bp to invest $10b annually in hydrocarbons in strategy reset
bp unveiled its widely-anticipated strategy reset on Wednesday, increasing annual oil and gas investment to $10 billion and targeting $20 billion in divestments by 2027 to drive improved performance, aimed at growing free cash flow and long-term shareholder value.
The strategy reset also includes an updated financial framework and a review of its lubricants business, Castrol, while allocating $1.5 billion to $2 billion per year for investment in energy transition businesses – more than $5 billion lower than its previous expectation. It also aims to invest selectively in biogas, biofuels and EV charging.
“We will grow upstream investment and production to allow us to produce high margin…
