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BP May Abandon Oil and Gas Production Cuts

The decision was taken due to shareholders' desire to focus on short-term profits

Oct 8, 2024 12:53 166

BP May Abandon Oil and Gas Production Cuts  - 1

Energy company BP may abandon plans to reduction of oil and gas production until 2030, announced ag. Reuters, citing sources. According to them, the company will abandon its strategy of reducing oil and gas production by 40% in favor of increasing renewable energy sources. This decision was made due to shareholders' desire to focus on short-term profits rather than the energy transition.

BP is reportedly considering new investments in the Middle East and Latin America to boost production of conventional fuels. The company will present an updated strategy in February 2025

The oil and gas company BP's net profit attributable to its shareholders in the first half of 2024 decreased 4.7 times and amounted to USD 2.134 billion compared to USD 10.01 billion a year earlier. BP's underlying profit, which the company calculates after adjusting for items and related taxes, fell 27% in the first half to $5.479 billion and rose slightly year-on-year in the second quarter to $2.756 billion from $2.589 billion a year earlier. BP's second-quarter revenue fell to $48.25 billion from $69.5 billion a year earlier.