All articles tagged with #bp
BP said it will suspend stock buybacks to strengthen its balance sheet and cut net debt by up to $18 billion by 2027, redeploying cash into capex as it pivots ahead of Meg O’Neill’s start as CEO; the move coincides with exploration momentum (e.g., Brazil’s Bumerangue) and comes with a sharp stock move and mixed quarterly results.
BP suspends share buybacks to reinvest in oil and gas opportunities, including a major Brazil discovery, after a $3.4 billion Q4 loss and renewables writedowns; interim CEO Carol Howle says the turnaround accelerates ahead of Meg O'Neill's April start, with a 4% dividend increase.
BP suspended its share buyback and redirected excess cash to strengthen its balance sheet after posting Q4 2025 results in line with expectations and a full-year net profit of $7.49 billion, down from $9 billion in 2024 and below consensus estimates. The company guided 2026 capex at about $13–13.5 billion, paid a dividend of 8.320 cents, and saw shares drop around 5% as rivals also posted weaker earnings in a low crude-price environment. Meg O’Neill is set to become CEO on April 1.
bp has agreed to sell a 65% stake in Castrol to Stonepeak for $10.1 billion, as part of its strategy to simplify its portfolio and strengthen its balance sheet, with the transaction expected to complete by the end of 2026 and proceeds used to reduce debt.
BP is selling a 65% stake in its Castrol lubricants business to private equity firm Stonepeak for $6 billion as part of its strategy to reduce debt and focus on core oil and gas operations, with BP retaining a 35% stake and the deal expected to complete by the end of 2026.
BP has agreed to sell a 65% stake in its Castrol lubricants business to US investment firm Stonepeak for $10.1 billion, as part of BP's strategy to reduce debt and streamline operations, with proceeds to be used for debt repayment and strategic refocusing.
BP has sold a 65% stake in its Castrol motor oil division to US investment firm Stonepeak for $6 billion, valuing Castrol at $10.1 billion, as part of BP's strategy to focus on core oil and gas businesses and reduce debt, while shifting away from green energy investments.
BP is selling a 65% stake in its Castrol lubricants unit to Stonepeak for $6 billion, valuing the unit at $10.1 billion, as part of a broader strategy to divest $20 billion of assets and focus on core oil and gas operations. The sale is a milestone in BP's strategic reset, which includes leadership changes and a focus on simplifying its business.
Stonepeak is set to acquire a majority stake in Castrol from BP in a $10.1 billion deal, with BP retaining a 35% interest and CPP Investments investing up to $1.05 billion, supporting Castrol's growth in the global lubricants market.
Meg O’Neill, a seasoned energy executive and the first female CEO of BP, is seen as a transformative leader poised to steer BP away from green energy and back towards fossil fuel production, leveraging her extensive experience in the oil industry and her reputation as a 'hard-nosed' outsider.
Meg O’Neill, a former Exxon executive, has been appointed to lead BP's efforts to turn around its performance, bringing her extensive industry experience to the role.
BP has appointed Meg O’Neill, CEO of Woodside Energy, as its new CEO, marking a shift back to focusing on core oil and gas businesses after a period of green energy emphasis. She will succeed Murray Auchincloss, who will step down, with interim CEO Carol Howle taking over until April. This leadership change is seen as a move to stabilize BP and refocus on its traditional strengths amid recent underperformance and strategic reset efforts.
BP appointed Meg O’Neill as its first female CEO, signaling a shift back to focusing on oil, gas, and LNG amid struggles and pressure from activist investors to divest from renewables and cut costs, aiming to revive the company's fortunes.
BP has appointed Meg O'Neill as its new CEO, making her the first woman to lead a major global oil company, following the resignation of Murray Auchincloss amid leadership instability. O'Neill, previously at Woodside Energy, will focus on restoring BP's market leadership and balancing safety, innovation, and sustainability, amid a strategic shift towards increased oil and gas production.
BP has replaced its CEO Murray Auchincloss after less than two years in the role, signaling a leadership change within the company.