BP drops climate targets in pivot back to oil and gas
3 weeks, 4 days ago

BP drops climate targets in pivot back to oil and gas

Al Jazeera  

BP slashes planned investment in renewable energy and is increasing annual oil and gas spending. Oil major BP says it has slashed planned investment in renewable energy and would increase annual oil and gas spending to $10bn. “This move by oil giant BP clearly demonstrates why super-rich corporations and individuals, chasing short-term profit for themselves and shareholders, cannot be trusted with fixing the climate crisis or leading the transition to renewable energy we so badly need,” Matilda Borgstrom, UK campaigner at climate action group 350.org told the Associated Press. “Pumping money into more oil and gas increases the risk of climate impacts for us all, flies in the face of legal climate targets, and with the renewables sector growing exponentially is a big risk to the shareholders that BP is so keen to please,” she added.

Energy Climate Oil Renewable Energy Gas Renewable  targets  planned  drops  transition  renewable  oil  gas  renewables  climate  energy  told  pivot  bp

History of this topic

Don’t blame BP for ditching green fuel – it’s following the government’s lead
Trending News
3 weeks, 3 days ago

Don’t blame BP for ditching green fuel – it’s following the government’s lead

The Independent  

The UK, a world leader in climate policy, is caught in a clash between what the planet needs and what politics and business feel they can deliver. So, the issue drifted by – but five years ago BP made another bold leap, setting targets to cut production of oil and gas by 40 per cent by 2030, while significantly ramping …

Transition to renewables taking longer than thought, senior BP figure tells MPs
3 weeks, 3 days ago

Transition to renewables taking longer than thought, senior BP figure tells MPs

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The fossil fuels giant said it still hopes to …

BP slashes ‘net zero’ renewable energy spending by $5 billion, turns to fossil fuels: What’s behind the strategy shift?
3 weeks, 4 days ago

BP slashes ‘net zero’ renewable energy spending by $5 billion, turns to fossil fuels: What’s behind the strategy shift?

Live Mint  

British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners. In a statement titled “Reset BP,” the company said it will reduce its spending on net …

BP slashes green energy spending and turns back towards fossil fuels
Trending News
3 weeks, 4 days ago

BP slashes green energy spending and turns back towards fossil fuels

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP is making a drastic …

BP to slash spending on net zero ventures as it focuses on oil and gas again
Trending News
3 weeks, 4 days ago

BP to slash spending on net zero ventures as it focuses on oil and gas again

Associated Press  

LONDON — British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners. In a statement titled “Reset BP,” the company said it will reduce its spending …

BP to slash green spending, pivot back to oil
3 weeks, 4 days ago

BP to slash green spending, pivot back to oil

Live Mint  

LONDON : BP said it would boost oil-and-gas production and sharply cut investments in clean energy, pivoting back to fossil fuels in a bid to revive its flagging share price. Higher investment in oil-and-gas fields would enable BP to pump high-margin fossil fuels for years to come, he said, adding that the company would be very selective in the investments …

BP set to cut renewable investment and boost oil and gas production
Trending News
3 weeks, 4 days ago

BP set to cut renewable investment and boost oil and gas production

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Competitors like Shell and Norwegian company Equinor have already …

BP cuts investment in clean energy and boosts oil and gas in major strategy shift
3 weeks, 4 days ago

BP cuts investment in clean energy and boosts oil and gas in major strategy shift

CNN  

BP slashed planned investment in renewable energy and said Wednesday that it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and shareholder returns. The oil giant cut planned annual investment in energy transition businesses by more than $5 billion, compared with its previous forecast, to between $1.5 billion and …

BP announce plans to cut 4,700 jobs in £1.6bn cost-cutting drive
2 months, 1 week ago

BP announce plans to cut 4,700 jobs in £1.6bn cost-cutting drive

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy London-based energy firm BP plan …

BP sees oil and gas production move higher in first quarter
11 months, 2 weeks ago

BP sees oil and gas production move higher in first quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Energy giant BP told investors …

BP earns USD 3 billion at the end of last year but saw its annual profit fall by half from 2022
1 year, 1 month ago

BP earns USD 3 billion at the end of last year but saw its annual profit fall by half from 2022

Hindustan Times  

London-based BP reported its underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, was down from USD 3.3 billion in the previous quarter. HT Image It brought in USD 13.8 billion for all of last year, a huge drop from the USD 27.7 billion it earned in 2022, when Russia's war in Ukraine sent …

Shell and BP among oil firms accused of greenwashing over renewable energy
1 year, 7 months ago

Shell and BP among oil firms accused of greenwashing over renewable energy

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. For BP, 97 per cent went towards fossil fuels while the company reduced investments in renewable products compared to …

BP hikes dividend by 10% despite profits falling 70% as energy prices tumble
1 year, 7 months ago

BP hikes dividend by 10% despite profits falling 70% as energy prices tumble

Daily Mail  

BP profits slumped during the latest quarter after energy prices fell back from spikes caused by Russia’s war with Ukraine. The oil giant revealed profits fell 70 per cent to £2billion between April and June, down from the £6.6billion profits in the same quarter of last year – a period covering the early stages of Russia’s invasion of Ukraine. Resilient: …

Shell boss claims world still ‘desperately needs oil and gas’ despite worsening climate change
1 year, 8 months ago

Shell boss claims world still ‘desperately needs oil and gas’ despite worsening climate change

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Mr Sawan said that cutting down the production of oil and gas right now could send energy bills soaring …

Why are BP, Shell, and Exxon suddenly backing off their climate promises?
2 years, 1 month ago

Why are BP, Shell, and Exxon suddenly backing off their climate promises?

Salon  

It wasn't long ago that oil giants were trying to outdo one another with promises to cut carbon emissions and take on climate change. "We leaned in when others leaned out, bucking conventional wisdom," said Darren Woods, Exxon's CEO, in a call with investors, praising his company's resistance to pulling back on fossil fuel production. "You know, nothing like profits …

Column: Big oil companies are already reneging on their global warming promises
2 years, 1 month ago

Column: Big oil companies are already reneging on their global warming promises

LA Times  

The Kern River Oil Field in Bakersfield: Don’t expect scenes like this to go away any time soon. “We need continuing near-term investment into today’s energy system — which depends on oil and gas — to meet today’s demands and to make sure the transition is an orderly one,” Looney said in BP’s strategy update, published Tuesday. BP and Shell …

Green campaigners accuse BP boss Bernard Looney of rolling back climate promises
2 years, 1 month ago

Green campaigners accuse BP boss Bernard Looney of rolling back climate promises

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “We need continuing near-term investment into today’s energy system …

BP profit more than doubles on ‘exceptional’ oil trading
2 years, 10 months ago

BP profit more than doubles on ‘exceptional’ oil trading

CNN  

London CNN Business — BP took a hit of more than $24 billion from ditching its business in Russia but reported a huge jump in profit for the first quarter. The UK-based energy giant said Tuesday that its underlying profit soared to $6.2 billion from $2.6 billion in the same period last year, boosted by “exceptional oil and gas trading” …

BP more than doubles boss’ annual pay amid soaring gas prices
3 years ago

BP more than doubles boss’ annual pay amid soaring gas prices

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Profits bumped up by soaring gas prices have seen the …

OPEC says oil will remain number one, despite green energy push
3 years, 5 months ago

OPEC says oil will remain number one, despite green energy push

Al Jazeera  

OPEC’s latest World Oil Outlook warns that failure to keep investing in fossil fuels could risk geopolitical instability. Halting new investments in fossil fuels is “wrongheaded” despite global commitments to transition to greener energy, the head of the Organization of the Petroleum Exporting Countries said on Tuesday, as he warned that oil demand will continue to accelerate in the coming …

BP is planning to drill for fossil gas on edge of world’s largest cold-water coral reef
3 years, 9 months ago

BP is planning to drill for fossil gas on edge of world’s largest cold-water coral reef

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP is planning to drill for fossil gas on the edge of the world’s largest …

BP shareholders reject proposals to reduce climate emissions
3 years, 10 months ago

BP shareholders reject proposals to reduce climate emissions

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Despite the majority voting against the resolution at Wednesday’s AGM, Mark van Ball from the Dutch climate group said …

John Kerry’s warning to Big Oil: Embrace change or be on the wrong side of this battle
4 years ago

John Kerry’s warning to Big Oil: Embrace change or be on the wrong side of this battle

CNN  

New York CNN Business — John Kerry had some tough talk for the leaders of Big Oil. You’re gonna wind up on the wrong side of this battle,” Kerry said Tuesday atthe energy conference CERAWeek by IHS Markit. Kerry, the former US secretary of stateand President Joe Biden’s special envoy for climate, urged the oil-and-gas industry to welcome change, including …

BP’s ‘green’ promises are anything but – their latest investments are a slap in the face for humanity and nature
4 years, 7 months ago

BP’s ‘green’ promises are anything but – their latest investments are a slap in the face for humanity and nature

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. With similar fanfare, in 2000, then …

Does BP’s conversion signal the end of Big Oil?
4 years, 7 months ago

Does BP’s conversion signal the end of Big Oil?

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. See here: BP said last week that it would slash oil and gas production and pour billions of dollars into clean energy, speeding up a transition it teased earlier this year. “Energy markets have begun a process of fundamental lasting change, shifting increasingly towards low carbon …

BP warns of $17.5 billion hit as pandemic knocks oil demand
4 years, 9 months ago

BP warns of $17.5 billion hit as pandemic knocks oil demand

CNN  

London CNN Business — BP is writing down the value of its assets by as much as $17.5 billion as a shift away from fossil fuels is accelerated by the coronavirus pandemic. The UK oil company said in a statement Monday that the health crisis could have an “enduring impact on the global economy,” resulting in less demand for energy …

BP to cut 10,000 jobs after oil price crash
4 years, 9 months ago

BP to cut 10,000 jobs after oil price crash

CNN  

London CNN Business — BP is cutting 10,000 jobs as it reels from a crash in oil prices and tries to pivot toward renewable energy. “The oil price has plunged well below the level we need to turn a profit,” Looney, who took over BP’s top job earlier this year, said in an email to employees. “While the external environment …

'Unprecedented' oil price collapse hammers BP profits
4 years, 10 months ago

'Unprecedented' oil price collapse hammers BP profits

The Telegraph  

BP's profit slumped by two thirds in the first three months of the year after coronavirus triggered a collapse in global oil prices. The drilling titan warned that some companies will have no choice but to shut down wells as it unveiled a plunge in its preferred measure of underlying replacement cost profits to $791m, down from $2.4bn in the …

OPEC+ agrees to 10 million bpd oil cut for May and June
4 years, 11 months ago

OPEC+ agrees to 10 million bpd oil cut for May and June

Al Jazeera  

Russia, Saudi Arabia and other members say cuts would be eased to six million barrels per day Jan 2021 to April 2022. The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed on Thursday to cut oil output by 10 million barrels per day in May and June, according to a statement released by …

BP lays out long-term ambition to achieve net-zero emissions
5 years, 1 month ago

BP lays out long-term ambition to achieve net-zero emissions

Associated Press  

LONDON — Energy producer BP said Wednesday it wants to eliminate or offset all carbon emissions from its operations and the oil and gas it sells to customers by 2050, an ambitious target born out of pressure to help combat climate change and keep making money. Total of France said they were integrating climate into their strategy in 2016; Royal …

BP’s new CEO pledges net zero emissions by 2050
5 years, 1 month ago

BP’s new CEO pledges net zero emissions by 2050

CNN  

London CNN Business — BP, facing growing pressure over the climate crisis, has pledged to reach net zero emissions by 2050 or sooner, as part of a plan by the company’s new chief executive to transform the legacy oil giant. “The world’s carbon budget is finite and running out fast,” said CEO Bernard Looney, who stepped into BP’s top job …

Oil prices hit year low at $60.29; OPEC considers output cut after 6 December meet to stem rising global surplus
6 years, 4 months ago

Oil prices hit year low at $60.29; OPEC considers output cut after 6 December meet to stem rising global surplus

Firstpost  

Oil prices fell to their lowest in a year on Friday, on course for their biggest one-month decline since late 2014, even as oil producers consider cutting output to stem a rising global surplus. London: Oil prices fell to their lowest in a year on Friday, on course for their biggest one-month decline since late 2014, even as oil producers …

Analysis shows need for 1 million bpd cut in oil output, says Saudi energy minister
6 years, 4 months ago

Analysis shows need for 1 million bpd cut in oil output, says Saudi energy minister

Live Mint  

Abu Dhabi: Saudi energy minister Khalid al-Falih said on Monday OPEC and its allies agree that technical analysis shows a need to cut oil supply next year by around 1 million barrels per day from October levels to balance the market. Speaking at an industry event in Abu Dhabi, he said demand from Saudi Arabia’s customers in December would fall …

BP profit falls 91% as oil price cuts put thousands of jobs at risk
9 years, 1 month ago

BP profit falls 91% as oil price cuts put thousands of jobs at risk

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP has said its fourth …

BP plans slew of energy deals with companies from China
9 years, 5 months ago

BP plans slew of energy deals with companies from China

China Daily  

Dev Sanyal, BP's executive vice-president for strategy and regions. Oil and gas giant BP Plc is expected to sign several agreements with Chinese companies during President Xi Jinping's ongoing state visit to the United Kingdom, as the two countries strive for greater energy cooperation. "We see great potential for enhanced cooperation and collaboration between both sides, and the agreements will …

BP committed as trusted partner and valuable contributor to China[1]- Chinadaily.com.cn
9 years, 5 months ago

BP committed as trusted partner and valuable contributor to China[1]- Chinadaily.com.cn

China Daily  

Dev Sanyal, BP's executive vice-president for strategy and regions. Oil giant's vice-president expects big deals during President Xi's state visit to the United Kingdom The oil industry may face its worst situation ever, with crude prices standing at sharply lower levels after plunging more than 50 percent since last summer. But Dev Sanyal, BP's executive vice-president for strategy and regions, …

BP chief economist: ‘We will never run out of oil’
9 years, 5 months ago

BP chief economist: ‘We will never run out of oil’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But what has changed in recent years is the …

BP slashes billions from investment plans as it reveals £645m loss
10 years, 1 month ago

BP slashes billions from investment plans as it reveals £645m loss

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP and BG Group slashed …

BP to spend $1 billion on thousands of job cuts
10 years, 3 months ago

BP to spend $1 billion on thousands of job cuts

Live Mint  

London: BP Plc will cut thousands of jobs cut across its global oil and gas business by the end of next year in a $1 billion restructuring programme announced on Wednesday following steep falls in oil prices. The British oil major said it was also considering deeper cuts to its 2015 budget beyond the $1-$2 billion reduction already announced in …

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