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 drops climate targets in pivot back to oil and gas
Oil major BP says it has slashed planned investment in renewable energy and would increase annual oil and gas spending to $10bn. It is the latest multinational in the energy sector to change its position in response to the need to lower carbon emissions and curb climate change,
BP to Slash Green Spending, Pivot Back to Oil
Those include activist hedge fund Elliott Management, which recently took a stake in BP with a view to pushing for significant changes.“It’s a radical shift,” Chief Executive Murray Auchincloss said in an interview.
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 has confirmed it is to slash spending on green ventures and up its oil and gas production.
BP Boosts Oil and Gas Spending as Energy Giant Pivots From Low-Carbon Focus
BP said it would increase its oil and gas investments to about $10 billion a year as it pivots away from its low-carbon strategy.
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 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.
Upstream1h
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 ...
devdiscourse7h
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 ...
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 ...
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 ...
devdiscourse8h
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 ...
Global Witness5h
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 ...
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.