BP CEO denies breakup discussions

Investing.com -- BP chief executive Meg O'Neill said Friday that the British energy company has not held discussions about breaking up the group.

O'Neill made the statement during a conference call on quarterly results. Her comments addressed a Semafor report published earlier this week that cited unnamed sources claiming some BP board members favor a company breakup. BP had already denied the report when it was published.

O'Neill said her discussions with the board about the company's strategic direction support maintaining an integrated oil and gas structure. This means keeping both upstream and downstream operations within a single company.

The Semafor report stated that some board members of the $129 billion company favor a breakup after years of smaller spinoffs failed to ease investor pressure for better returns. The report noted that no decision has been made and that O'Neill appears opposed to such a move. The full board has not formally discussed a potential breakup, the report added.

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