BP p.l.c. Sponsored ADR (BP)
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.
BP reportedly set to scrap production cuts
BP PLC's (LSE:BP.) corporate strategy will be under intense scrutiny if, as foretold by the Financial Times, CEO Murray Auchincloss prepares to abandon oil and gas production cuts at the company's investor day.
BP reverses course on renewables, focuses on oil and gas amid investor pressure
BP's Chief Executive Officer has reportedly made a significant strategic shift, opting to refocus on fossil fuels and move away from the previous target of a 20-fold increase in renewable energy generation by 2030. This decision comes in response to investor concerns over earnings and aims to address those concerns directly, Reuters reported on Monday.
Exclusive: BP to ditch renewables goals and return focus to fossil fuels
BP's chief executive will scrap a target to increase renewable generation 20-fold by 2030, returning the focus to fossil fuels, as part of a strategy shift announced on Wednesday to tackle investor concerns over earnings, two sources told Reuters.
BP disposals and spin-offs may ‘make sense' on activist pressure - analysts
BP PLC has emerged at the centre of activist pressure in several directions in recent days, leaving speculation over the likes of disposals or spin-offs. Citing reports that hedge fund Elliot Management had become a top three shareholder, RBC analysts flagged growing uncertainty around BP's next move to appease activists.
BP: 5 Levers To Pull At The Investor Day
We identify 5 levers which management should pull in order to improve BP's value and adress recent underperformance. Building partially on Shell's playbook, we believe key items to watch will be how management will improve BP's bloated cost structure and a resolute fix-sell-close strategy across the portfolio. Openness to changes in the advisory board and targeted divestments to strengthen the balance sheet could further help regain investor appreciation, in our view.
