Some BP board members favor breakup of $129 billion oil giant

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Some board members of global oil-and-gas giant BP are in favor of breakup of the company, according to people familiar with the matter, following years of smaller spinoffs that have failed to assuage pressure from investors to boost returns.
No decision has been made, and CEO Meg O’Neill appears to be opposed to the move, one of the people said. The $129 billion company could ultimately choose not to move forward with any plans, these people said. The full board has not formally discussed the possibility of a breakup, the people said.
A BP spokesperson said: “This is categorically false.” The company is slated to report earnings on Friday.
The company — one of Britain’s largest public companies and an anchor of a London Stock Exchange that has lost a series of key listings to the US — has already contemplated slimming down its retail exposure. The company has also recently divested or considered divesting from a number of other assets, including stakes in US pipelines and onshore wind farms, North Sea oil and gas production, and startups in its venture capital portfolio, in pursuit of what O’Neill has called a “simpler, stronger, more valuable BP.”
The move could dramatically reshape the industry and prompt a rush for assets among the other oil majors. It could also elicit a backlash from the UK government, if a breakup prompts BP to relist the company in the US and the continued outflow of FTSE companies from Britain.
Also unknown: the response of big shareholders, including Elliott. The activist has pushed for relistings or relocations at other companies before, including dual-listed BHP. But it has refrained from such a push at BP, choosing instead to urge the company to boost its free cash flow, divest its renewables business, and improve capital returns.

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