Finance
Bp Names Carol Howle as Deputy Ceo, to Oversee Portfolio Review, Strategy
Published by Global Banking & Finance Review®
Posted on April 2, 2026
2 min readLast updated: April 2, 2026
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BP has appointed Carol Howle as deputy CEO, reinstating her leadership over supply, trading and shipping, while she will also steer the company's broader portfolio review and strategic planning.
BP Appoints Carol Howle as Deputy CEO to Lead Strategy and Portfolio Review
BP's Leadership Changes and Strategic Direction
By Stephanie Kelly
Carol Howle's Appointment and Responsibilities
LONDON, April 2 (Reuters) - BP named Carol Howle as deputy chief executive on Thursday and said she would oversee the company's ongoing portfolio review and strategy development.
Howle, who served as interim chief executive before Meg O'Neill started the top job on Wednesday, will also return to her former role as head of supply, trading and shipping.
BP's Strategic Shift
Refocusing on Oil and Gas
BP is undergoing a major strategy shift after pivoting back to a focus on oil and gas a year ago following an ill-fated foray into renewables.
Financial Measures and Targets
It has cut billions of dollars from planned renewable energy projects, pledged to divest $20 billion of assets by 2027, and to reduce debt and costs. Net debt fell to $22 billion from $26 billion in the fourth quarter last year, and BP reiterated its target range of $14 billion-$18 billion by end-2027.
Leadership Team and Company Outlook
Chair Albert Manifold's Perspective
BP's Chair Albert Manifold, who took the role in October before Murray Auchincloss abruptly exited as CEO in December, has said BP holds assets that may be more valuable to others.
Howle's Role in Strategy Development
Long-Term Vision and Team Structure
Howle will oversee long-term strategy development beyond BP's 2027 targets, O'Neill said in a statement. BP's strategy and sustainability team will report to Howle, who has spent 25 years with BP.
Historical Context and Milestones
O'Neill is the major's first external hire for the post in over a century and the first woman to lead a top-five oil major.
BP has had a deputy CEO previously, with Lamar McKay in the role starting in 2016 under then-CEO Bob Dudley.
(Reporting by Stephanie Kelly, Editing by Louise Heavens, Kirsten Donovan)
Key Takeaways
- •Carol Howle, interim CEO since December 18, 2025, becomes deputy CEO overseeing portfolio review, strategy development, and returns to her previous role heading supply, trading and shipping (sahmcapital.com)
- •BP’s debt reduction continues—net debt fell to ~$22 billion in Q4 2025 from ~$26 billion in Q3; the company maintains a target of $14–18 billion by end‑2027 while pursuing $20 billion in asset divestments (oilprice.com)
- •This leadership move ensures continuity in executing BP’s strategy reset—shifting back to oil and gas and slimming down renewables—under newly appointed CEO Meg O’Neill, the first external and first female CEO of a top‑five oil major (apnews.com)
References
Frequently Asked Questions about BP names Carol Howle as deputy CEO, to oversee portfolio review, strategy
1Who is the new deputy CEO of BP?
Carol Howle has been named as the new deputy CEO of BP.
2What will Carol Howle oversee in her new role at BP?
Carol Howle will oversee BP's ongoing portfolio review and strategy development.
3What recent strategic changes has BP made?
BP pivoted back to oil and gas, cut renewable energy projects, and pledged to divest $20 billion in assets by 2027.
4What has BP set as its net debt target by 2027?
BP is targeting a net debt range of $14 billion to $18 billion by the end of 2027.
5What is significant about Meg O'Neill's appointment as BP CEO?
Meg O'Neill is BP's first external CEO hire in over a century and the first woman to head a top-five oil major.
