The British Energy Company BP has confirmed Wednesday that it will reduce costs on green ventures and increase its oil and gas production, a change in this direction that hopes it will strengthen the price of its flagal shares, but the climate action campaign has been unacceptable.
In a statement titled “Reset BP”, the company said it would reduce its net zero transfer business projects by about $ 5 billion each year.
Future costs will be significantly lower, with a total annual $ 1.5 billion to $ 2 billion.
On the contrary, the BP said it would increase its investment in oil and gas production by about 20 % to $ 10 billion.
CEO Murray Achaklos said the company is focusing on its expenses on the BP's “most recovered business” to advance development, and it will be “extremely selected” in its investment in renewable sources.
He said, “This is a reset BP, which has an unprecedented focus on the increase in the price of long -term shareholders.”
The strategy represents a bridge from the company's most enthusiastic project, to shrink oil and gas production in favor of pure zero business five years ago, under the company's then CEO Bernard Loni.
Aukhnklos told investors after the release of the update that the company's confidence in the transfer of green energy was “in the wrong place” and in recent years the company has become “too far, very fast”. He added that the demand for oil and gas will “need for decades to come.”
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However, he said that the renewable media still have a “important opportunity” and confirmed that the company still wants to meet the pure zero carbon emissions by 2050.
“Global carbon emissions need to be reduced, as well as looking for more energy, countries, companies and consumers are looking for low carbon products and services to support their decoration goals,” he said.
The purpose of this update is to clearly increase investors' assistance in the light of the company's flagal shares.
So far, this update has appealed to investors, and the company's share price in trade on Wednesday is 1.4 % lower.
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However, the retreat may represent some profit from investors after a rally in recent weeks, which is about to change the company on speculation.
Over the past few years, the company's stock has performed against its peers, such as Shell, Exxon Mobil and Shivaron have speculated the market that the BP can move its share list from London to New York, or even target a takeover.
The influential US Hedge Fund Elite Management recently took about 5 % shares in the BP, and it is believed that it has tried to push the BP back towards fossil fuel to increase its profitability.
Auchnclos has already eliminated the BP's foreign wind business in the joint venture when he wants to offload his coastal air arm. The group is still decreasing despite the harsh trade. Recently, it has announced that this will reduce its manpower by more than 5 %.
The change in the BP strategy is facing severe criticism from the environmental campaigners, who had earlier warmed the company at the insistence that the future was green.
“The move by Oil Dev BP, Metalida Borgstrom, a UK campaign, said,” Oil Dev BP's move clearly shows that super -rich corporations and individuals, for their own and shareholders, have renewed the power of the powerful, and the shareholders, “said Matlida Burgusterom, a UK campaign campaign. We need badly, cannot be trusted. “
He added, “Maximum oil and gas -making money increases the risk of climate effects for us all, flies in view of legal climate targets, and there is a huge threat to the rapidly growing shareholders in the sector of renewable sources that BP wants to please.”
And copy 2025 Press of Canada