BP Aug 2024 25.000 put
- The Guardian
BP imposes hiring freeze and halts new offshore wind projects
New boss Murray Auchincloss reverses move away from fossil fuels, which had weighed on company’s share price
- The Telegraph
BP halts offshore wind projects
BP has put all new offshore wind projects on pause as the oil company’s new chief executive seeks to focus more heavily on fossil fuels.
- Reuters
BP halts hiring, slows renewables roll-out to win over investors
BP's new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company said. The moves, which have not previously been reported, are part of a decision by Auchincloss to slow down investments in big budget, low-carbon projects, particularly in offshore wind, that are not expected to generate cash for years, said several sources at BP who declined to be named. They mark a stark reversal from the direction the CEO's predecessor Bernard Looney took to rapidly move away from fossil fuels.
