BP CEO: Company Must Sharpen Financial Discipline Tighten Spending

BP CEO Meg O'Neill said on Thursday the British energy major needs to prioritize financial discipline by simplifying its portfolio, cutting costs and tightening capital spending, as the company refocuses on its core oil and gas investments.

O'Neill, who took over as ⁠CEO in April ⁠following the abrupt departure of Murray Auchincloss last year, said BP needed to be more selective in its investment decisions ⁠as it works through its strategy reset after an unsuccessful push into renewables.

"We need to be deliberate about where we invest and where we don’t," Reuters quoted O'Neill as saying in a LinkedIn post on the 100th day of ⁠her being ⁠in the role.

"We need to make fewer, better choices and hold ourselves to account."

Her appointment coincided with other leadership changes, including Chair Albert Manifold's removal by the board in May over governance and conduct issues, which he disputes.
 

aawsat.com