Reported about 9 hours ago
BP has announced it will significantly increase its investment in oil and gas to approximately $10 billion annually while sharply reducing expenditures on clean energy initiatives. This strategy reversal aims to boost production and revitalize its struggling stock price amid pressure from investors, including activist hedge fund Elliott Management. The company plans to focus its efforts on maximizing oil output, particularly in the U.S. and Middle Eastern markets, while cutting anticipated green energy investments by over $5 billion per year.
Source: YAHOO