# After a ‘stunning’ update, what does the future hold for long-suffering BP?

*business · news · 2026-04-30 · City A.M.*

## Key points

- BP's first quarter profit more than doubled, surpassing both company and analyst expectations.
- New CEO Meg O’Neill has restored BP’s old structure, splitting the company into upstream and downstream divisions.
- BP redirected cash from its halted share buyback to pay off $4.3bn in corporate bonds without reissuing.
- BP aims to bank $20bn from asset disposals by next year, including recent Castrol and German refinery sales.
- Elliott Management, with a 5% stake, appears satisfied with BP's accelerated portfolio simplification.

**Companies:** BP, Woodside, Klesch Group, Quilter Cheviot
**Countries:** United Kingdom, United States, Germany

[Read the full story on City A.M.](https://www.cityam.com/after-a-stunning-update-what-does-the-future-hold-for-long-suffering-bp/)

---

Canonical: https://newsio.io/n/d3bf7ba7-b8ae-430e-ab11-1b2994b5ca7e/after-a-stunning-update-what-does-the-future-hold-for-long-suffering-bp-bp-wowed
Summarized by Newsio from City A.M.. https://newsio.io/how-it-works