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British Energy confirmed that it will increase the price of spending on green enterprises and increase oil and gas production on Wednesday, but in the direction of the inability of climatic activity.
A statement “Rebuild BP” said the company will suspend the expenditures for $ 5 billion in net transition to $ 5 billion.
Future expenses will be lower than $ 1.5 billion a year and between $ 2 billion a year.
On the contrary, BP said that this will increase from about 20% to $ 10 billion in oil and gas production.
CEO Murray Auchincloss said that the company’s expenses will be “very selective” in investments in the most returned enterprises to increase BP to “grow up” and “investments in renewable energy.”
“This is a BP, which is a point not aimed at increasing long-term shareholder.”
The strategy is five years ago, after the network of oil and gas production grows in favor of zero institutions, the company represents a plan with a very vounted plan.
Auchincloss informed investors after the company’s confidence in the green energy transition “greased” and the company went “very fast” in recent years. He added that the oil and gas demand, “decades will need for the future.”
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However, the renewable renewal is still a “significant opportunity” and confirmed that the company wants to meet the net zero carbon emissions until 2050.
“Global carbon emissions need to decrease and more energy, countries, companies and customers are looking for low carbon products and services to support their decarbonization goals,” he said.
The update aims to increase investor support in the price of the company’s flag.
So far, the update does not seem to appeal to investors, and the company’s stock price decreased by 1.4% in the afternoon.
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However, withdrawal, the company’s touch will be able to change the company’s touch in recent weeks can form a part of investors after a rally.
Over the past few years, the stock market can be a member of BP, BP, whose peers, as their peers, ExxonMobil and Chevron, or even the target of a conversation target.
Recently, the United States Hedge Fund Elliott management recently received about 5% of the BP and is expected to push BP towards fuel to increase profit.
While Auchincloss is already loading on the land, the joint venture has jointly worked by BP’s sea wind. The group sprinkled the costs in front of further harsh trade. Recently, he said he would cut more than 5% of the workforce.
The change of BP’s strategy is faced with sharply criticism of environmental proposals, which previously used the company’s future is green.
“This movement of the oil giant BP cannot be guided by why super rich corporations and individuals to follow the short-term benefits or the energy of the energy we need so bad,” he said.
“The more oil and gas pump money increases the risk of climate effects, and it is a great risk for shareholders, where BP is so interested in the renewable sector and growth.
& Consion Press 2025
