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Activist investor Elliott Management has declared a stake of over 5% in BP and has urged the company to boost cash flow via spending cuts. “Eight weeks ago, we announced a fundamentally reset ...

BP's chief executive Murray Auchincloss faced a significant pay reduction last year as the company’s profits saw a downturn. His earnings, inclusive of bonuses and shares, amounted to £5 ...

BP chief executive Murray Auchincloss took a £2.3 million pay cut last year amid a slump in profit at the fossil fuel giant. Mr Auchincloss took home £5.4 million in 2024 including bonuses and ...

Due to investor pressure, BP will cut investments in renewable energy and increase oil and gas production. BP will raise oil and gas spending by 20% to $10 billion annually while reducing ...

Under Auchincloss' predecessor, Bernard Looney, BP pledged in 2020 to cut oil and gas output by 40% while rapidly growing renewables by 2030. BP lowered the reduction target to 25% in 2023.

BP (NYSE:BP) -1.4% pre-market Wednesday after unveiling its anticipated strategic reset to raise annual oil and gas spending to $10B while cutting planned spending in energy transition businesses ...

Gift 5 articles to anyone you choose each month when you subscribe. London | BP will abandon its pledge to reduce oil and gas output and announce at least one major divestment at its investor day ...

BP will abandon its pledge to reduce oil and gas output and announce at least one major divestment at its investor day on Wednesday, said people familiar with the plan, as chief executive Murray ...

The company made the announcement in a memo to employees Thursday, CNN reported. BP said it had plans to cut as many as 3,000 contractor jobs, 2,600 of which already had been eliminated.

BP has also pulled back from a number of renewable energy projects, and abandoned a previous plan to cut oil and gas output by 40% by 2030, according to reports. Last year BP announced plans to ...