BP softens tone on 2030 oil output cut to reassure investors [Reuters]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Reuters
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 concerned some investors. Report this ad Speaking to Reuters on Tuesday after BP announced , Auchincloss said BP may overshoot or undershoot the 2030 target. "Two million (boed) is a decent number to stick by right now.
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BP
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BP
Sec Filings
- 5/17/24 - Form 6-K
- 5/16/24 - Form FWP
- 5/9/24 - Form 13F-HR
- BP's page on the SEC website