Lates News

BP CEO Meg said shareholder capital needs to be used more efficiently. Six months into the job, she is moving to reshape the oil giant. "Decisions matter. In the past we did not manage shareholder capital carefully," Meg said Monday at an Energy Intelligence forum in London. As BP's first externally appointed CEO, Meg quickly pushed for restructuring after years of poor performance. Measures include selling low-return assets, streamlining the company's structure and appointing a new chairman. She said in August that BP was not living up to its potential and had "lost too much value." The Iran war has pushed up oil and gas prices, giving Meg some tailwind in driving the restructuring. However, she declined on Monday to say when BP would resume share buybacks, only saying the company will continue to pay down debt and will not increase spending. "In our industry, BP has been the most leveraged company for more than a decade," Meg said.