BP halts hiring, slows renewables roll-out to win over investors [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
By Ron Bousso LONDON (Reuters) - BP's new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company said. The moves, which have not previously been reported, are part of a decision by Auchincloss to slow down investments in big budget, low-carbon projects, particularly in offshore wind, that are not expected to generate cash for years, said several sources at BP who declined to be named. They mark a stark reversal from the direction the CEO's predecessor Bernard Looney took to rapidly move away from fossil fuels. This has weighed on BP's shares as returns from renewables shrank, while profits from oil and gas soared in the wake of the COVID-19 pandemic and Russia's invasion of Ukraine. ADVERTISEMENT BP has reassigned dozens of people tasked with identifying new renewables opportunities to projects already underway
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