What specific financial and strategic actions did BP CEO Meg O'Neill announce to refocus the company?

BP CEO Meg O'Neill announced that the company must prioritise financial discipline by simplifying its portfolio, cutting costs, and tightening capital spending, as it refocuses on its core oil and gas investments. She emphasized being more selective in investment decisions, making 'fewer, better choices' and holding the company accountable, following an unsuccessful push into renewables.

Why is BP undergoing a strategy reset, and what leadership changes accompanied it?

BP is undergoing a strategy reset after an unsuccessful push into renewables, prompting CEO Meg O'Neill — who took over in April following Murray Auchincloss's abrupt departure — to lead a refocusing on core oil and gas investments. Her appointment coincided with other leadership changes, including the board's removal of a leader in May over governance and conduct issues, which he disputes.

BP CEO says company must sharpen financial discipline, tighten spending

Jul 9, 2026

BP CEO Meg O'Neill announced a strategic shift to prioritize financial discipline and cut capital spending, refocusing the company on core oil and gas investments following an unsuccessful push into renewables.

reuters

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BP CEO says company must sharpen financial discipline, tighten spending