On 1 October 2025, BP’s newly appointed chair, Albert Manifold, addressed employees in an internal memo that was later seen by Reuters. The memo urged the company to accelerate its strategy of moving away from renewables toward oil and gas and to consider additional asset sales.
The directive follows BP’s earlier strategic reset under CEO Murray Auchincloss, which emphasized disciplined growth in traditional hydrocarbon assets and a returns‑focused approach to low‑carbon investments. Manifold’s memo signals a further acceleration of that reset, potentially speeding up divestitures and capital reallocation.
For investors, the memo indicates a clear shift in BP’s portfolio strategy, likely increasing cash flow from oil and gas operations and accelerating asset sales to reduce debt. The move may also impact BP’s long‑term transition plans and influence shareholder returns and debt‑reduction targets.
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