BP Executive Departure Amid Restructuring Plans
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
0mins
Source: seekingalpha
- Executive Departure: William Lin, head of BP's gas and low-carbon business, is set to leave the company in Q3 as part of a reorganization, having spent three decades at BP and recently leading a delegation to Venezuela for a natural gas exploration deal.
- Company Restructuring: New CEO Meg O'Neill is poised to restructure BP into a traditional upstream-downstream model as early as this month, aiming to simplify the company's structure and enhance its value, indicating a strategic shift in BP's operational approach.
- Boardroom Turmoil: Lin's departure follows last week's unexpected firing of Chairman Albert Manifold, although there is no indication that Lin's exit is related to Manifold's departure, highlighting instability within the company's governance.
- Market Reaction: Following the board changes, BP's stock price has slipped, exacerbating concerns over governance issues, with analysts suggesting that risks are now skewed to the upside, potentially underestimating the company's turnaround potential.
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Analyst Views on BP
Wall Street analysts forecast BP stock price to rise
11 Analyst Rating
5 Buy
5 Hold
1 Sell
Moderate Buy
Current: 43.680
Low
6.38
Averages
84.26
High
503.69
Current: 43.680
Low
6.38
Averages
84.26
High
503.69
About BP
BP p.l.c. is a United Kingdom-based integrated energy company. Its segments include Gas & low carbon energy, Oil production & operations, Customers & products, and Other businesses & corporate. The gas & low carbon energy comprises regions with upstream businesses that predominantly produce natural gas, gas marketing and trading activities and its solar, wind and hydrogen businesses. The oil production & operations segment comprises regions with upstream activities that predominantly produce crude oil, including bpx energy. The customers & products segment comprises its customer-focused businesses, which include convenience and retail fuels, electric vehicle (EV) charging, as well as Castrol, aviation and business-to-business (B2B) and midstream. It also includes its products businesses, refining and oil trading, as well as its bioenergy businesses. The other businesses and corporate also comprises the Company's shipping and treasury functions, and corporate activities worldwide.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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