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BP names Exxon veteran Meg O’Neill CEO, first woman to lead an oil major as company looks to reinvigorate its fossil-fuels business

BP’s new CEO is an American defender of oil and gas

For years, Meg O’Neill clashed with environmentalists as chief executive of one of Australia’s biggest energy companies. Now she has been tapped to lead BP BP -1.20%decrease; red down pointing triangle and steer the company back to its oil-and-gas roots.

BP named the American former Exxon Mobil XOM -0.96%decrease; red down pointing triangle executive as its new boss in an unexpected management shake-up Wednesday. She is set to take the helm of a storied yet often troubled energy producer that is aiming to reinvigorate its fossil-fuel business after an ill-timed turn toward renewable energy.

O’Neill, who is set to join the London-based company from Australia’s Woodside Energy WDS -2.65%decrease; red down pointing triangle in April, is a dealmaker who is willing to go to bat for the oil-and-gas business. She will be the first woman to lead an oil major.

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Source: The Wall Street Journal

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BP once aimed to lead the shift to renewable energy, is now on board with President Trump’s mantra of “drill, baby, drill".

BP plans to boost its US oil and gas production by more than 50% by 2030

BP, the oil company that once aimed to lead the shift to renewable energy, is now on board with President Trump’s mantra of “drill, baby, drill,” The Wall Street Journal writes. Learn more about BP plans in this post.

The London-based energy company announced Tuesday it was aiming to boost its U.S. production of oil and gas by more than 50% by the end of the decade. The announcement to boost production comes as BP has cut its green spending while repivoting toward fossil fuel investments.

In February, the company said it would boost oil and gas production and cut investments in clean energy. On Tuesday, BP announced that a senior executive in charge of green energy investments would leave the company and would not be replaced.

“We’re pretty tightly aligned with the president,” Chief Executive Murray Auchincloss said in an interview, adding that the company plans to raise U.S. production from 650,000 barrels a day to more than 1 million by 2030.

“It’s both in oil and gas onshore and oil and gas in the Gulf of America,” he says, using Trump’s preferred name for the Gulf.

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Source: Business Report

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