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The Latest Breaking News from British Petroleum

BP slashes green energy spending and turns back towards fossil fuels

The move follows pressure from some investors to boost profits at the firm, but has also angered environmental groups.

Evening Standard

How BP went from eco poster child to possible takeover target

“In an industry where timing is everything, BP made the right bet at the wrong time,” says one professor who has studied its strategy.

Fortune

Transition to renewables taking longer than thought, senior BP figure tells MPs

Louise Kingham said ‘clarity’ from the UK Government is needed to unlock investment in the North Sea as she reaffirmed BP’s commitment to net zero.

The Independent UK

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BP to slash spending on net zero ventures as it focuses on oil and gas again

British energy company BP has confirmed it is to slash spending on green ventures and up its oil and gas production

The Independent UK

BP slashes net-zero spending by nearly £4bn in renewed oil and gas focus

The fossil fuels giant said it would increase oil and gas investment by about 20% to £7.9 billion a year as part of a major strategy update.

Evening Standard

BP blames ‘misplaced’ faith in green transition for its renewed focus on fossil fuels

CEO Murray Auchincloss says ‘fundamental reset’ will mean cut of more than £4bn to low-carbon investment plan

The Guardian - UK

BP takes the axe to investment in green energy in "shocking" strategy U-turn

Rethink comes five years after BP set ambitious targets to cut production of oil and gas by 40% by 2030

Evening Standard

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BP expected to roll back green energy pledges to boost profit

The oil giant was criticised by environmental groups amid forecasts that it will roll back pledges made five years ago in a bid to boost profit.

Evening Standard

BP signs $25bn deal to redevelop Iraq’s oil and gasfields as it slashes investments in renewable energy

BP previously committed to cut oil and gas production by 40 per cent by 2030

The Independent UK

BP to slash renewable energy generation to pivot to fossil fuels

OIL and gas company BP is expected to ditch a target to ramp up renewable energy generation by 2030 in a bid to pivot back towards fossil fuels and…

The National (Scotland)

BP expected to scrap renewables target in shift back to fossil fuels

Goal of increasing renewable energy generation 20-fold to be ditched, shareholders to be told this week

The Guardian - UK

FTSE 100 falls after plunging consumer confidence report

Polling by the British Retail Consortium found expectations for the economy worsened for the fifth consecutive month in February.

Evening Standard

BP investors demand vote on any plans to scrap climate goals

The oil giant is expected to go back on a promise to reach net zero carbon emissions by 2050 at a strategy meeting next week.

Evening Standard

Hedge fund’s BP stake worth £3.8bn as firm expected to ditch green promises

Activist investor Elliott Management is expected to push for BP to pivot back towards traditional oil and gas.

Evening Standard

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The Guardian - UK

Activist hedge fund reportedly amasses £3.8bn stake in BP

Elliott Management expected to demand strategy changes including pushing to abandon green energy pledge

The Guardian - UK

Time for BP’s chair to head for the exit

Helge Lund is too closely tied to share price failure and BP’s inability to carry its investors with it

Evening Standard

FTSE 100 nudges up despite Trump steel tariffs

The blue-chip index has hit a succession of record highs in recent weeks.

International Business Times

BP Pledges Strategic 'Reset' As Profit Tumbles

Britain's BP on Tuesday said its annual net profit slumped 97 percent last year, as the struggling oil and gas giant pledged to "fundamentally reset" its strategy.

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The National (Scotland)

BP and Shell profits more than double UK climate commitments, new figures show

BP and Shell profits in 2024 more than double the UK’s climate financial commitments, new figures show ...

Evening Standard

BP profits slump to four year low as activist shareholder circles

Disappointing results come weeks before major investor update on new strategy

Evening Standard

BP boss vows to ‘reset’ strategy after annual profits slump

The FTSE 100 firm reported a 36% drop in profits to £7 billion, as speculation grows that it will turn away from renewables to improve returns.

The Guardian - UK

BP chief says it will ‘fundamentally reset’ amid threat of activist investor

Murray Auchincloss promises improvements after annual profits fell to $8.9bn last year from almost $14bn in 2023

Evening Standard

FTSE 100 Live 11 February: BP strategy reset in focus after profits fall, Entain shares slide on CEO exit

A four-year low for BP quarterly profits today heightened the focus on the oil giant’s plans for a major strategy reset.

Evening Standard

FTSE 100 strikes another record high as BP shares jump

The FTSE 100 finished 67.27 points, or 0.77%, higher to end the day at 8,767.80.

The Guardian - UK

BP shares jump after feared US hedge fund Elliott takes stake

Activist fund predicted to push for overhaul of oil company’s strategy and shake-up of board

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