BP Finally Moves to Make Itself Investable Again

For too long, British oil company BP Plc denied, obfuscated and played down its troubles. The market and the media, rather than the company, was the issue. On Tuesday, the oil major took the first step toward redemption: “BP can and will do better for investors,” it said. Amen.

Incoming Chairman Albert Manifold and Chief Executive Murray Auchincloss will conduct a wide-ranging review of the company’s entire portfolio of businesses — all of them. That should mean there will be no more sacred green cows. The aim is “maximizing shareholder value moving forward – allocating capital effectively.” Or, in plain English, sell, restructure or shutdown whatever doesn’t make enough money – and sadly, there’s plenty. BP also announced a “further cost review,” corporate jargon for cost cutting and firing employees.