BP plc

Money Moves

Undergoing $20 billion restructuring under activist pressure

BP has operated the Gelsenkirchen refinery complex in western Germany since 2002. On March 19, it agreed to sell the 265,000-barrel-per-day facility and its 1,800 workers to Klesch Group, an independent European refiner with a record of buying distressed assets from oil majors. The same day, BP raised its cost-reduction target by another billion dollars to $6.5–7.5 billion by 2027—the second increase in five weeks.

Updated May 30

Money Moves

Searching for permanent chair; mid-strategic reset under new CEO

BP's board removed chair Albert Manifold on Tuesday, eight months after he took the role. London-listed shares fell as much as 9%. Directors cited serious concerns about governance standards, oversight and conduct.

Updated May 26