BP is making a dramatic shift in its strategy by increasing its investment in oil and gas to $10 billion annually. This decision marks a significant departure from the company’s previous green ambitions. BP’s CEO, Murray Auchincloss, announced that the company will no longer pursue plans to reduce its fossil fuel production and instead aims to increase its oil production to 2.3-2.5 million barrels per day by the end of the decade. Auchincloss stated that BP is “fundamentally resetting” its strategy with a focus on maximizing shareholder value. This new approach stands in stark contrast to the plan outlined five years ago by former CEO Bernard Looney, who targeted reducing oil and gas production to approximately 1.5 million barrels per day and transitioning BP into a net-zero energy company by 2050. The shift comes amidst growing pressure from shareholders and the challenge posed by activist hedge fund Elliott Management, which has acquired a significant stake in the company and is likely to push for major changes, including a potential breakup of BP.

Source: https://www.theguardian.com/business/2025/feb/26/bp-oil-and-gas-spending-green-energy-scale-back