Photograph: Murdo Macleod/The Guardian
Closing summary
BP is dropping green goals, ramping up oil and gas production and slashing spending on low-carbon energy as part of a fundamental reset of the troubled company.
The FTSE 100 fossil fuel company has promised shareholders it will increase its target for oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – about 60% higher than the figure in its net zero plan set out five years ago.
BP’s chief executive, Murray Auchincloss, added that it would be “very selective” about investing in low-carbon options, slashing more than $5bn (£4bn) from its previous green investment plan to take it down to between $1.5bn and $2bn.
“Today we have fundamentally reset BP’s strategy,” Auchincloss said. “This is a reset BP, with an unwavering focus on growing long-term shareholder value.”
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The boss of Heathrow has said there is room for both of London’s biggest airports to expand significantly if the government can guarantee steps to a third runway, with ministers expected to approve Gatwick’s second runway this week.
Thomas Woldbye said Heathrow would be seeking government commitments on the airport’s funding model and changes to airspace before construction of a new runway could start.
Heathrow reported rising annual profits and record passenger numbers on Wednesday and Woldbye said the figures underscored why the airport was a “gateway to growth”.
The company’s pre-tax profits rose 31% to £917m while the number of passengers it served last year rose 6% to a new annual high of 83.9 million.
