Energy giant BP signals major strategy shift with $5 billion write-down — here's why it matters [Yahoo! Finance]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance
Photo Credit: iStock After a brief foray into clean energy, BP has decided to refocus on oil and gas. What's happening? As The Guardian reported, BP had pledged to go net zero by 2050 . However, its business practices paint a different picture. Under the guidance of BP's new chair, Albert Manifold, the company has written down the value of its clean energy business by about $5 billion. BP has also cancelled its hydrogen projects in the U.K., Oman, and Australia, and is trying to sell a stake in its solar business, Lightsource. This is just one development in a series of recent decisions by company executives. In 2024, BP sold its U.S. onshore wind energy company. That same year, BP's CEO shared the company's plans to invest more in oil and gas, increasing oil output by about 2% to 3% annually up to 2027. Why is BP's pivot concerning? BP is one of several big oil companies abandoning its cleaner energy promises. Shell, for example, scaled back its pledge to reduce poll
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BP
Earnings
- 2/11/26 - Beat
BP
Sec Filings
- 2/11/26 - Form 13F-HR
- 2/10/26 - Form 6-K
- 2/10/26 - Form 6-K
- BP's page on the SEC website