BP doubles down on oil and gas, cuts renewable investments in strategy reset
British oil giant BP (BP) is pivoting its focus back to its core business of oil and gas while lowering spending on renewables.
On Wednesday, the British energy giant announced it will increase oil and gas investments to $10 billion per year and target divestments to support a stronger balance sheet.
“Today we are fundamentally resetting our strategy … very much going back to our core strengths and focusing on things we’re known for and things that we’re really good at,” BP CFO Kate Thomson told Yahoo Finance in an interview.
“We’re reallocating capital, we’re reducing costs, and we’re announcing a material divestment program,” she added.
BP’s move back toward its traditional business was highly anticipated by Wall Street. The…
