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...The church said it would also exclude all remaining smaller companies involved in oil and gas exploration, production and refining by the end of the year....
...In its most recent financial results, BP said it expected oil production to increase and production from natural gas and low-carbon energy “to be slightly lower”....
...Growing oil production and profitable renewables suggest BP will make more money than its share price implies....
...While BP insists that it is committed to cutting oil and gas production, the company has moved to slow its retreat in response to pressure from shareholders and as Russia’s full-scale invasion of Ukraine...
...Markets responded well last February when BP pared back its commitment to cut oil and gas production by the end of the decade, for instance....
...Yet there is little love lost between hedge fund Bluebell Capital Partners and BP. The London-based activist has called BP’s strategy to cut oil and gas production “irrational”....
...In 2020 Looney unveiled plans to cut BP’s oil and gas production 40 per cent by 2030, as part of a pivot to lower-carbon forms of energy....
...BP is the only group committed to cut oil and gas production in the sector, meaning it will produce about 2mn barrels of oil equivalent a day at the end of the decade....
...In the letter, seen by the Financial Times, Bluebell said BP’s pledge to reduce oil and gas production by 25 per cent by 2030 compared with 2019 levels meant it was destroying shareholder value by moving...
...and production....
...BP’s latest green growth push comes as activist investor Bluebell Capital Partners calls on the company to abandon its green commitments and increase production of fossil fuels....
...Looney announced plans in 2020 to transform BP from an oil and gas producer into an integrated energy provider by cutting fossil fuel production and investing in green technologies....
...Investor frustrations have grown since the Russian invasion of Ukraine in February 2022 elevated the need for energy security above climate change, with governments encouraging an increase in the production...
...Now, Bluebell has turned its sights on troubled oil company BP, urging it to drop green commitments and increase production of fossil fuels....
...Interim chief executive Murray Auchincloss said oil and gas production was 3 per cent higher than last year and production costs 6 per cent lower....
...Brazil must consider capping oil production and exploration, the country’s environment minister has said, casting her in opposition to the government’s own plans of turning the nation into one of the biggest...
...Antero Resources has cut rig numbers from three to two and slashed its exploration budget....
...However, Auchincloss added that BP would not follow Exxon and Chevron in acquiring additional oil production either....
...It accounted for about 4.5 per cent of global electricity production in 2022....
...High production could also make the Biden administration more focused on promoting other forms of greener energy. Independent exploration and production companies (E&Ps) have changed radically....
...BP remains wedded to its industry-leading commitment to cut oil and gas production, its new management said on Tuesday, as the company sought to reassure investors that the resignation of chief executive...
...Surging petrochemical production in the US and China is making new plastic cheaper than recycled material....
...The largest US oil company by sales said it expected annual capital and exploration expenditure of $23bn-$25bn in 2024, rising to $22bn-$27bn from 2025 to 2027....
...BP said Venture Global’s actions were “a wilful breach of our contract”....
...Thomson is BP’s senior vice-president, finance for production & operations, having previously been group treasurer and group head of tax....
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