BP boosts fossil fuel spending to $10 billion, sets $20 billion divestment target
BP said on Wednesday it would increase annual oil and gas investment to $10 billion, returning the focus to fossil fuels, as part of CEO Murray Auchincloss' efforts to boost returns and improve financial performance.
The energy giant said it would cut planned investment in clean energy and redirect spending toward fossil fuels.
In addition to divesting $20 billion of assets, BP plans to slash investments in renewables and boost growth elsewhere.
BP said it would increase annual oil and gas spending to $10 billion and cut planned annual investment in energy transition businesses by more than $5 billion.
BP, the British Oil major, said it is refocusing the company on its core oil and gas business and reducing investments in clean energy.
BP is scrapping its massive renewable energy targets and doubling down on fossil fuels--here's what it means for investors.
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