Energy and oilUpdated November 5
O’Neill sees no quick return to renewable power
Since taking the helm in April, CEO Meg O’Neill has focused on BP’s finances. Third-quarter profits nearly quadrupled, helped by high oil and gas prices and busy trading, and O’Neill used that to cut debt by nearly 40%. Still, she says BP is unlikely to return to renewable power generation anytime soon. Low-carbon investments make sense only when they can generate shareholder returns, she says, pointing to green-hydrogen projects in Europe. Renewable power, in her view, isn’t a good fit for BP’s skill set, and the company will stay focused on oil and gas.
2 publishers2 reports
Coverage started November 3
Key Actors
- BP