oil firm to bid for new drilling rights in the Gulf of Mexico.
Oil giant BP reported a drop in fourth-quarter profit due to lower profits in its refining and production business.
BP CEO Bob Dudley has denied the energy giant was in talks with Iran, two days after an international deal took effect which could see oil sanctions lifted on the country.
Global greenhouse gas emissions are set to rise by nearly a third in the next two decades, putting hopes of curtailing dangerous climate change beyond reach, a new report by BP has found.
Class action lawsuits like the ones BP is facing in the U.S. are a "business model" that serves only to benefit attorneys, the chief executive of BP told CNBC.
Transocean CEO Steven Newman said the company’s crew on the Deepwater Horizon “should have done more” to prevent the rig’s 2010 explosion in the Gulf of Mexico.