BP is increasing its investment in upstream oil and gas to $10 billion per year while slashing spending on clean energy by more than $5 billion a year in the highly anticipated strategy reset announced on Wednesday. BP’s stock has been underperforming its UK-based peer, Shell, and other major international oil firms in recent years.
The BP board has been under increased pressure to seek fundamental changes to the business to reward shareholders more. The pressure on BP became more intense earlier this month after activist investor Elliott…BP Hikes Oil and Gas Investment to $10 Billion a Year in Strategy Reset
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