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When Meg O’Neill takes over BP on April 1, Big Oil’s first female CEO will benefit from a war-driven surge in prices — but inherit a tough cleanup job.

Stonepeak’s acquisition of Castrol isn’t due to close until later in 2026, but lenders are keen to capitalize on the current opportunity window, with investors eager to put cash to work in new deals.

BP needs to demonstrate how its decision to prioritize investment in oil and gas will create value for shareholders, according to a group of investors. 

The management shake-up comes as BP lags its rivals due to a combination of corporate disasters, war, lackluster returns from its renewables efforts and some bad luck.

A unit of BP was the high bidder in a U.S. auction for oil and gas drilling rights in the Gulf of Mexico, the first sale held during President Donald Trump’s second term.

The British energy giant posted adjusted third-quarter net income of $2.21 billion, higher than the average analyst estimate of $1.98 billion. Its quarterly share buyback plan was maintained.

Venture Global lost a dispute with BP involving the sale of liquefied natural gas cargoes, a surprise defeat that comes eight weeks after Venture prevailed in a similar fight with Shell.

Chevron, ConocoPhillips and BP are among major oil companies that announced thousands of job cuts in recent months as crude prices fell this year in response to increased supplies from OPEC.

Rising consumption in emerging markets, sluggish energy efficiency gains, geopolitical tensions and the persisting use of petrochemicals all point to peak demand in 2030 at the earliest.

BP appointed former CRH CEO Albert Manifold as its new chairman, replacing Helge Lund amid pressure for a change in the company’s direction from shareholder Elliott Investment Management.