3 sources·Business

BP Plans Major Strategic Reset Amid Profit Declines and Investor Pressure

BP executives reveal plans to shift focus from renewables to fossil fuels as profits drop sharply, amid pressure from activist investors.

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  1. BP profits drop as it says it will reset strategy

    The anticipated shift in BP's strategy towards increasing fossil fuel production while scaling back renewable investments underscores a troubling trend in the energy sector, reflecting a growing reluctance to fully embrace a sustainable energy future.

    BP profits drop as it says it will reset strategy

    BBC NewsBBC News·3M
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    This source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.
    ·
    Center
    This outlet is balanced or reflects centrist views.
  2. British oil major BP reports sharp drop in fourth-quarter profit, vows strategy reset

    BP's recent profit drop and ongoing strategies highlight the company's struggle to adapt to a shifting energy landscape, raising questions about its future financial stability and commitment to sustainable practices.

    British oil major BP reports sharp drop in fourth-quarter profit, vows strategy reset

    CNBCCNBC·3M
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    This source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.
    ·
    Center
    This outlet is balanced or reflects centrist views.
  3. BP chief says it will ‘fundamentally reset’ amid threat of activist investor

    The new chief executive of BP, having faced criticism and falling profits, is determined to overhaul the company's strategy, signaling a marked shift away from ambitious climate commitments in favor of a focus on immediate performance improvements and cost savings.

    BP chief says it will ‘fundamentally reset’ amid threat of activist investor

    The GuardianThe Guardian·3M
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    This source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.
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    Leans Left
    This outlet slightly leans left.
  1. BBC News
  2. CNBC
  3. The Guardian
Updated: Feb 11th, 2025, 6:59 AM ET

Summary

A summary of the key points of this story verified across multiple sources.

BP has announced a "fundamental reset" of its strategy, post sharp profit declines due to weaker refining margins and increased operational costs. Their net income fell to $8.9bn in 2024, prompting a shift from a renewable focus to boosting fossil fuel production. Under pressure from activist investor Elliott Management, BP is expected to abandon its ambitious renewable energy targets set five years ago. The company aims to implement cost-saving measures and involves potential job cuts as it seeks to increase profitability. Executive leadership anticipates unveiling a new strategic direction at an upcoming investor day.

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BP Plans Major Strategic Reset Amid Profit Declines and Investor Pressure - Pano News