-- Oil-and-gas company BP will refocus on fossil fuels and scrap a target to raise renewable generation capacity 20-fold by 2030, Reuters reports citing unnamed sources.
-- The change in direction is expected as part of a shift in strategy BP will outline Wednesday, Reuters reports, citing the sources.
-- The company will also ditch a target to achieve $49 billion in core earnings this year, setting instead an annual percentage growth target. In addition, it will disclose plans to divest assets and cut low-carbon investments to reduce debt and boost shareholders returns, the sources tell Reuters.
-- BP declined to comment to Reuters.
Full story: https://shorturl.at/cfPKc
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
February 24, 2025 12:06 ET (17:06 GMT)
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