BP CEO stresses portfolio cuts and North Sea guidance

BP is strategically divesting assets, including its North Sea oil and gas business and its US biogas company Archaea, to reduce debt and refocus on core operations. Under CEO Meg O’Neill, the company has accelerated asset sales amid high profits driven by elevated oil and gas prices, with plans to lower net debt below $18 billion ahead of schedule. O’Neill emphasized the importance of domestic UK oil and gas production to support energy security amid ongoing decarbonization efforts.

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