Meg O'Neill

Money Moves

Preparing to take over as BP's first externally hired CEO in over a century

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

Took over as CEO April 1, 2026

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