London, April 1, 2026, 12:14 (UTC+1)
BP Plc’s freshly appointed chief executive, Meg O’Neill, assured employees Wednesday she plans to deliver “clear direction and consistency,” kicking off her leadership with a pledge to maintain the company’s current course as it doubles down on oil and gas. O’Neill stands out as BP’s first external chief executive in over 100 years, and she’s also the first woman at the helm of any of the top five global oil majors, according to a staff memo reviewed by Reuters and previous company disclosures. Reuters
The timing here isn’t hard to grasp. Back in February, BP paused its share buybacks—essentially shelving plans to repurchase its own stock—and shifted focus to paying down debt and supporting oil and gas investments. Net debt stood at $22 billion then, with the company aiming to bring that down to somewhere between $14 billion and $18 billion by the close of 2027. The next milestone comes up fast: BP is set to report results on April 28.
Chairman Albert Manifold wasted little time making changes after the reset. Back in March, Reuters highlighted his move to trim the board, aiming to speed up decision-making. That same month, BP confirmed that selling its Gelsenkirchen refinery in Germany pushed asset sales—closed or on the table—above $11 billion, heading toward a $20 billion target for 2027.
O’Neill’s initial note skipped any fresh strategy, zeroed in on getting things done. “I believe we can safely accelerate performance and drive innovation, sustainability and growth,” she wrote. Saul Kavonic, who leads energy research at MST Marquee, called out her “really bold moves” at Woodside, saying she pivoted the company’s direction toward North America. Reuters
That’s a key point for BP. In 2024, the company funneled over 40% of its $16.2 billion investment budget into the U.S., eyeing output there of roughly 1 million barrels of oil equivalent per day by decade’s end—while keeping overall group production more or less flat.
Peer pressure is a factor here: while BP paused its buybacks, Shell and Exxon kept theirs going, a move that throws BP’s comparatively weaker balance sheet into sharp relief for O’Neill. In March, Reuters noted BP shares gained 10% in 2025—Exxon was up 12%, Shell climbed 11%. Earlier, a Reuters piece from January pointed out BP had outperformed most rivals over the previous six months, but still lagged the group over a five-year stretch.
Things are shifting quickly around her. On Wednesday, International Energy Agency chief Fatih Birol warned that Middle East oil supply losses will double in April compared to March and begin affecting Europe. Just a day before, a Reuters poll revealed that analysts had issued their largest ever upward revision to the 2026 Brent crude outlook after Iran war-related disruptions.
Risks remain. BP needs to wrap up its asset sales, prove that its cost-cutting strategy can actually boost cash flow, and deal with mounting climate scrutiny, all before its April 23 annual meeting. Last week, Follow This, along with a bloc of European investors managing $1 trillion, threatened to take BP to court if their climate proposal isn’t added to the AGM agenda by April 1.
So far, O’Neill is sticking with a steady hand rather than rolling out any dramatic changes. Investors are holding off, eyeing BP’s AGM on April 23 and the April 28 results to see if the company’s streamlined portfolio, trimmed debt, and increased focus on oil and gas are moving the dial.
