European energy company BP has abandoned its pledge to cut oil and gas production by 2030, Reuters reported on Monday, as it seeks to boost investor confidence following a slide in its stock price.
BP announces plans August 2020 Cut oil and gas production by 40% by 2030, before lowering the target to 25% in February 2023. According to to Reuters. Now, in an attempt to regain investor confidence, CEO Murray Auchincloss has dropped the target altogether. Sources told Reuters it was part of a broader shift in company strategy to focus on profitability and profits over green initiatives. (Related article: Automakers reverse idealistic electric vehicle targets despite billions in Biden-Harris subsidies)
A BP spokesperson told the Daily Caller News Foundation: “We are moving in the same direction, but we are delivering a simpler, more focused and higher value company.”
MALMSBURY, UK – JULY 29: The BP logo is displayed outside a petrol station near Malmesbury, Wiltshire, UK on July 29, 2023. (Photo by Matt Cardy/Getty Images)
The company has already missed its target, but the change in strategy is not expected to be formally announced until an investor meeting in February, Reuters reported.
The news follows BP’s announcement in September that it plans to sell its roughly $2 billion U.S. onshore wind portfolio, and comes as the company’s stock price is at its lowest point in nearly two years. This coincides with a strategic shift at rival energy company Shell. In June 2023, just before Shell CEO Wael Sawan, in an interview with the BBC in July 2023, said that cutting oil production would be “dangerous and irresponsible”, Shell announced plans to continue producing less oil. refused to reduce the amount.
After significantly reducing its oil and gas exploration team since 2020, BP has also shifted gears into oil exploration and is in talks to invest in three new projects in Iraq, according to Reuters.
All content produced by the Daily Caller News Foundation, an independent, nonpartisan news distribution service, is available free of charge to legitimate news publishers with large audiences. All republished articles must include our logo, reporter byline, and DCNF affiliation. If you have any questions about our guidelines or partnering with us, please contact us at licensing@dailycallernewsfoundation.org.
