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Is BP Bailing on Green? Reportedly Shifts Gears From Renewables To Oil And Gas

BP p.l.c. (NYSE:BP) reportedly implemented a hiring freeze and halted new offshore wind projects, shifting focus back to oil and gas due to investor dissatisfaction with the company’s energy transition strategy. These moves are part of CEO Murray Auchincloss’ strategy to reduce investments in high-budget, low-carbon projects, especially offshore wind, which are not expected to generate immediate cash flow, reported Reuters. These actions signify a major departure from the approach of Auchincloss’ predecessor, Bernard Looney, who aimed to transition away from fossil fuels quickly. The shift has affected BP’s stock performance, as returns from renewable energy projects have declined, while profits from oil and gas ...