February 27, 2025 [Investopedia]- BP said it would invest more in oil and gas as it pivots away from its low-carbon strategy.
The British energy giant said it would increase its annual oil and gas investment to about $10 billion and cut annual capital expenditure to between $13 billion and $15 billion through 2027. It also said it is planning $20 billion in divestments, including a strategic review of its Castrol lubricants business.
“Today we have fundamentally reset BP’s strategy,” BP CEO Murray Auchincloss said. “We are reducing and reallocating capital expenditure to our highest-returning businesses to drive growth.”
Amid reports last month that BP was under pressure from activist investor Elliott Investment Management, Auchincloss had pledged that he would announce a strategy that would “fundamentally reset” its direction. As BP stuck with a strategy focusing on renewable energy, its shares underperformed those of rivals like ExxonMobil that had boosted their oil and gas investments.
BP shares, which had declined roughly 6% over the past 12 months entering Wednesday’s session, were down 2% in premarket trading.
TankTerminals.com is a market research platform with operational, infrastructural and contact details of more than +9,105 tank terminals and +5,000 production facilities worldwide.
A total of 44 BP tank terminals and production facilities are listed in our market research platform,
and therefore ready to be analyzed. Terminals: 36, Petroleum Refineries: 2, Renewable Fuel Plants: 4, Other sites: 1
We list here 8 of those BP facilities with a direct link to access their data.
