Fed Sees Oil Prices Cooling Despite Renewed Iran War
What I Cover My focus spans the global energy landscape and the technologies reshaping it, specifically focusing on oil and gas, renewables, and tech-driven market…
BP has started to simplify its portfolio and cut costs, and will make fewer but better choices in which projects to invest, chief executive Meg O’Neill said on Thursday.
“We are taking concrete action to grow long-term value for shareholders: simplifying our portfolio, reducing costs, maintaining tight discipline on capex and strengthening the balance sheet,” O’Neill, the first female CEO of a Big Oil company, wrote in a LinkedIn post to reflect on the first 100 days as top executive of BP.
“We need to be deliberate about where we invest and where we don’t. We need to make fewer, better choices and hold ourselves to account,” O’Neill wrote.
“Investors should be able to rely on us in the same way our customers do,” the executive added.
BP has already simplified its structure by bundling operations into two businesses, Upstream and Downstream, with trading connecting both to create value. Despite the unprecedented disruption in the energy industry in recent months, BP has continued to simplify the company and reduce costs to make the supermajor more attractive to investors, she said.
As part of the portfolio simplification, BP is reportedly considering an exit from the UK North Sea, due to unfavorable taxation policies in Britain.
BP is the last supermajor to haven’t either sold or combined its UK North Sea business in recent years. Shell and Equinor combined their oil and gas assets in a standalone company, Adura. TotalEnergies merged its assets with NEO NEXT to create NEO NEXT+, in which the French supermajor holds a 47.5% interest.
This week, BP announced a divestiture offshore Canada, as it agreed to sell its non-operated interest in the Bay du Nord offshore oil development to Equinor. The sale mark another step in BP’s strategy to streamline its upstream portfolio and tighten capital allocation.
EU Eyes 2040 Electrification Target to Slash Oil and Gas Dependence
Indonesia Receives First Russian Crude Shipment Under April Supply Deal
What I Cover My focus spans the global energy landscape and the technologies reshaping it, specifically focusing on oil and gas, renewables, and tech-driven market…
Oil Prices Plunge as U.S. and Iran Reach Deal to Reopen Strait of Hormuz
Oil Prices Rebound as U.S.-Iran Peace Talks Are Postponed
Russia’s Oil Windfall Vanishes as Urals Crashes to $42 a Barrel
Iran Tightens Grip on Strait of Hormuz Tanker Traffic
Why a Supply Crunch From Iran Could Send Oil Back Below $40 a Barrel
Saudi Arabia’s Decided Who Its Future Superpower Partner Is, And It’s Not the US
How Fake News Became the Most Dangerous Force in Energy Markets
Solar Is the Cheapest Power in History, But States Are Retreating From It
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Merchant of Record: A Media Solutions trading as Oilprice.com