BP Shifts Gears: Cuts Renewable Spending, Boosts Oil and Gas Investment
BP has announced a significant strategic shift, reducing annual renewable energy spending by $5 billion while increasing oil and gas investment by 20% to $10 billion. The company aims to produce 2.3-2.5 million boepd of oil and gas by 2030. CEO Murray Auchincloss cited a slower than expected energy transition and strong hydrocarbon demand as reasons for the change. BP plans to raise dividends by at least 4% annually and conduct share buybacks of $750 million to $1 billion in Q1.