BP is unlikely to reverse its move away from renewable power generation any time soon, chief executive Meg O'Neill told Semafor. She spoke on the sidelines of the ADIPEC energy conference. O'Neill said renewable power does not fit BP's skill set.
"There are people who can do utility-scale solar and make money at it," she said. "We're happy to let people who are experts in that do their thing, and we will stay focused on oil and gas."
O'Neill took over in April. According to Semafor, she has focused on repairing the company's finances. A strong third quarter helped. Profits nearly quadrupled thanks to high oil and gas prices and a busy trading desk. O'Neill used the gains to cut debt by nearly 40%.
She is also continuing the spinoff of BP's renewable energy businesses, which began under her predecessor. Semafor reported that the process has not always been easy. Lightsource BP, the company's utility-scale solar arm, has been up for sale for months. O'Neill called Lightsource "a very big and complex business" but said BP is "making headway" on the sale.
O'Neill said BP will invest in low-carbon energy only when those projects can generate returns for shareholders. She cited green hydrogen projects in Europe as an example.