BP ponders shifting focus away from renewables, say sources [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
He is looking to halt large, fixed capital investments in offshore wind as they are not expected to deliver returns for years. Auchincloss, who became bp head at the start of the year, appears to be bowing to shareholder discontent over the returns available on non-hydrocarbon production and the switch to green energy. A spokesperson told a UK-based news provider that bp is still committed to becoming an integrated energy company. However, the change in emphasis will help bp become a better focused organisation. The decision marks a stark change in direction for the British energy giant, which looked to pivot to renewables under its previous CEO, Bernard Looney BP's move into green energy, although welcomed by a large proportion of shareholders, has pulled down the value of shares over recent months. They are currently valued at 475 pence on the London Stock Exchange, having hit 567 pence in February 2023. Shares were as low as 364 pence in July 2022. However, profits relat
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