BP CEO Meg, six months into the job, is accelerating a restructuring to improve
shareholder capital efficiency, saying past decision-making did not prudently
manage capital. Planned measures include selling low‑return assets, slimming the
corporate structure and appointing a new chair; she is BP’s first externally
hired CEO. She declined to give a timetable for resuming buybacks, saying the
The company will continue debt repayment and will not increase spending. Higher oil
and gas prices after the Iran war have eased the path for the overhaul. Meg said
BP has been the most leveraged company in the sector for more than a decade.
