Investors react to BP’s energy strategy shift
Investors have criticised BP’s decision to reduce its investment in renewables and ramp up fossil fuel spending, with some weighing up escalations at its AGM.
On Wednesday, the oil major announced it had “fundamentally reset” its strategy and was increasing investment in oil and gas to $10 billion per year, while cutting investment in energy transition businesses by more than $5 billion annually.
In a statement, CEO Murray Auchincloss confirmed that the company would be “very selective in our investment in the transition, including through innovative capital-light platforms. This is a reset BP, with an unwavering focus on growing long-term shareholder value”.
The firm added that it planned to reduce emissions by…
