BP CEO Meg O'Neill Vows Capital Discipline, No Buyback Timeline as Debt Reduction Remains Priority

BP CEO Meg O'Neill said on Monday, October 5, 2026, that the company has failed to manage shareholder capital responsibly and pledged to overhaul how it allocates funds. Speaking at the Energy Intelligence Forum in London, she said BP has been the most levered company in its sector for over a decade and declined to set a timeline for resuming share repurchases suspended earlier this year. Debt reduction will remain the priority, and O'Neill ruled out any increase in expenditure. The comments come as investors watch BP's deleveraging pace as the prerequisite for restarting buybacks. BP reported second-quarter net profit of $3.91 billion, more than double the year-earlier $1.62 billion, and cut net debt to $22.25 billion from $25.3 billion. The company is divesting its Archaea Energy biogas unit, has completed the sale of its Gelsenkirchen refinery and plans to sell its North Sea business.