BP to Focus More on Oil and Gas in Strategy ‘Reset’
The energy giant said it would cut planned investment in clean energy and redirect spending toward fossil fuels.
BP scraps renewables target, returns to oil and gas in strategy reset
The move comes in response to pressure from investors, notably from activist hedge fund Elliot management. View on euronews
BP to boost oil and gas spending by $10B, slash renewable investment in major strategy shift
BP said it would increase annual oil and gas spending to $10 billion and cut planned annual investment in energy transition businesses by more than $5 billion.
BP to slash spending on net zero ventures as it focuses on oil and gas again
British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners.
BP cuts renewable investment and boosts oil and gas in strategy shift
BP slashed planned investment in renewable energy and said on Wednesday it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and investor confidence.
BP's Strategic Shift: A Return to Roots in Fossil Fuels
BP will increase annual oil and gas investments to $10 billion under CEO Murray Auchincloss, focusing on fossil fuels to improve financial performance. Investment in transition businesses will be reduced.
Report: BP to drop renewable energy goals in favor of fossil fuels
BP CEO Murray Auchincloss is announcing plans to ditch the company's goal of growing renewable generation capacity 20-fold by 2030 and instead return focus to fossil fuels, Reuters reports. The goal measured growth from 2019 figures.
BP shifts course, boosting fossil fuel investments and cutting renewables
BP said on Wednesday it would increase annual oil and gas investment to $10 billion, returning the focus to fossil fuels, as part of CEO Murray Auchincloss' efforts to boost returns and improve financial performance.
BP's Bold Investment Shift: Doubling Down on Fossil Fuels
BP is set to increase its annual investments in oil and gas to $10 billion, signaling a shift back to fossil fuels under CEO Murray Auchincloss. The company is reviewing its Castrol business and aims for $20 billion in divestments by 2027,
BP to drop renewables goals and shift focus back to fossil fuels
BP CEO Murray Auchincloss will tell investors the company is abandoning its target to grow renewable generation capacity 20-fold between 2019 and 2030 to 50 gigawatts.
Upstream53m
Iraq deal 'one of most important' BP transactions in 20 years: Auchincloss
BP will redevelop 3 billion barrels of oil equivalent across five fields in Iraq, all of which are currently operated by ...
BP Refocuses on Oil Amid Elliott Pressure, But Cuts Buybacks
BP Plc announced a major pivot back to its core oil and gas business and promised to sell assets and reduce spending, but ...
Global Witness4h
Global Witness billboards highlight BP’s climate backtracking to investors
Global Witness' investigative campaigners have taken aim at BP's u-turn on its green promises with ad van billboards around ...
Upstream1h
‘Misplaced optimism’: BP got it wrong over energy transition, says CEO
BP executives admit they went 'too far, too fast' chasing low carbon investments, but will investors swallow new plan?
BP cuts investment in clean energy and boosts oil and gas in major strategy shift
BP slashed planned investment in renewable energy and said Wednesday that it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and ...
BP takes the axe to investment in green energy in "shocking" strategy U-turn
BP today unveiled a massive strategy U-turn with a new emphasis on oil and gas investment and a massive downgrade of its ...
BP Just Pulled a Massive U-Turn--Oil Is Back, and Investors Are Watching Closely
The energy giant is betting big on fossil fuels again, slashing green investments and setting the stage for a major shake-up.
Upstream7h
BP share price falls as supermajor reveals ‘fundamental strategy reset’
Chief executive Murray Auchincloss has succumbed to pressure from shareholders to reduce BP' exposure to the lower margin ...