BP drops goal to reduce oil and gas output

BP has dropped its goal to cut oil and gas output by 2030 as new CEO Murray Auchincloss aims to focus on investor confidence and short-term returns.

Since taking over in January, Auchincloss has aimed to distance himself from the previous leadership under Bernard Looney, emphasizing a profitable oil and gas focus.

Although BP maintains its net-zero emissions goal for 2050, the immediate strategy prioritizes possible new investments in high-return areas like the Middle East.

BP is shifting towards a more straightforward and high-value operation at the behest of CEO Auchincloss, as reflected in the decision to abandon ambitious production cuts.

Read at Fast Company