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...
LONDON - 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.
BP will also consider investing in biofuels and some low-carbon businesses that can generate returns in the short term. Earlier this week, BP agreed to buy grain trader Bunge's 50% stake in Brazilian sugar and ethanol joint venture BP Bunge Bioenergia for $1.4 billion The priorities include focusing the business and delivering "the next wave of efficiencies and BP's growth projects".
Shares in BP have underperformed rivals in recent months, raising speculation that it could be a takeover target.
Bernard Looney Oil And Gas Offshore Wind Hiring Freeze Chief Financial Officer Kate Thomson BP Bunge Bioenergia
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