BP softens tone on 2030 oil output cut to reassure investors [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
By Ron Bousso LONDON (Reuters) - BP softened the language on its pledge to cut its 2030 oil and gas output in an effort to reassure investors over its energy transition strategy and narrow a gaping value gap with rivals. CEO Murray Auchincloss has in recent months pivoted the London-based firm's strategy to focus heavily on returns. He has been less emphatic than his predecessor Bernard Looney on BP's shift towards renewables and low-carbon energy. BP's shares today lag rivals Shell, TotalEnergies, Exxon Mobil and Chevron, based on a number of key metrics, reflecting concerns BP is not investing in the most profitable segments of its business, primarily oil and gas. Auchincloss has not reversed a flagship target Looney announced in 2020, before watering it down in 2023, for BP to reduce oil and gas output by around 25% between 2019 and 2030 to 2 million barrels of oil equivalent per day (boed). BP is the only major oil company to have reduction targets, and the pledge has con
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BP
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BP
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- 5/17/24 - Form 6-K
- 5/16/24 - Form FWP
- 5/9/24 - Form 13F-HR
- BP's page on the SEC website