BP CEO Meg O'Neill pivots to austerity and core oil assets

The shift follows a period of internal turbulence for the British energy major, which saw the sudden exit of former CEO Murray Auchincloss last year. O'Neill, who assumed the leadership role in April, argues that the company must become more selective, moving away from aggressive expansion to focus on disciplined financial accountability.

In a public statement, O'Neill emphasized that the organization must make fewer, better choices to restore stability. This strategic reset coincides with broader governance changes at the board level, aimed at stabilizing the firm after a series of leadership disputes and operational questions that have clouded the company’s trajectory over the past several months.