BP cuts renewable investment and boosts oil and gas in strategy shift
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 set to cut renewable investment and boost oil and gas production
BP’s Reset Finds Lukewarm Response as Shares Erase Elliott Gains
BP Plc’s crucial strategy reset, which included a pivot back to oil and promises to sell assets, appeared to win few plaudits from investors as shares erased their recent gains. Most Read from BloombergThe Trump Administration Takes Aim at Transportation ResearchNYC’s Congestion Pricing Pulls In $48.
BP’s Strategy Reset: Five Things to Watch as Elliott Circles
BP Plc’s “fundamental reset” on Wednesday is the most highly anticipated strategy shift for an oil major in several years.
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 embarks on a shift away from renewable energy amid pressure from activist investor Elliott Investment Management,
Rigzone8h
BP Refocuses on Oil Amid Elliott Pressure, But Cuts Buybacks
In a highly anticipated strategy update, BP Chief Executive Officer Murray Auchincloss scrapped a plan to pull back from oil and gas and pledged to grow production slightly instead. He also cut investment in renewable energy and began a strategic review of lubricants business Castrol, which could be worth as much as $10 billion if it was sold.
BP to drop pledge to cut oil and gas output amid Elliott battle, FT reports
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