BP Appoints Dave Hager to Board, Refocuses on Fossil Fuels

Market IntelFriday, May 30, 2025 6:03 am ET
1min read

BP has appointed

Dave
Hager, a veteran oil industry executive and former CEO of
Devon Energy
, to its board of directors. This move is part of BP's strategy to refocus on its core
fossil
fuel business and to maintain investor support. Hager brings over 40 years of experience in the oil and gas industry, most recently serving as the CEO and executive chairman of Devon Energy. His expertise is expected to fill a gap in the current board, which lacks specialized knowledge in oil and gas.

This appointment comes at a time when BP's CEO, Murray Auchincloss, has pledged to return the company to its core business after years of underperformance. This underperformance is largely attributed to the "net-zero strategy" pushed by his predecessor. The addition of Hager to the board is seen as a step towards strengthening BP's position in the fossil fuel sector, which has been under scrutiny due to the company's previous focus on renewable energy initiatives.

Helge Lund, the chairman of the board, highlighted Hager's deep insights into the U.S. upstream oil and gas industry. Lund stated that Hager's strategic vision and experience in driving operational results and capital efficiency will be invaluable to the board. Lund himself has announced his intention to step down in April, a decision influenced by the pressure from investors, including activist investment firm Elliott Asset Management, to bring about significant changes.

Hager's appointment will take effect on June 2. This move is seen as a strategic decision by

BP
to bolster its core business and to navigate the complexities of the global energy market. The company's focus on fossil fuels comes at a time when there is increasing pressure from environmental advocates and some investors to transition towards renewable energy sources. However, BP's decision to bring in a seasoned fossil fuel executive indicates a renewed emphasis on maximizing the value of its existing assets while exploring new growth opportunities in the energy sector.