By Adam Whittaker
BP has appointed the former chief executive of U.S energy company Devon Energy, David Hager, as a nonexecutive director at a time when it is seeking to more than double its production of oil and gas in the U.S. by the end of the decade.
The British energy company said Friday that Hager brings a deep knowledge of the U.S. upstream oil-and-gas industry. His appointment will be effective from Monday.
BP is cutting spending on low-carbon investments and pivoting back toward hydrocarbon production. In late April, Chief Executive Murray Auchincloss said the company plans to grow U.S. production to more than one million barrels a day by 2030 from 650,000.
BP's strategic reset comes as Elliott Investment Management has taken a roughly 5% interest in the business, and pressure is on management to cut debt and grow shareholder value. In April, the company said a senior executive in charge of cleaner energy investments would leave the company and won't be replaced.
Hager has served as the chief executive of Devon Energy, and has lead its exploration and production division, BP said.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
May 30, 2025 02:33 ET (06:33 GMT)
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