BP said it will raise its investments in oil and gas by about 20% to 10 billion US dollars (£7.9 billion), but slash renewables spending by more than 5 billion dollars (£3.9 billion).
Mr Auchincloss said that as well as more oil and gas spending, BP will be “very selective” in its green energy projects, adding: “This is a reset BP, with an unwavering focus on growing long-term shareholder value.”.
The influential US hedge fund Elliott Management took a nearly £4 billion stake in the company recently, just under 5% of its shares, in a move understood to have been aimed at pushing BP back towards fossil fuels to boost profit.
Back in 2020, BP announced some of the most ambitious goals among fossil fuels companies to cut oil and gas production by 40% by 2030 and invest heavily in renewables.
BP is making a drastic pullback from renewables in favour of more oil and gas, claiming that it went “too far, too fast” on green energy.
