BP bets on oil – cutting the fossil-free

Now the focus is on giving shareholders better returns, announces the company's CEO Murray Auchincloss in connection with a capital market day.

The investments in the oil and gas industry are increasing to ten billion dollars per year, while the investments in cleaner energy are decreasing by more than 5 billion dollars annually.

"This is clear evidence that fossil fuel companies cannot and should not be the solution to the climate crisis", says Charlie Kronick, climate adviser for Greenpeace in the UK, in a comment.

Last year, BP's revenues fell by nine percent and the profit dropped to 381 million dollars, from 15.2 billion dollars in 2023.