BP: Righting The Ship
BP's strategy reset focuses on increasing oil and gas production, reducing low-return green investments, and improving cost efficiency to enhance shareholder returns and reduce debt. The company plans to cut capital expenditures, target mid-teen ROI projects, and divest non-core assets like Castrol to strengthen its balance sheet. BP aims for 20% annual free cash flow growth through 2027, driven by new upstream projects and cost reductions.
BP Signs Major Oilfield Redevelopment Deal for Kirkuk Oilfields
BP mentions that the project involves a drilling schedule and the construction of new facilities, including gas expansion projects.
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.
Five years on from BP's ambitious pledge, the climate has changed in every sense
Five years ago, BP's chief executive did something very unusual for the boss of an oil and gas company; he pledged to produce less oil and gas.
BP Boosts Oil and Gas Spending as Energy Giant Pivots From Low-Carbon Focus
BP (BP) said it would invest more in oil and gas as it pivots away from its low-carbon strategy.
BP to almost double oil and gas production by 2030 in move away from green goals
Firm will be selective about investing in low-carbon options, slashing more than $5bn from previous green plan
BP Reset Falls Short. Why Bid to Catch Exxon Sent Stock Falling.
The oil and gas major promised to increase investment in oil and gas while reducing investment overall.
BP confirms reduction in renewable investment to ramp up oil and gas production
BP PLC (LSE:BP.) confirmed its "reset" strategy will involve ramping up oil and gas investment to $10 billion a year and making a $5 billion-a-year cut to renewables and other areas of the energy transition.
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.
BP ramps up oil and gas spending to $10 billion as CEO rebuilds confidence
BP said on Wednesday it would increase annual oil and gas investment to $10 billion, returning the focus to fossil fuel, as part of CEO Murray Auchincloss' efforts to boost returns and improve financial performance.
BP 'cannot be trusted' campaigners say as CMD expected to bring green U-turn
As BP PLC (LSE:BP.) prepared for its capital markets day on Wednesday, campaigners took to the streets to pre-emptively accuse CEO Murray Auchincloss of a treacherous U-turn in abandoning its former pivot towards a greener energy mix.
