Oil major BP to slash renewable spending

BP to Focus More on Oil and Gas in Strategy ‘Reset’
The energy giant said it would cut planned investment in clean energy and redirect spending toward fossil fuels.
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.
BP to slash spending on net zero ventures as it focuses on oil and gas again
LONDON (AP) — British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners.
BP walks back on renewable investment, to scale up fossil fuel production
BP has unveiled its new business strategy. The oil and gas company has promised to increase its fossil fuel investments by 20 per cent to $10 billion. According to the company, it will focus on those aspects of the business that are giving it the maximum returns.
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 doubles down on oil and gas, cuts renewable investments in strategy reset
BP announces its big "reset" on Wednesday, and Wall Street expects a pivot away from renewables and a doubling down on oil and gas.
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).
BP announces boost in oil, gas production after falling profits
Petroleum giant BP said on Wednesday that it plans to boost its annual oil and gas spending to $10 billion through 2027 as part of the company's reset after recent lackluster economic performance.
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 funding for renewables by more than $5bn (£3.9bn). The move comes as rivals Shell and Norwegian company Equinor have also scaled back plans to invest in green energy and US President Donald Trump's "drill baby drill" comments have encouraged investment in fossil fuels.
BP’s going back to petroleum as it plans more oil spending and production
Embattled oil major BP on Wednesday unveiled what it billed as a strategic reset, planning to increase oil and gas investment while reducing outlays for greener fuels.
BP to slash renewables spending in pivot back to oil and gas
BP will spend $10bn a year on producing more oil and gas, slash its spending on renewable energy and sell $20bn of assets as it tries to revive its share price under pressure from activist investor Elliott Management.
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 ...
Report: BP to drop renewable energy goals in favor of fossil fuels
The Houston oil giant is abandoning its goal of growing its renewable generation capacity 20-fold by 2030, Reuters reports.
How energy giant BP went from eco poster child to possible takeover target
In an industry where timing is everything, BP made the right bet at the wrong time,” says one professor who has studied its ...
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 ...
BP to ditch renewables goals and return focus to fossil fuels
STORY: Sources say BP's chief executive is to scrap a target to increase renewable generation 20-fold by 2030.And will ...
BP to ditch renewable energy targets in effort to boost earnings
British oil giant BP reportedly will announce plans to abandon its renewable generation goals this week in an effort to boost ...