· 2h · on MSN
BP set to cut renewable investment and boost oil and gas production
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 shareholder returns.
· 2h · on MSN
BP turns back to fossils, to increase annual oil, gas investment to $10 bn
BP Plc announced a major pivot back to its core oil and gas business and promised to sell assets and reduce spending, but shares fell as the company sharply cut buybacks. Most Read from BloombergNYC’s Congestion Pricing Pulls In $48.
BP Plc’s “fundamental reset” on Wednesday is the most highly anticipated strategy shift for an oil major in several years.
BP Plc is set to announce a potential sale of its lubricants business and abandon plans to cut oil and gas output as it embarks on a shift away from renewable energy amid pressure from activist investor Elliott Investment Management,
Oil and gas giant BP has again slashed its renewable energy investment and announced more funding for greater fossil fuel production. In a further row back of climate targets the company has said renewable energy investment will fall by $5bn (£3.95bn) a year to just $1bn to $2bn (£790m to £1.58bn).
The Houston oil giant is abandoning its goal of growing its renewable generation capacity 20-fold by 2030, Reuters reports.
BP PLC (BP) is reportedly considering selling its lubricants division, Castrol, amid growing pressure from activist investor Elliott Management
BP (BP) will do away with its pledge to reduce oil and gas output and announce at least one major divestment at its investor day on Wednesday
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