BP needs to make sure it's able to compete against similarly sized competitors and that it is competing to win, CEO Meg O’Neill said during the company’s earnings call August 4. She said the company’s integrated model is a competitive advantage but that its performance over the past few years had not met expectations.
BP saw upstream production drop to 2.2 MMboe/d in Q2 2026, down 6% from the previous quarter, due to disruptions in the Middle East, some operational issues in the North Sea and Indonesia, and scheduled seasonal maintenance. Refinery throughput was around 1.5 MMb/d down 4% from Q1, due primarily to higher planned turnaround activity and lower refining availability.
O’Neill outlined five priorities for the company (see slide below), which she said were all about getting the company “fit to grow.” Those steps include strengthening the balance sheet, simplifying the portfolio, investing with greater discipline, driving operational excellence, and hardwiring high-performance and accountability.
Source: BP Quarterly Earnings Presentation
“Every dollar of capital has to compete and we need to get fit to grow. We need to compete in the weight class we are in — focusing capital on our best opportunities to maximize cash flow and returns,” she said.
O’Neill said BP’s decision to exit the Bay du Nord project about 500 miles offshore Newfoundland and Labrador is an example of that discipline in action. BP sold its 37.2% stake in the project to Equinor in July. Equinor is now 100% owner of the development, which is targeted for a final investment decision (FID) in 2027, with first oil around 2031.
“I think it’s prudent for us not to try to label ourselves as a supermajor; in fact, that’s one of the things that I’m trying to reinforce with the comments around weight class,” she said. “We want to be in the best basins, we can’t be in every basin.”
