2 h. ago BP slammed as it ramps up oil and gas cash and slashes investment in green energy

Campaigners said the oil giant was committing a 'conscious act of climate vandalism' as it ditched targets to reduce fossil fuel production.

Economics

2 h. ago BP pivots back to oil and gas after ‘misplaced’ faith in green energy

Chief executive says group was too optimistic over shift to renewables

Politics

4 h. ago BP to ramp up oil and gas output in major shift away from green goals

Fossil fuel firm will cut more than $5bn from low-carbon investment plan in ‘fundamental reset’Business live – latest updatesBP is dropping green goals, ramping up oil and gas production and slashing spending on low-carbon energy as part of a fundamental reset of the troubled company.The FTSE 100 fossil fuel company has promised shareholders it will increase its target for oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – about 60% higher than the figure in its net zero plan set out five years ago. Continue reading...

Politics

4 h. ago BP abandons green energy drive by slashing renewables budget and ploughing extra £8bn into oil and gas

BP has faced a deluge of criticism from environmental activists after it announced plans to slash green energy spending and bump up its oil and gas production instead.

Economics

5 h. ago BP to almost double oil and gas production by 2030 in move away from green goals

Firm will be selective about investing in low-carbon options, slashing more than $5bn from previous green planBusiness live – latest updatesBP is almost doubling its target for oil and gas production by the end of the decade and slashing its spending on low-carbon energy as part of a fundamental reset of the troubled company away from previous green goals.The FTSE 100 fossil fuel company has promised shareholders it will increase its planned oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – almost twice the figure in its net zero plan set out five years ago. Continue reading...

Politics

5 h. ago BP share price: Energy giant to increase oil and gas production

BP is to ramp up its oil and gas production while cutting its investments in renewables.

Politics

5 h. ago BP signs $25bn deal to redevelop Iraq’s oil and gasfields as it slashes investments in renewable energy

BP previously committed to cut oil and gas production by 40 per cent by 2030

Economics

5 h. ago BP axes £4bn of net zero spending in renewed oil and gas push

BP said it still hopes to become a net-zero firm but will only spend up to £1.6bn a year on projects aimed at the energy transition, representing a significant cut.

Economics

6 h. ago BP to slash spending on net zero ventures as it focuses on oil and gas again

British energy company BP has confirmed it is to slash spending on green ventures and up its oil and gas production

Economics

7 h. ago BP takes the axe to investment in green energy in "shocking" strategy U

Rethink comes five years after BP set ambitious targets to cut production of oil and gas by 40% by 2030

Events

7 h. ago BP to raise oil and gas spending to $10bn a year in pivot away from green goals

Firm confirms plans to scale back green energy efforts and ‘fundamentally reset’ strategyBusiness live – latest updatesBP will abandon its green ambitions by increasing its oil and gas investment to $10bn a year as part of a fundamental reset of the troubled company’s strategy.The company has confirmed that it will scrap its plan to cut its fossil fuel production and will instead grow production to 2.3m–2.5m barrels of oil a day by the end of the decade. Continue reading...

Economics

7 h. ago BP ramps up oil and gas investment to $10bn a year in ‘fundamental reset’ – business live

Oil and gas giant abandons green ambitions, as boss says it will be ‘very selective’ about investing in fossil fuel alternativesBP will abandon its green ambitions, including plans to cut its oil and gas production by the end of the decade, as part of a “fundamental reset” of the troubled company’s strategy.Instead, it is ramping up its oil and gas investment to $10bn a year.Today we have fundamentally reset BP’s strategy. We are reducing and reallocating capital expenditure to our highest-returning businesses to drive growth, and relentlessly pursuing performance improvements and cost efficiency. This is all in service of sustainably growing cash flow and returns.This strategy will see BP grow its upstream oil and gas business, focus its downstream business, and invest with increasing discipline into the transition.Connecting offshore wind farms such as Sofia helps harness the power of the North Sea to keep the lights on and deliver homegrown energy to British consumers.OFTO is par...

Economics

7 h. ago BP takes the axe to investment in renewables in huge strategy U

Rethink comes five years after BP set some of the most ambitious targets among large oil companies to cut production of oil and gas by 40% by 2030

Politics

7 h. ago FTSE 100 Live 26 February: BP slashes green energy spending, miners drive index rally

Aston Martin Lagonda and shopping centre owner Hammerson are among the companies reporting today.

Politics

7 h. ago BP to slash renewables spending in pivot back to oil and gas

Shift follows pressure from activist hedge fund Elliott Management

Politics

8 h. ago BP set to cut renewable investment and boost oil and gas production

BP previously committed to cut oil and gas production by 40 per cent by 2030

Politics

24 h. ago ‘I felt nothing but disgust’: Tesla owners vent their anger at Elon Musk

The tycoon’s links with Donald Trump and Germany’s far-right AfD have slammed the brakes on sales and put the car’s owners in a spinTesla sales almost halve in Europe over Musk’s ties to TrumpWhen Mike Schwede first sat in a Tesla Roadster 15 years ago, he felt like it was a glimpse into the future. By 2016, he was the proud owner of a Tesla, revelling in the thumbs up he would get from other drivers as he whizzed along Europe’s highways in the electric vehicle.But of late the sheen of owning a Tesla has begun to wear off. For years the brand has been synonymous with Elon Musk and his stance against the climate crisis. Recently, Schwede watched aghast as the Tesla CEO poured hundreds of millions into backing Donald Trump as he made promises to ramp up domestic oil and gas production. Continue reading...

Politics

28 h. ago 'Stark' poll result reveals just how many Scots support oil and gas drilling

Survey shows 84 per cent of Scots want the country to keep extracting fossil fuels

Politics

29 h. ago Vast majority of Scots support continued oil and gas extraction, poll finds

The survey found most people in Scotland want to see a mix of renewable and fossil fuel production.

Politics

32 h. ago Boots reduces No7 serum that makes skin 'feel like satin' and 'wipes wrinkles away' to £10

The No7 Restore and Renew Face and Neck Multi Action Serum has been slashed in price

Economics