Oil major BP to slash renewable spending and double down on fossil fuels in strategy reset

British oil major BP announced a strategic reset, increasing annual oil and gas investment to $10 billion by 2027 while reducing annual capital expenditure to $13-$15 billion. The firm aims for $20 billion in divestments by 2027, with lower investment in transition businesses at $1.5-$2 billion per year. BP CEO Murray Auchincloss stated the reset aims to drive growth, improve performance, and enhance cost efficiency to sustainably grow cash flow and returns.

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