Chief Executive Bernard Looney plans to dial back elements of the oil giant’s high-profile push into renewable energy, according to people familiar with recent discussions. Mr. Looney has said he is disappointed in the returns from some of the oil giant’s renewable investments and plans to pursue a narrower green-energy strategy…
In some of the conversations, Mr. Looney has said he plans to place less emphasis on so-called ESG goals—a catchall term for environmental, social and governance—to help clarify that those aren’t distracting the company from its ability to deliver profits, the people said…
Shares of BP and London-based rival Shell PLC over the past several years have lagged behind those of U.S. competitors, especially the biggest, Exxon Mobil Corp. BP shares are up about 7% from the end of January 2020, having recovered from pandemic lows, while Exxon shares have nearly doubled over the same period.
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