BP is operating in a world of ‘significant complexity’, new boss tells staff

The new boss of BP has told staff that the oil company is operating in a world of “significant complexity” as it attempts to rebuild its strategy under a fresh leadership team.
In her first message to staff as BP’s chief executive, Meg O’Neill promised a “clear direction and consistency” after a tumultuous period for the 117-year-old fossil fuel company, in which it has pivoted away from a failing green strategy.
BP’s third chief executive in under five years has stepped into the top job during the fifth week of the Iran war, a conflict that has triggered the global industry’s biggest supply shock.
In a staff memo seen by the Guardian, O’Neill said: “Right now, we’re operating in an environment of significant complexity: geopolitical tension; conflict; rapid technological change; and shifting global energy demand.”
“I believe that we, as a company, have a clear job to do: delivering energy to the world, today and tomorrow – safely, reliably and efficiently,” she added.
A previous plan to cut its oil production this decade put BP at a financial disadvantage compared with other large oil companies, including Shell, when wholesale prices rocketed after Russia’s invasion of Ukraine in 2022.
BP has struggled to reverse its strategy amid a leadership bloodletting that has included the exit of two chief executives and its chair.
O’Neill’s surprise appointment was made late last year, only weeks after Albert Manifold replaced Helge Lund as chair. Lund had presided over the company’s failed attempt to adopt a green energy agenda. O’Neill replaces Murray Auchincloss, the former BP chief financial officer who was in the top role for less than two years.
This year, BP became the first large oil company to suspend its shareholder buybacks after its underlying earnings fell to just below $7.5bn (£5.5bn) for 2025, down from almost $9bn for 2024.
O’Neill is expected to focus on making “disciplined” investments in new fossil fuel projects to revive the company’s market value at a time when war in the Middle East has triggered the biggest monthly oil price gain in the history of the market and gas prices are at historic highs across Asia and Europe.
BP’s share price has climbed to an almost 16-year high as the Iran war entered its fifth week and global oil prices climbed to highs near $118 a barrel on Tuesday.
Its share price slumped by almost 3.5% on Wednesday, to about 585p, as the price of Brent crude tumbled below $100 a barrel on renewed optimism that the US may end its military campaign in Iran.
In the memo to staff, O’Neill said: “Our industry underpins economic growth, human development and so much of everyday life. We play a vital role in supplying customers across the world with the energy they need to help them thrive
“BP is a great company, built on the strength of remarkable people and world-class assets. I’m really excited about our next chapter – and the opportunity ahead of us.”