BP freezes offshore wind projects to increase focus on fossil fuels [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
Murray Auchincloss, who became permanent head of the business at the start of the year, has also frozen hiring in the offshore wind division. The move, which was first reported by Reuters, follows investor discontent over the company's switch to green energy However, it is likely to trigger a backlash from climate campaigners who have waged a years-long campaign to push BP into clean energy. Mr Auchincloss is seeking to slow down investments in big budget, low-carbon projects, particularly in offshore wind, that are not expected to generate cash for years. It suggests he is reversing the policies of Bernard Looney, his disgraced predecessor, who tried to move away from fossil fuels before quitting over inappropriate relationships last autumn. The shift to greener energy has weighed on BP's shares as returns from renewables shrank, while profits from oil and gas soared. The global recovery from the pandemic and then Russia's invasion of Ukraine both drove prices to new highs
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BP
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