By Stanley Reed Reporting from London BP, the energy giant, said on Wednesday that it would increase spending on oil and gas while sharply paring back investments on various forms of clean energy.

BP p.l.c., an integrated energy company, provides carbon products and services. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments.

BP's 'fundamental reset' on Wednesday is the most highly anticipated strategy shift for an oil major in several years. BP Plc’s “fundamental reset” on Wednesday is the most highly ...

Under Auchincloss’ predecessor, Bernard Looney, BP pledged in 2020 to cut oil and gas output by 40% while rapidly growing renewables by 2030. BP lowered the reduction target to 25% in 2023.

BP‘s chief executive will scrap a target to increase renewable generation 20-fold by 2030, returning the focus to fossil fuels, as part of a strategy shift announced on Wednesday to tackle ...

BP will abandon its pledge to increase renewable energy generation by 2030 when it presents its strategy to investors on Wednesday. CEO Murray Auchincloss will rescind the firm’s aim to boost ...

It lowered that target to 25% in 2023. The BP company logo is seen outside a petrol station on September 23, 2021 in London, England. (Photo by Leon Neal/Getty Images) ((Photo by Leon Neal/Getty ...

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Oil major BP says it has slashed planned investment in renewable energy and would increase annual oil and gas spending to $10bn. It is the latest multinational in the energy sector to change its ...

She previously worked at The Wall Street Journal and Bloomberg. Peter Dazeley / Contributor / Getty Images BP said it would invest more in oil and gas as it pivots away from its low-carbon strategy.