"BP ( NYSE: BP) just confirmed what many already suspected: Big Oil's renewable energy pivot was an expensive mistake. The British oil giant took a $5.4 billion write-down on its green energy portfolio in 2025, including $3.5 billion on solar developer Lightsource bp and renewable natural gas producer Archaea. The company suspended share buybacks entirely to shore up its balance sheet while CEO Carol Howle emphasized a return to BP's "distinctive opportunity set in upstream business.""
"The market's verdict on oil majors' renewable bets is clear. Year-to-date, through February 11, 2026, Exxon Mobil ( NYSE: XOM) has surged 29.27% while Chevron ( NYSE: CVX) gained 21.92%. Meanwhile, renewable-heavy BP limped ahead just 11.00%. Companies that stayed laser-focused on fossil fuels are outperforming green energy diversifiers by nearly 3-to-1. Why Renewables Failed for Oil Majors The economics never worked."
BP recorded a $5.4 billion write-down in 2025 on its green energy portfolio, including $3.5 billion tied to Lightsource bp and Archaea. The company suspended share buybacks to strengthen its balance sheet while the CEO signaled a renewed focus on upstream oil and gas. Year-to-date through Feb. 11, 2026, Exxon Mobil rose about 29.3% and Chevron about 21.9%, while BP gained roughly 11%, leaving fossil-focused majors outperforming renewable diversifiers by nearly 3-to-1. Renewable projects typically generate lower internal rates of return than oil and gas exploration, and oil majors lack competitive advantages versus renewable specialists. TotalEnergies also recorded impairments on offshore wind.
Read at 24/7 Wall St.
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