AssetID: 54554151
Headline: UNCAPTIONED: BP Shifts Focus Back to Oil and Gas, Scaling Down Green Investments
Caption: BP Shifts Focus Back to Oil and Gas, Scaling Down Green Investments. BP is refocusing on fossil fuels, cutting renewable energy investments and increasing oil and gas production to $10bn per year. The move comes amid investor pressure, with shareholders unhappy about BP’s underperformance compared to rivals like Shell and Exxon. BP’s CEO Murray Auchincloss called it a "fundamental reset" aimed at maximizing shareholder value, cutting planned renewable funding by over $5bn. The company had previously pledged to reduce oil and gas production by 40% by 2030, but lowered this to 25% last year, and is now shifting further. BP’s stock initially climbed before the announcement but dropped 2% afterward, as environmental groups and some investors raised concerns. Activist investor Elliot Management, holding a near £4bn stake in BP, has pushed for greater fossil fuel investment amid declining profits. BP’s net income fell to $8.9bn in 2024, down from $13.8bn the previous year, fueling speculation of a takeover or potential US stock listing. Some shareholders oppose BP’s pivot, with 48 investors demanding a vote on the company’s shift away from renewables. Greenpeace UK warned BP would face strong resistance from environmental groups and shareholders if it doubles down on fossil fuels. Once branding itself as "Beyond Petroleum," BP’s latest strategy marks a return to its oil and gas roots—satisfying some investors but alarming others. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Beyond Petroleum,Investors,Scaling Down,Green,Investments,Shareholder,Value,Underperformance,Shell,Exxon,Unhappy,Fundamental,CEO,Murray Auchincloss,Oil,Gas,Renewable Energies,Funding
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