New BP Chair Urges Faster Pivot to Oil and Gas

BP’s new Chair, Albert Manifold, has told employees the company must accelerate its pivot back to oil and gas while simplifying a portfolio he described as “overly complex.” In an internal memo seen by Reuters, Manifold said some of BP’s assets “may be more valuable to others” and emphasized the need to boost profitability. His comments mark a sharp signal that the board intends to quicken the retreat from BP’s earlier renewables-heavy push, a strategy that has drawn investor criticism. Manifold official ...