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.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 ...