Reported about 6 hours ago
BP has abandoned its goal to cut oil and gas production by 2030, shifting focus to new investments in the Middle East and Gulf of Mexico under CEO Murray Auchincloss's new strategy. Initially aiming for a 40% reduction, BP had already scaled back to 25% but is now prioritizing returns and profitability over its previous ambitious energy transition plans. This decision aligns with a broader trend among energy companies responding to market pressures and a renewed emphasis on traditional energy sources amid global energy security concerns.
Source: YAHOO