This weekend, it remained uncertain whether Woodburn had received a formal approach from BP or headhunters representing the company, the report read. However, multiple sources indicated that he had been informally approached in the past few weeks, Sky News added.

In response, a BAE spokesperson told Sky News on Saturday, "Charles is chief executive of BAE Systems, and we have no comment on BP personnel matters."

BP has been actively searching for a new CEO following Bernard Looney's departure in September due to his misleading the board about personal relationships with colleagues.

Murray Auchincloss, the interim CEO and former chief financial officer under Looney, is considered a top candidate for the permanent position.

BP's incoming CEO faces a pivotal choice on whether to continue Looney's strategy of focusing on carbon emission reductions, renewables and cleaner fuels.

The decision comes as BP, with a market capitalization of $102.236 billion, dwarfs BAE Systems, valued at nearly $45.313 billion.

Price Action: BP shares closed higher by 0.76% to $36.03 on Friday.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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