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 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 slashes green energy spending and turns back towards fossil fuels
The move follows pressure from some investors to boost profits at the firm, but has also angered environmental groups.
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,
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 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.
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World’s 8th Largest Oil Company Rejects Renewables
BP, the world’s 8th largest oil company, has killed almost all of its renewable energy projects by investing the money into ...
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 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.
BP to pivot back to oil, cut green spending in strategic reset but stock drifts lower
BP (NYSE:BP) -1.4% pre-market Wednesday after unveiling its anticipated strategic reset to raise annual oil and gas spending ...
BP announces boost in oil, gas production after falling profits
Petroleum giant BP said on Wednesday that it plans to boost its annual oil and gas spending to $10 billion through 2027 as ...
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BP scraps renewables target, returns to oil and gas in strategy reset
CEO Murray Auchincloss confirmed that 10 major oil and gas projects would be created by 2027, followed by a further eight to 10 projects by the end of the decade. Wednesday’s announcement comes ...
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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 ...
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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 ...