BP PLC's (LSE:BP.) announcement on Monday that Albert Manifold will succeed Helge Lund as chair from 1 October has sparked renewed speculation about a possible US listing for the oil major.
Manifold, former CEO of building materials group CRH, is credited with delivering a total shareholder return of 342% during his tenure, including overseeing CRH’s move of its primary listing from London to New York in 2023.
This shift coincided with a more than 60% increase in its share price.
BP’s CEO, Murray Auchincloss, had previously dismissed the idea of a US listing as “not on our agenda.”
However, UBS suggests Manifold’s arrival could reopen the conversation, though it cautions any move would involve significant costs and disruption, particularly since the US accounts for about 30% of BP’s earnings, well below CRH’s 75%.
"A new chair could lead to a change in agenda, or possibly a reopening of the conversation regarding the merits of a change of listing location or something more radical," the Swiss bank said in a note.
The board has also bolstered its oil and gas expertise with the recent appointments of David Hager and Simon Henry.
UBS maintains a 'neutral' rating on BP with a 12-month target of 375p, highlighting ongoing challenges in debt reduction and reserve replenishment amid market uncertainty.
The shares were flat at 401.1p.