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BP to Slash Green Spending

BP's green failure offers Big Oil a lesson in moderation

BP has returned to its oil and gas roots in a spectacular about-turn following its trailblazing attempt five years ago to become a renewables giant. The takeaway for Big Oil is that the energy transition is a marathon,

The Financial Times · 2d

BP pivots back to oil and gas after ‘misplaced’ faith in green energy

BP has abandoned a radical attempt to reinvent itself as a green energy company, bowing to pressure from investors after its aggressive shift away from fossil fuels over the past five years backfired.

The Wall Street Journal on MSN · 1d

BP to Slash Green Spending, Pivot Back to Oil

But BP has struggled to reduce its debt load and the moves have failed to ignite its share price, leading to speculation among bankers that a rival could swoop in for parts—or t

Benzinga on MSN · 18h

BP to Cut Renewable Investments, CEO Says Green Energy Push Went 'Too Far, Too Fast'

Due to investor pressure, BP will cut investments in renewable energy and increase oil and gas production. BP will raise oil and gas spending by 20% to $10 billion annually while reducing renewable energy investments by over $5 billion.

BP, renewable energy

The New York Times · 2d

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.

Hosted on MSN · 22h

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 shuns renewables in return to oil and gas

BP said it would increase its investments in oil and gas by about 20% to $10bn (£7.9bn) a year, while decreasing previously planned funding for renewables by more than $5bn (£3.9bn).

2don MSN

Oil major BP to slash renewable spending and double down on fossil fuels 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 ...

2don MSN

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.

1d

Elliott Ramps Up Pressure on BP as New Strategy Falls Short

Elliott Investment Management is ramping up pressure on BP Plc after its new strategy fell short of the activist investor’s ...

2d

BP shareholders want it to make money, not climate policy

Many groups say that long term BP and others are pursuing a no-win strategy. Climate concerns will become so acute that much ...

1d

BP: Righting The Ship

BP shifts strategy to boost oil output, cut green investments, and enhance shareholder returns with 20% free cash flow growth ...

2d

BP to Prepare Lubricants Sale, Ditch Plan to Cut Oil Output in Strategy Review

BP Plc is set to announce a potential sale of its lubricants business and abandon plans to cut oil and gas output as it ...

3d

Iraq, BP agree to develop four Kirkuk fields

Iraq and oil major BP have signed a deal to redevelop four Kirkuk oil and gas fields, BP said on Tuesday, a breakthrough for ...

2don MSN

How energy giant BP went from eco poster child to possible takeover target

In an industry where timing is everything, BP made the right bet at the wrong time,” says one professor who has studied its ...

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