European oil giants step back from renewables path [Yahoo! Finance Canada]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance Canada
Rivals Shell and Norway's state-controlled Equinor are also scaling back energy transition plans set out earlier this decade. Their change of direction reflects two major developments - the energy shock from Russia's invasion of Ukraine and a drop in profitability for many renewables projects, particularly offshore wind, due to spiralling costs, supply chain issues and technical problems. BP CEO Murray Auchincloss plans to plough billions into new oil and gas developments, including in the U.S. Gulf Coast and the Middle East, as part of his drive to improve performance and boost returns. BP has also slowed down low-carbon operations, halting 18 early-stage potential hydrogen projects and announcing plans to sell wind and solar operations. It has recently cut its hydrogen team in London by more than half to 40 staff, company sources told Reuters. A BP spokesperson declined to comment on the layoffs. Shell CEO Wael Sawan has vowed to take a ruthless approach to improve its pe
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BP
Earnings
- 10/30/24 - Beat
BP
Sec Filings
- 11/21/24 - Form FWP
- 11/18/24 - Form 6-K
- 11/14/24 - Form FWP
- BP's page on the SEC website