General – Decapitalisation
BP chief executive Murray Auchincloss has said the company has “completely decapitalised” its renewables business.
The oil supermajor’s chief executive said the move is part of a ‘sizeable shift’ in the listed company’s portfolio.
Auchincloss was responding to analyst questions after the fourth quarter 2024 results and the statement that BP will unveil a fundamental strategy reset later this month.
“All I’d say is if you look back at the degree of activity we’ve had over the past 12 months, it’s pretty significant,” he said.
“We have sanctioned 10 new projects, and stopped 30 projects across the business. We’ve accessed new countries.”
“We’ve completely decapitalised renewables. So, it’s a sizable shift in the portfolio that we have moving forward.
