{"id":345981,"date":"2024-10-08T15:53:03","date_gmt":"2024-10-08T13:53:03","guid":{"rendered":"https:\/\/climatescience.press\/?p=345981"},"modified":"2024-10-08T15:53:06","modified_gmt":"2024-10-08T13:53:06","slug":"energy-giant-puts-goal-to-drastically-cut-oil-gas-production-on-ice","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=345981","title":{"rendered":"Energy Giant Puts Goal To Drastically Cut Oil, Gas Production On Ice"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From Watts Up With That?<\/a><\/p>\n\n\n\n

The Daily Caller<\/a><\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

Owen Klinsky<\/a>
<\/strong>Contributor<\/p>\n\n\n\n

European energy company BP has abandoned its pledge to cut oil and gas production by 2030 as the firm aims to shore up investor confidence amid a slide in its share price, Reuters reported Monday.<\/p>\n\n\n\n

BP unveiled plans in August 2020<\/a> to reduce its oil and gas output 40% by 2030, before dialing back the target to 25% in February 2023, according<\/a> to Reuters. Now, in an attempt to regain the trust of investors, CEO Murray Auchincloss has dropped the target altogether in what sources told Reuters is part of a broader corporate strategy shift to focus on profitability and returns rather than green initiatives. (RELATED: Automakers Hit Reverse On Idealistic Electric Vehicle Targets Despite Billions In Biden-Harris Subsidies)<\/a><\/strong><\/p>\n\n\n\n

\u201cThe direction is the same \u2013 but we are going to deliver as a simpler, more focused, and higher value company,\u201d a BP spokeswoman told the Daily Caller News Foundation.<\/a><\/p>\n\n\n\n

While the company has already dropped the goal in practice, the strategy shift is not expected to be formally announced until an investor meeting in February, Reuters reported.<\/p>\n\n\n\n

The news follows BP announcing plans to sell<\/a> its roughly $2 billion U.S. onshore wind portfolio in September and comes as the company\u2019s share price sits at a near two-year low. It also coincides with a strategy shift at rival energy company Shell, which rejected<\/a> further cuts to oil production in June 2023 shortly before its CEO Wael Sawan described lowering oil output as \u201cdangerous and irresponsible\u201d<\/a> in a July 2023 interview with the BBC.<\/p>\n\n\n\n

BP has also shifted gears on oil exploration, engaging in negotiations to invest in three new projects in Iraq after sharply reducing its oil and gas exploration team since 2020, according to Reuters.<\/p>\n\n\n\n

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter\u2019s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

European energy company BP has abandoned its pledge to cut oil and gas production by 2030 as the firm aims to shore up investor confidence amid a slide in its share price, Reuters reported Monday.<\/p>\n","protected":false},"author":121246920,"featured_media":345990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691820005,691819148,691830850],"class_list":{"0":"post-345981","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-bp","9":"tag-oil-and-gas","10":"tag-onshore-wind-portfolio","12":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/10\/052441004ba5c5d8f03fc2a445faaba61.jpg?fit=1200%2C793&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1s0l","jetpack-related-posts":[{"id":245118,"url":"https:\/\/climatescience.press\/?p=245118","url_meta":{"origin":345981,"position":0},"title":"The \u2018Energy Transition\u2019: Learning and Retreat at BP","author":"uwe.roland.gross","date":"23\/02\/2023","format":false,"excerpt":"\u201cPhysical and economic realities must not only be considered but controlling. Wishing and hoping for change is not a successful business strategy, and the past few years have awakened BP management to that reality.\u201d","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-666.png?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-666.png?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-666.png?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-666.png?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-666.png?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":242348,"url":"https:\/\/climatescience.press\/?p=242348","url_meta":{"origin":345981,"position":1},"title":"Forget Net Zero: Oil and gas investment needed for another 30 years, BP warns","author":"uwe.roland.gross","date":"30\/01\/2023","format":false,"excerpt":"Investment in oil and gas production will be needed for the next three decades if the world is to avoid more shortages and price swings, BP has warned.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1318.png?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1318.png?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1318.png?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1318.png?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1318.png?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":243069,"url":"https:\/\/climatescience.press\/?p=243069","url_meta":{"origin":345981,"position":2},"title":"Backflip: BP \u201cdisappointed\u201d in renewables \u2014 flags a shift back to oil and gas and \u201cmaking profits\u201d","author":"uwe.roland.gross","date":"03\/02\/2023","format":false,"excerpt":"Bernard Looney seeks to sharpen strategic focus, with less emphasis on environmental goals","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-121.png?fit=1200%2C726&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-121.png?fit=1200%2C726&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-121.png?fit=1200%2C726&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-121.png?fit=1200%2C726&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-121.png?fit=1200%2C726&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":242842,"url":"https:\/\/climatescience.press\/?p=242842","url_meta":{"origin":345981,"position":3},"title":"BP to cut back on green shift amid booming demand for fossil fuels","author":"uwe.roland.gross","date":"02\/02\/2023","format":false,"excerpt":"Money talks, as they say! Renewables were only ever attractive to the likes of BP, because of all the subsidies that went with it.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-71.png?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-71.png?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-71.png?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-71.png?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-71.png?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":231664,"url":"https:\/\/climatescience.press\/?p=231664","url_meta":{"origin":345981,"position":4},"title":"BP weighs ending its 70-year-old Statistical Review of World Energy","author":"uwe.roland.gross","date":"29\/11\/2022","format":false,"excerpt":"BP\u00a0(BP. L)\u00a0is considering ending the publication of its Statistical Review of World Energy, over 70 years after it first published the benchmark report, as the energy major focuses on its shift to renewables, the company told Reuters.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/11\/image-994.png?fit=1200%2C628&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/11\/image-994.png?fit=1200%2C628&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/11\/image-994.png?fit=1200%2C628&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/11\/image-994.png?fit=1200%2C628&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/11\/image-994.png?fit=1200%2C628&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":224487,"url":"https:\/\/climatescience.press\/?p=224487","url_meta":{"origin":345981,"position":5},"title":"BP Biogas: Greenwashing with the Uneconomic","author":"uwe.roland.gross","date":"18\/10\/2022","format":false,"excerpt":"It is time for real oil and gas companies to\u00a0Go Proud.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/10\/0Screenshot-2022-10-18-120333.png?fit=784%2C916&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/10\/0Screenshot-2022-10-18-120333.png?fit=784%2C916&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/10\/0Screenshot-2022-10-18-120333.png?fit=784%2C916&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/10\/0Screenshot-2022-10-18-120333.png?fit=784%2C916&ssl=1&resize=700%2C400 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/345981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=345981"}],"version-history":[{"count":4,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/345981\/revisions"}],"predecessor-version":[{"id":345991,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/345981\/revisions\/345991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/345990"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=345981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=345981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=345981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}