O'Neill spoke at the Energy Intelligence Forum in London on Monday and stressed priorities for the company. She said, "Decision-making is important," and added, "We have not been careful stewards of shareholder capital," while noting BP had "written off too much value" back in August.
O'Neill has been BP's chief executive for six months and is the first person hired from outside the company to hold the job. Since she arrived she has acted swiftly to remake BP after a period of weak results by selling assets that generate low returns, simplifying the corporate setup, and appointing a new chairman.
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Last year BP faced pressure from activist investor Elliott Investment Management, which urged a return to traditional oil-and-gas operations and away from a failed push into renewables. O'Neill, described as someone who supports fossil-fuel development and hired to shift BP back toward oil and gas, said, "We are, in our sector, the company that has been the most levered for more than a decade," and said the company will continue to pay down debt and not increase spending.
Investors have been watching BP's work to repair its balance sheet in hopes it will allow the company to restart share buybacks. The CEO would not specify when buybacks would resume, and higher oil and gas prices linked to the Iran war have helped BP since she took the job.
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