--BP is reallocating spending toward its highest-returning businesses and will form innovative partnerships to reduce capital investment in low-carbon energy assets, the oil-major's Chief Executive Murray Auchincloss wrote in the Times of London.
--Auchincloss said BP's previous strategy was overly optimistic and went too far and too fast, according to the Times. The fundamentally reset business will focus on growing long-term value for shareholders, he added.
--BP will only build businesses that deliver lower-carbon energy just as competitively as its traditional businesses, he said.
Full story: https://shorturl.at/48R0N
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
March 10, 2025 04:32 ET (08:32 GMT)
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