Overview

• BP is expected to announce the discontinuation of its goal to increase renewable energy capacity 20-fold by 2030, originally set at 50 gigawatts.
• CEO Murray Auchincloss is leading a strategic pivot to prioritize fossil fuel investments to improve profitability and address shareholder concerns.
• The company will also abandon its $49 billion core earnings target for 2025 and instead adopt an annual percentage growth metric.
• BP plans to divest assets, scale back low-carbon investments, and reduce staff by 5% as part of broader cost-cutting measures.
• The shift comes as activist investor Elliott Management pressures BP to refocus on traditional energy and improve its lagging market performance.