BP Plc chief executive Meg O’Neill wants investors to see the company in a new light. She thinks it makes sense to stop calling BP a Big Oil supermajor. This change aims to address the company’s long track record of falling short.
O’Neill argues BP should stop trying to keep up with bigger competitors like Chevron, ExxonMobil, Shell, and TotalEnergies. Instead, she wants to focus on areas where BP excels. She said during a call with analysts that the company must compete with others at its size.
The CEO made it clear that BP cannot try to be everywhere at once. Even if it wants to work in the top energy regions, it can’t maintain operations in all of them. This shows a big change from earlier strategies that helped build BP into a global name.
Shifting the Company's Path
Since becoming CEO in April, O’Neill has moved quickly to sell assets. BP said it will sell its UK North Sea operations and also plans to sell its US biogas firm, Archaea Energy. These steps support her goal to simplify the company and focus on its best parts.
O’Neill has given the clearest outline of her strategy since she became the first outside CEO in BP’s over 100-year history. Her plan is a dramatic change for a company that was once a key player in expanding the modern supermajor model.