BP Oil Gas Shift Signals Fossil Fuel Return
On February 25, 2025, BP unveiled its BP oil gas shift, slashing renewables by over $5 billion (£3.9 billion) to ramp up oil and gas by 20% to $10 billion (£7.9 billion) yearly. Announced Wednesday after investor pressure—led by Elliot Management’s £4 billion stake in the £70 billion firm—it targets 2.3-2.5 million barrels daily by 2030, reversing green pledges. CEO Murray Auchincloss, at 4:43 AM PST, called it a “reset” for shareholder returns, cutting renewable funding to $1.5-2 billion from prior highs. Shares dipped post-reveal despite a pre-announcement climb, mirroring Shell and Equinor’s fossil fuel pivot amid Trump’s “drill baby drill” push.
BP’s 2024 net income slumped to $8.9 billion from $13.8 billion, trailing Shell (82% returns) and Exxon (160%) since 2020—BP’s mere 36% sparked Elliot’s oil-gas nudge. Auchincloss plans “major” projects by 2027, eyeing cash flow over green bets like biofuels and EV charging, now relegated to “capital-light” ventures with partners like Jera (wind) and a solar suitor TBD. Chair Helge Lund echoes profit-first—“cash flow growth” drives it. Yet, Greenpeace UK slams it as “proof” BP shuns climate solutions, while 48 investors last week demanded a renewables vote, per X posts.
BP Oil Gas Shift Faces Green Backlash
BP oil gas shift bucks its 2020 net-zero vow—40% oil cuts by 2030, now 25%—as rivals profit from post-Covid oil price surges. Louise Kingham defends to MPs: UK green plans (wind farms, carbon capture) hold, but transition needs “smart” returns—$10 billion oil vs. $1.5 billion renewables. IEA warns no new fossil fuels fit 1.5°C goals. For more, visit BBC or Kenkou Land.
Main Body: Profit Over Planet?
Today, February 25, 2025, at 4:43 AM PST, BP oil gas shift pivots from Bernard Looney’s 2020 green dream—40% oil cut, big renewables—to Auchincloss’s $10 billion oil-gas binge by 2030. Elliot’s £4 billion stake fueled it—BP’s $8.9 billion 2024 profit lagged Shell’s £13 billion pace, sparking takeover buzz or a US listing shift for higher valuations, per X chatter. Renewables drop $5 billion—biogas, EV charging sidelined—favoring 2.5 million barrels daily, dwarfing $1.5-2 billion green spend. Lund’s “cash flow” mantra nods to Trump’s fossil cheer, post-Shell’s green rollback.
Kingham’s MP plea—“not just one company”—clashes with Greenpeace’s ire and Sir Ian Cheshire’s BBC doubt: “Science hasn’t changed; transition’s coming.” BP’s 36% five-year return trails Exxon’s 160%; $7.9 billion oil bet eyes 2027 projects—profit over 1.5°C, IEA says. At 4:43 AM PST, investors split—48 push green votes, Elliot oil. Kingham touts wind partnerships, but $3.9 billion green cuts sting. Will BP’s reset pay, or haunt in a warming decade? Cash flows, planet waits—tension simmers.
