#bp

#bp

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."

Campaigners have accused BP of having an insidious influence over the teaching of science, technology, engineering and maths (Stem) in the UK through its relationship with the Science Museum. Documents obtained under freedom of information legislation show how the company funded a research project that led to the creation of the Science Museum Group academy its teacher and educator training programme which BP sponsors and which has run more than 500 courses, for more than 5,000 teachers.

"BP is much less interested in telling the public about the number of coffees it sells each year and is now focused on how much oil it can extract," Brooks said, poking at former CEO Bernard Looney.

BP's new chairman, Albert Manifold, will initiate a comprehensive review of the company's portfolio to identify areas for cost reduction and improvement in performance.

BP has appointed Albert Manifold as the new chair of the company. Manifold will join the board on September 1 and take over from Helge Lund on October 1.

"We have been clear that while low-carbon energy has a role to play in a simpler, more focused BP, we will continue to rationalize and optimize our portfolio to generate value."

BP's plan involves selling off its onshore wind business and other assets worth $20 billion to streamline operations after their unsuccessful attempt at transitioning to a net-zero energy company.