BP pledges faster cost-cutting with new CEO. Could its US c-stores end up on the chopping block?

Group 1 - BP appointed Meg O'Neill as its new CEO, signaling major changes ahead in 2026 [1][2] - O'Neill will be the fourth CEO since 2020, taking over during a challenging period marked by falling profits and weakened margins [2] - BP's strategy to go green has not met expectations, and its customers and products business, including its global c-store arm, has faced significant challenges [2] Group 2 - The company plans to reduce expenses by approximately $2 billion by 2026, resulting in thousands of layoffs, particularly in the customers and products segment [3] - As of August, around 60% of BP's layoffs this year were from the customers and products segment [3] - Changes have also affected TravelCenters of America, leading to the resignation of its CEO and the appointment of a new leader [4] Group 3 - BP is in the process of divesting about 10% of its company-operated retail sites globally, with 60% already in the contractual process [5] - The U.S. has been a core focus for BP, which operates over 1,000 sites under various banners, making any large divestiture surprising [6] - A targeted business improvement plan aims to enhance adjusted free cash flow by $200 million to $300 million by 2027, but progress has been slower than expected [6][7] Group 4 - The appointment of a new CEO from outside the company aims to accelerate progress on business improvements [7] - Company-operated c-stores are important to BP's business but are secondary to its oil and gas exploration and production [7] - Further cost-cutting measures could put U.S. retail sites, including TA, Thorntons, and Ampm, at risk [7]