BP CEO Meg O'Neill said the company has not been a careful steward of shareholder capital, speaking Monday at the Energy Intelligence Forum in London. Six months into the job, O'Neill has moved to reorganize BP following years of underperformance, selling low-returning assets, streamlining the corporate structure, and bringing in a new chairman. She declined to say when stock buybacks would restart, saying only that BP would keep repaying its debts, would not raise spending, and ruled out major acquisitions in the short term. O'Neill said BP has no intention of shying away from the Middle East and is working with Iraq's government to understand options for new export routes, including a northern route, and that the planned sale of its U.K. North Sea business is attracting lots of interest.
BP PLCCEO says BP hasn't been a careful steward of shareholder capital, reorganizing after underperformance, selling low-returning assets, and declining to say when buybacks restart.
