British energy company BP has confirmed it is to slash spending on green ventures and up its oil and gas production.

BP says its former chief executive has been denied a payout of 32.4 million pounds, or $41 million, after he was found to have misled the company over his past relationships with colleagues.

Global energy giant BP is scurrying to find a new chief executive after CEO Bernard Looney became the latest corporate leader to step down amid questions about his personal conduct.

The chief executive of British energy giant BP has resigned after he accepted that he was not “fully transparent” in his disclosures about past relationships with colleagues.

BP’s earnings have more than doubled in the third quarter as the London-based energy giant benefited from high oil and natural gas prices following Russia’s invasion of Ukraine.

As a result, BP cut its long-term forecast for Brent crude, a benchmark for world oil prices, to about $55 a barrel from $70. “All that will result in a significant charge in our upcoming results,″ Chief Executive Bernard Looney said in a statement. Only a week ago BP announced it would cut 10,000 jobs to reduce costs and adapt to lower prices and plummeting global demand. “This is the energy transition happening,″ said David Elmes, an energy expert at Warwick Business School in northern England. “Something like this has been long overdue from BP,″ said Michael Hewson, an analyst at CMC Markets, arguing that BP’s dividend is unsustainable.

LONDON Energy company BP says that its global workforce will be trimmed by 10,000 jobs amid the ongoing impact of the COVID-19 pandemic. Chief Executive Bernard Looney said Monday that the roles will be office-based and come mostly this year. The companys current global workforce is 70,000. The global energy industry has been hit hard during the pandemic as the widespread limits on business, travel and public life reduced the need for oil, gas and other fuels. With storage facilities filling up, the U.S. price of oil went below zero in April for the first time ever.