BP will cut its annual spending on net-zero initiatives by £3.95 million, refocusing on oil and gas operations, which will see an increase in investment of £7.9 billion. The company plans to allocate £2.6 billion toward energy transition projects, all while pursuing a net-zero goal. CEO Murray Auchincloss stated that BP's strategy emphasizes high-return businesses, performance improvements, and cost efficiency, marking a significant shift in investment priorities as they aim to enhance shareholder value.
"This is a reset BP, with an unwavering focus on growing long-term shareholder value."
"We will be very selective in our investment in the energy transition, including through innovative capital-light platforms."
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