Summary
BP has appointed Meg O'Neill, previously from Woodside Energy, as its new CEO. O'Neill will lead BP as it refocuses on fossil fuels and aims to improve financial performance. BP plans to sell $20 billion in assets by 2027 to reduce costs and debt.
Key Facts
- Meg O'Neill is BP's first external CEO hire in over 100 years and the first woman to lead a top-five oil company.
- O'Neill will begin her role in April after Murray Auchincloss's departure.
- BP plans to sell $20 billion in assets by 2027, including its Castrol lubricants business.
- BP aims to increase its U.S. oil and gas production to 1 million barrels per day by the decade's end.
- BP is reducing its focus on renewable energy to concentrate more on oil and gas.
- BP's chairman, Albert Manifold, stresses a need for greater restructuring for increased profitability.
- Woodside's shares fell by 2.9% following the announcement of O'Neill's departure, while BP's shares rose by 0.3%.
