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.
