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Oil major BP to slash renewable spending

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 fundamental strategic reset.

The New York Times · 51m

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.

BBC · 1h

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 renewables funding by more than $5bn (£3.9bn).

BP to drop renewable energy goals in favor of fossil fuels

Reuters · 2h

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.

Sky News on MSN · 42m

BP slashes renewables investment and boosts fossil fuel production

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).

Chron on MSN · 17h

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.

Iraq, BP agree to develop 4 Kirkuk fields

Reuters · 21h

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 Iraq, where output has been constrained by years of war, corruption and sectarian tensions.

Bloomberg L.P. · 21h

BP Finalizes Agreement With Iraq to Revive Kirkuk Oil Fields

BP Plc finalized an agreement with the government of Iraq to redevelop the giant Kirkuk oil fields, a deal that signals a return to the company’s Middle Eastern routes and should help to bolster production from the OPEC member.

Seeking Alpha on MSN · 22h

BP, Iraq sign deal to develop four Kirkuk oil fields - report

BP (NYSE:BP) and Iraq's government have signed a deal to redevelop four Kirkuk oil and gas fields, Iraq's state news agency reported Tuesday, marking a breakthrough for the country, where production has been hampered by years of war,

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 ...

Upstream1h

BP share price falls as supermajor reveals ‘fundamental strategy reset’

Chief executive Murray Auchincloss has succumbed to pressure from shareholders to reduce BP' exposure to the lower margin ...

23h

BP: New Bullish Catalyst In Play

BP's current price/earnings ratio is attractive, and activist involvement could unlock further value. See why I rate BP stock ...

19h

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 ...

59mon MSN

BP takes the axe to investment in green energy in huge 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 ...

Zacks.com on MSN23h

Shell-BP Merger: A European Energy Titan in the Making?

As Shell and BP merger rumors swirl, industry giants are consolidating to stay competitive. A new wave of oil mergers is ...

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Oil major BP to slash renewable spending

BP to drop renewable energy goals in favor of fossil fuels

Iraq, BP agree to develop 4 Kirkuk fields

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