BP News Updates

BP named Ian Tyler chairman following an interim stint in the role, ending a period of boardroom drama and allowing CEO Meg O’Neill to continue reshaping the company.

New CEO Meg O’Neill stepped up efforts to streamline the business and rebuild investor confidence after years of underperformance.

BP said ConocoPhillips will acquire 42% of its stake in a venture that’s redeveloping Iraq’s giant Kirkuk oil fields, a major revival target for the OPEC heavyweight.

BP boosted jet fuel production at its European refineries by about 30% during the Iran conflict, helping the region avoid major shortages while millions of barrels were locked up in the Persian Gulf.

From July 1, Gordon Birrell will be executive vice president of upstream, while Richard Harding will take on the same role — in an interim basis — for downstream.

BP executive William Lin will leave the company as it undertakes an overhaul of its senior leadership. The executive vice president of gas and low carbon will remain in the office until Q3.

Manifold said in a statement, “I dispute entirely the characterization of my conduct and I will not allow a false narrative to go unchallenged.”

BP's board named Ian Tyler as interim chair on May 26, effective immediately. The company said that it will begin the process of finding a permanent chair.

BP earned $3.84 billion for the quarter. A year earlier the London-based oil and gas company earned $687 million.

BP, long the laggard among oil supermajors, is emerging as the sector’s top stock during the Iran war as it reaps “exceptional” trading profits.