Watch CNBC's full interview with BP CEO Bernard Looney on Q3 earnings

BP CEO Bernard Looney sits down with CNBC's 'Squawk Box' to break down the company's latest third-quarter earnings, which reported a headline loss of $2.5 billion as a result of “significant adverse fair value accounting effects.” Looney also reacts to a new proposal from the Biden administration to plug methane gas leaks oil and gas wells in the U.S.