BP Stock Climbs. New Chairman’s Record Shows How to Make Oil Major More Like Exxon, Chevron.

BP has fallen behind Exxon and Chevron in recent years. (BEN STANSALL/AFP via Getty Images)

BP appointed a chairman who is best known for taking another London-listed company to the New York Stock Exchange.

Albert Manifold, an Irish national, got the job after serving as the chief executive officer of building materials provider CRH for a decade, until last year. CRH moved its primary listing to the U.S. almost two years ago.

BP CEO Murray Auchincloss is fighting to push up the oil and gas producer’s share price amid pressure from activist investor Elliott Management. BP has underperformed peers over the past five years as it tried to shift away from fossil fuels–a strategy that Auchincloss reversed this year, promising more production and selling off BP’s onshore U.S. wind power business.

There is also a suspicion that European-listed firms are at a disadvantage against U.S. competitors because the U.S. market boasts a bigger pool of capital. CRH shares have risen more than 70% since it moved its listing to the U.S. in September 2023.

A spokesman for BP said that moving the company’s listing to the U.S. isn’t on the agenda and that it remains focused on delivering on its targets.

Manifold will join the BP board on Sept. 1 and take over as chairman on Oct. 1, the company said on Monday. He succeeds Helge Lund, who said in April he would step down from the role.

BP’s American depositary receipts traded 0.5% higher on Monday. Exxon Mobil was up 0.2%, while Chevron was down 0.4%. Shell, BP’s crosstown London rival, declined 0.4%.

The price of West Texas Intermediate crude , the U.S. benchmark, slipped 1.1% to $65.33 a barrel. Oil prices are down 16% over the past year, making it harder for big producers to increase profits.

Write to Brian Swint at brian.swint@barrons.com