New BP Chair Urges Faster Pivot to Oil and Gas

Core Viewpoint - BP is shifting its focus back to oil and gas while simplifying its complex portfolio, indicating a retreat from its previous emphasis on renewables [1][2] Group 1: Leadership Changes - Albert Manifold has officially replaced Helge Lund as Chair of BP, following shareholder dissatisfaction with Lund's ties to former CEO Bernard Looney, who advocated for BP's costly renewable expansion [2][3] Group 2: Financial Strategy - BP plans to divest $20 billion in assets to reduce net debt from $26 billion to a target range of $14 billion to $18 billion by 2027 [2] - The company aims to increase annual cash flow by approximately 20% through 2027, targeting around $14 billion [2] Group 3: Operational Challenges - Manifold highlighted the company's financial challenges, including lower profitability and significant debt on the balance sheet, and emphasized the need for faster execution of strategic direction [3] - Activist investor Elliott, holding over 5% of BP, is urging the company to cut costs and spending to enhance cash flow further [4]