Owen Klinsky
Contributor
European energy company BP has abandoned its pledge to cut oil and gas production by 2030 as the firm aims to shore up investor confidence amid a slide in its share price, Reuters reported Monday.
BP unveiled plans in August 2020 to reduce its oil and gas output 40% by 2030, before dialing back the target to 25% in February 2023, according to Reuters. Now, in an attempt to regain the trust of investors, CEO Murray Auchincloss has dropped the target altogether in what sources told Reuters is part of a broader corporate strategy shift to focus on profitability and returns rather than green initiatives. (RELATED: Automakers Hit Reverse On Idealistic Electric Vehicle Targets Despite Billions In Biden-Harris Subsidies)
“The direction is the same – but we are going to deliver as a simpler, more focused, and higher value company,” a BP spokeswoman told the Daily Caller News Foundation.
While the company has already dropped the goal in practice, the strategy shift is not expected to be formally announced until an investor meeting in February, Reuters reported.
The news follows BP announcing plans to sell its roughly $2 billion U.S. onshore wind portfolio in September and comes as the company’s share price sits at a near two-year low. It also coincides with a strategy shift at rival energy company Shell, which rejected further cuts to oil production in June 2023 shortly before its CEO Wael Sawan described lowering oil output as “dangerous and irresponsible” in a July 2023 interview with the BBC.
BP has also shifted gears on oil exploration, engaging in negotiations to invest in three new projects in Iraq after sharply reducing its oil and gas exploration team since 2020, according to Reuters.
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CEO Wael Sawan described lowering oil output as “dangerous and irresponsible”
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No shit Sherlock!
When did big oil know it was all the grandest of scams hatched by globalists wanting a bigger cut of the pie for doing nothing other than taking their share of the tithe all plebs are forced to pay to appease the climate gods.
The AR7 climate models will invalidate the AR6 climate models as they invalidated the AR5, which invalidated the AR3. How long will this farce go on before it is accepted that climate models are not science.
That reminds me, Obama chose a running mate dumber than himself, as did Biden, and as did Harris.
Bad for the country. Good for self preservation. And now the Dems are stuck with Kamala. Who cannot do a real MSM interview, who cannot speak without a teleprompter, and who has reversed public policy positions about 15 times, on record, the last 2 years.
Was hard to imagine someone less competent than Harris. Then along came ‘stolen valor’ Walz. Nov 5 gonna be a fun day for me.
You know that none of that matter an iota to tens of millions of the faithful.
Now I didn’t think there was anyone dumber than Harris…BUT…point taken
No Models are Invalid Science
Sometimes it is best to remain silent and be thought a fool (BP on green foolishness) than to speak and remove all doubt. BP spoke, removed all doubt, and tanked its stock. Fittingly the equivalent of Bud Light using trans Dylan Mulvaney to ‘broaden its appeal’.
Good one!
I wonder how long it will be before the “Exxon Knew” climate lawsuits morph into the “BP Knew” fiduciary negligence lawsuits.
t’s good to see multinationals like Shell, BP and others face up to reality and concede that that all the green energy, and transportation alternatives that have been proposed and subsidized by over-zealous governments just can’t deliver given the current state of technology. The fact that consumers boycotted many of these products didn’t hurt either since they refused to have unreliable and overpriced products rammed down their throats.
Looks so damn much like Soros it’s not worth the time to do a cut&paste
I think this is closer…
Davros goes to Davos…
We will be “exterminated” !
Who ever thought that cutting your own throat was a bad idea.
When virtue signaling leads to your demise.
Bud Light lesson. Princeton, Harvard, Columbia University heads lesson. Newly sunk NZ survey ship commander DEI lesson. Fun long run thing—the left never seems to learn the lesson no matter how many times taught.
I wonder if Anheuser Busch will ever lean how to pronounce their own name.
———
Drill Baby Drill..
You mean to say there’s no money in Woke, baby woke?
“shift to focus on profitability and returns rather than green initiatives.”
This is what all companies should do if they want to continue to exist.
Most so-called “green initiatives” are a like an S-bend for money and prosperity.
How long until the local SS jackboots equivalent come knocking on the door at 3 AM?
Wind and solar are not green, they are not affordable they are not available when needed, they are short lived and they are not recyclable or allowed in a dump.Why on earth would anyone other than a government want them?Fossil fuel and nuclear are affordable, they are available when needed, they are long lived, they are recyclable, they have a small foot print, they don’t slaughter our wildlife and they are clean. Why can’t our government see that? Because they are dishonest.
The “government” doesn’t want them, they want you to have them. They use major diesel generator backup for themselves/
Apparently, they are NOT going Beyond Petroleum.
The British Petroleum Company, now BP → Beyond Petroleum, has changed its tune as often as the weather. The fancy green-yellow-white kaleidoscope symbol should be replaced with a Chameleon.
BP began life in Persia (Iran) before the First World War – a British Government initiative to supply fuel oil to the Royal Navy. The navy planned to convert their boilers from coal firing to oil. The Anglo-Iranian oil company remained 50% government owned until Rio Tinto rescued it from the Kuwait Investment Office when fully ‘privatized’ by Mrs Thatcher in 1987.
Rio Tinto diversified but returned to its core business, Shell and BP should do the same – sod net zero and non existent climate change/global warming.
Of course leaking a barrel pf oil in the gulf (backyard of the nation of lit6igants) didn’t help, setting them back 40years and billions quite unlike Piper Alpha and Bhopal.
We have insanity in whatever groups Soros rules over via the dollar (that “evil Green” thing).
Nice to to hear that Soros and his kids might not rule BP.
PS Trump’s political opponents demanded Trump’s tax returns. (“Show me the man, I’ll show you the crime” mentality.)
What do Soros’s and his kids’ tax returns look like? Who has asked for them?
Lot’s of backdoor support for backdoor groups that …. work for a real “insurrection” to overthrow a constitutional republic commonly know as The United States of America?
Are Soros and son actually in America are they still “Americans”?
If not, is this foreign influence in the elections?
Son was born here. Soros was naturalized. Yet another Nazi that was missed by the immigration authorities – just like the several concentration camp guards that have been found here.
1945: Project Paperclip is initiated. The U.S. State Dept., Army Intelligence, and the CIA recruit Nazi scientists and offer them immunity and secret identities in exchange for work on top-secret gov’t. projects. Nothing new.
generally know a 5fth column
I strongly suspect we have the Marxist wokies and watermelons on the run-
Huge reaction as Toyota shifts away from DEI and pro-LGBTQ events | news.com.au — Australia’s leading news site
For a rollicking good laugh don’t miss Matt Walsh and his ‘Am I a racist’ doco film with the race grifters ducking for cover-
Am I Racist? | Official Trailer (youtube.com)
Lefties always feel it will be different this time around and they disappeared up their fundamental orifice with woke that couldn’t even decide what a woman is.
Why do all the lefty-woke, post-modern, critical social justice administrations all have Ministry’s for Women, when none of the fools can define what a woman is?
the house plays both sides
beyond pandering
When your mining of raw materials is directly responsible for over 10,000 products produced worldwide and you announce you are voluntarily going to reduce output, what do you think will happen to your stock price?
People run away from losers when investing.
Aboriginals discover their ancestor’s dark past causing climate change with cooking fires and traditional burnoffs to flush out game-
School holiday makers delight as an ancient forest of ‘elder trees’ emerges on a Tasmanian beach (msn.com)
Well according to current international conventional wisdom it does so stand by for reparations all you recent multicultural blowins with lefty lawyers in tow. You owe you owe it’s off to the Hague you go!
It is almost impossible to imagine management as bad as what has been at the helm of these firms. Some days I just have to ignore the news and go for a walk.
Looks like they all think that DJ Trump is winning in November.
Well… there IS ‘the steal’… hope we get it killed with overwhelming numbers and watchdogs.
Reading the CEO’s opening remarks on the BP website was always a weird experience. One simply could not believe that he believed what he was saying. Made for a quieter AGM or Davos meeting, but blimey
Realty bites eco nutters on the arse.
We only have to sit back with a beer and watch the collapse, and inevitable panic and blame game. Then comes the about turn.
Back in the days of Al Gore’s Inconvenient Truth movie, British Petroleum was rumored to be planning to change its name to Beyond Petroleum.
I did not follow that for a long time and now I see it became a reality.