BP’s Bold New Playbook
BP says it’s trimming its net‑zero budget while pumping up the oil and gas engine. In a surprising move, the energy giant announced it will slash its annual spending on net‑zero initiatives by £3.95 million, yet it plans to pour an extra £7.9 billion into oil and gas.
Key Numbers at a Glance
- Net‑zero spend cut: £3.95 m per year
- Oil & gas investment bump: £7.9 bn
- Total transition budget: £2.6 bn
Chief Executive Murray Auchincloss weighed in, saying, “We’re laser‑focused on the high‑returning parts of the business to drive growth and keep costs in check.” He added that BP will become “selective” when it comes to investing in the transition, leaning on innovative, capital‑light platforms.
What This Means for Investors
Auchincloss frames it as a “reset,” one that insists on unwavering long‑term shareholder value. The message? BP’s next chapter is about balancing ambition with pragmatism—growing the core oil & gas, but still keeping an eye on the greener future.
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