BP to ‘Fundamentally Reset’ Strategy in Shift Back to Oil and Gas
The energy giant said it would cut planned investments in clean energy and redirect spending toward fossil fuels.
BP slashes net-zero spending by nearly £4bn in renewed oil and gas focus
BP slashes net-zero spending by nearly £4bn in renewed oil and gas focus - The fossil fuels giant said it would increase oil and gas investment by about 20% to £7.9 billion a year as part of a major strategy update.
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.
BP boosts fossil fuel spending to $10 billion, sets $20 billion divestment target
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 going back to petroleum as it plans more oil spending and production
Embattled oil major BP on Wednesday unveiled what it billed as a strategic reset, planning to increase oil and gas investment while reducing outlays for greener fuels.
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,
Oil major BP boosts annual fossil fuel spending to $10 billion in strategy reset
British oil major BP on Wednesday announced plans to increase annual oil and gas investment to $10 billion as part of a fundamental strategic reset.
BP slashes net zero spending by nearly £4 billion
BP has confirmed it will slash spending on net zero transition businesses by £3.95bn a year and significantly ramp up its oil and gas operations. The fossil fuels giant said it is still targeting net zero operations, but will only spend up to £1.6bn a year on projects transitioning to renewable energy - a significant cut.
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.
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 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.
BP takes the axe to investment in green energy in "shocking" strategy U-turn
BP takes the axe to investment in green energy in "shocking" strategy U-turn - Rethink comes five years after BP set ...
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'Reset' BP slashes $5bn a year from green spending as it goes back to petroleum
Supermajor sets out to please shareholders and stave off takeover threat as it drops iconic pledge to produce less oil by the ...
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 expected to scrap renewables targets as part of performance reset
Renewable output is set to become less of a priority, while the pledge to reduce oil and gas output may be officially ...
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‘Line in the sand’ or ‘more of the same’: What's in store at upcoming BP capital markets event
Will chief executive Murray Auchincloss be able to deliver a ‘fundamental change’ in strategy at key investor meeting to ...
BP’s CEO Cut His Teeth on Crisis — Now He Faces the Toughest Test Yet
“Boy, his hat is crises!” said Bob Dudley, former BP CEO and a mentor to Auchincloss. “I always said to Murray: management ...
BP chairman in firing line over green blunders as he prepares for make-or-break update
BP chairman Helge Lund (pictured), has overseen a number of strategy U-turns since taking the helm in 2019. Shares have since ...
BP to abandon pledge to cut oil and gas output as chief fights for group’s survival
BP will abandon its pledge to reduce oil and gas output and announce at least one major divestment at its investor day on ...