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.The energy company is seeking to boost earnings and shareholder returns and to regain investor confidence after being outperformed by its peers.BP is the latest energy company to switch focus from green energy back to fossil fuels. BP slashed planned investment in renewable energy and said on Wednesday it would increase annual oil and gas spending to ...

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. Standing in front of the slogan "reimagine", scrawled freehand and lowercase in a shade of green, Bernard Looney, the lean and charismatic then-leader of the British-based oil giant, announced that BP "would become a very different kind of energy company". His pitch was striking and very much of the moment. Image: Bernard Looney. Pic: Reuters A multinational that ...

Core Insights - BP is shifting its strategy to increase investments in oil and gas, moving away from its low-carbon focus [1][3] - The company plans to raise its annual oil and gas investment to approximately $10 billion and reduce total annual capital expenditure to between $13 billion and $15 billion through 2027 [1][3] - BP is also planning $20 billion in divestments, which includes a strategic review of its Castrol lubricants business [1] Company Strategy - BP's CEO, Murray Auchincloss, stated that the company has fundamentally reset its strategy to focus on high-returning businesses for growth [2] - This strategic shift comes amid pressure from activist investor Elliott Investment Management, prompting BP to reconsider its renewable energy strategy [2] Market Performance - BP shares have underperformed compared to rivals like ExxonMobil, particularly as BP maintained its focus on renewable energy while competitors increased their oil and gas investments [2][3] - Over the past 12 months, BP shares declined approximately 6% prior to the recent announcement, with a further 2% drop in premarket trading [3]

BP is almost doubling its target for oil and gas production by the end of the decade and slashing its spending on low-carbon energy as part of a fundamental reset of the troubled company away from previous green goals.The FTSE 100 fossil fuel company has promised shareholders it will increase its planned oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – almost twice the figure in its net zero plan set out five years ago.BP’s chief executive, Murray Auchincloss, added that it wou ...

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). Funding for further oil and gas extraction will grow to $10bn (£7.9bn) annually as the business shifts focus back to its original mission of extracting fossil fuels.Money blog: BA named joint worst airline out of ...

We’ll soon see what will be revealed at BP’s (NYSE: BP ) capital markets day. Perhaps more will be shared regarding the recent news that was releasedAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in BP over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving comp ...

Core Insights - The article does not provide specific insights or analysis regarding any companies or industries, focusing instead on disclosures and disclaimers related to investment positions and advice [1][2]. Group 1 - There is no stock, option, or similar derivative position held by the author in any mentioned companies, nor are there plans to initiate such positions in the near future [1]. - The article expresses personal opinions of the author and does not reflect the views of Seeking Alpha as a whole [2]. - Seeking Alpha clarifies that past performance is not indicative of future results and does not provide specific investment recommendations [2].

BP plc (BP) reported fourth-quarter 2024 adjusted earnings of 44 cents per American Depositary Share on a replacement-cost basis, excluding non-operating items. The figure lagged the Zacks Consensus Estimate of 56 cents. The bottom line also declined from the year-ago reported figure of $1.07.Total quarterly revenues of $48.1 billion lagged the Zacks Consensus Estimate of $57.7 billion and declined from $52.6 billion reported a year ago.Find the latest EPS estimates and surprises on Zacks Earnings Calendar. ...

CEO of BP Murray Auchincloss speaks during the CERAWeek oil summit in Houston, Texas, on March 19, ... [+] 2024. (Photo by Mark Felix / AFP) (Photo by MARK FELIX/AFP via Getty Images)AFP via Getty Images British major integrated company BP announced plans on Monday for what it calls a “new beginning” in its continuing efforts to regain its footing and become more competitive with peer companies like Shell, Chevron, and ExxonMobil.“We now plan to fundamentally reset our strategy and drive further improvement ...

The shares of energy giants BP plc (NYSE:BP) and Phillips 66 (NYSE:PSX) are moving in opposite directions this morning. Below, let's take a closer look at what is driving their price action.BP Brushes Off Quarterly WinBP missed earnings estimates for the fourth quarter, and watched quarterly profits hit a four-year low, while annual profits missed estimates following a 35% decline. BP is down 0.4% to trade at $34.28 at last check, looking to snap a five-day win streak as it retreats from yesterday's surge t ...