Staff note: New BP CEO pledges consistency

BP's 'CEO' Meg O'Neill said on Wednesday that she would provide consistency and accelerate the performance of the group, a full year after BP refocused its strategy firmly to oil and natural gas. This was according to a note to staff seen by. O'Neill began her new job as BP's 4th CEO?since 2020, and the first external hire in the role for more than a hundred years. She is the first female to head a major oil company. O'Neill, formerly of Australia's Exxon Mobil and Woodside Energy?, joins BP as it seeks to get away from its ill-fated venture into renewables. 'CLEAR CONSISTENCY AND?DIRECTION' She said, in a staff note that was seen by the. "I am committed to ensuring clear direction and consistency, so that we can all move forward with confidence." She will be joining the new chairman Albert Manifold who assumed the role in October. He has stressed the need to further reshape BP’s portfolio to increase profitability. Manifold is under pressure from activist investor Elliott Investment Management - one of BP’s largest shareholders - to fix what the group has described as the company's deficiencies. Manifold announced a leaner Board, including former Shell Chief Financial Officer Simon Henry, who is among those leaving. They said that fewer directors will allow for quicker decision-making and better oversight as part BP's reset. BP cut billions of dollars from renewable energy projects, committed to divest 20 billion?of assets?by 2027 and reduced costs and debt. Net debt dropped to $22 billion in the fourth quarter of last year from $26 billion. BP also reiterated their target range of $14 billion-$18billion by 2027. In February, the company suspended its share buybacks to reduce debt and focus investment on oil-and-gas projects. Reporting by Stephanie Kelly, Shadia Nasralla. Mark Potter edited the article.

(source: Reuters)