The BP logo will be displayed outside the petrol station outside Warrington, UK on January 30, 2025.
Nathan Sterk | Getty Images News | Getty Images
British Petroleum Professional bp It was announced on Wednesday that it plans to increase annual oil and gas investment to $10 billion in 2027 after a huge profit drop.
“Today we have reset the BP strategy,” BP CEO Murray Auchincloss said in a statement.
He added: “We are reducing capital expenditure to the businesses we are returning to drive growth, relentlessly pursuing performance improvement and cost efficiency. This all serves sustainable cash flows and returns.”
The troubled energy giant is expected to outline more details of its new direction in a capital market update Wednesday afternoon.
The Investors Day speech will be hosted by Auchnicloss and other members of the company’s leadership team and will be held at 1pm London time.
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