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Shell PLC (LSE:SHEL, NYSE:SHEL) and BP PLC face mixed forecasts as they prepare for third-quarter reports, according to JP Morgan's latest research on the oil and gas sector. Both companies are expected to see lower profits in the upcoming quarter, though Shell's outlook is seen as more stable than BP's, reinforcing its position as a preferred investment.
24/7 Wall St. Insights After a solid start to 2024, the energy sector is up less than 5%.
BP abandons its ambitious target to reduce oil and gas production by 2030, refocusing on boosting hydrocarbon output and shareholder returns, while maintaining its 2050 net-zero goal.
British oil giant BP advanced efforts to adjust its business plans to make itself more competitive with peer companies Monday, announcing it will abandon a goal of reducing its equity oil production by 2030. Originally set in 2020 at a 40% reduction by former CEO Bernard Looney, current BP management led by CEO Murray Auchincloss had reduced the goal in January to a 25% target.
Junkscience.com editor and publisher Steve Milloy discusses how BP abandoned their plans to cut oil and gas output by 2030 amid investor pressure on ‘The Bottom Line.'
Reports of strategy reset leave campaigners saying company is prioritising profits over planet
BP has decided to abandon its goal of reducing oil and gas production by 2030, as the company shifts its focus. BP's CEO, Murray Auchincloss, is working on revamping the company's energy transition strategy to rebuild investor confidence.
BP (BP) reportedly has given up on its goal to cut oil and gas output by 2030, as the British energy giant's chief executive seeks to build back investor confidence in the company.
BP has scrapped its commitment to cut oil and gas production as CEO Murray Auchincloss shifts the focus back to traditional energy sources in response to investor demands for improved returns, according to a report by Reuters.
BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said.