BP CEO: No longer viewing the company as a "super oil giant" is a "prudent move."

Meg O'Neill, Chief Executive Officer of BP, stated that no longer viewing the company as a large oil "supermajor" is a "prudent move." This is a significant shift in the company's investor evaluation standards as she strives to reverse years of poor performance. O'Neill pointed out that BP should no longer try to catch up with larger competitors such as Chevron, ExxonMobil, Shell, and TotalEnergies, but should focus on competing within its own "weight class" and concentrate investments in its strongest businesses. The company has accelerated its pace of asset sales, with recent announced deals including the sale of its North Sea operations in the UK and the American biogas producer Archaea Energy.