BP is expected to give a goal to increase renewable energy generation by 2030 as part of the shift towards fossil fuels when it provides its strategy to investors this week.
The CEO, Murray Usinglos, is ready to tell the shareholders that the oil and gas company hides its goal to increase the renewed generation 20 times between 2019 and 2030 to 50 GB, according to Reuters.
BP is also expected to give up a goal to reach basic profits of $ 49 billion (38.8 billion pounds) this year, instead set the goal of growth annually. The company had previously alluded to a call with analysts that it could drop goals. Its goal was missing 2024, which is $ 40.9 billion in basic profits.
One day in London on Wednesday, the company is likely to announce plans to strip assets and reduce other low -carbon investments to reduce debt and increase returns, under increasing pressure from shareholders.
BP shares have been worse than competitors in recent years, and investors have become concerned about the 120 -year -old company. The stock has lost nearly a quarter of its market value in the past two years.
Two weeks ago, auchincloss promise BP strategy mainly It also mentioned a sharp decrease in 2024 profits to $ 8.9 billion, from 14 billion dollars in the previous year.
This came just days after Elliott Management, a prominent active investor, And according to what was mentioned in a large share About 5 % of BP shares.
The New York -based hedge fund is expected to use its influence as a leading shareholder in demanding comprehensive changes, including the execution of the Board of Directors and a possible disintegration of the company.
The company has already reduced its goal to reduce oil and gas outputs – which was set by Auchincloss Bernard Loony – by the end of the contract. In 2020, the last time that it had made a comprehensive update of the strategy, it was aimed at a 40 % reduction, but it changed this to a 25 % reduction in 2023, and is expected to reduce it on Wednesday.
BP refused to comment on what he described as speculation in the period before the investor day. The event, which was originally scheduled in New York on February 11, and will be held in London because Auchincloss recovers a medical procedure.
After promoting the newsletter
Other energy companies such as Shell renewed their focus on oil and gas, as it chases better returns after bounced fossil fuels from its lowest levels, and after Russia’s full invasion of Ukraine three years ago. The investor environment has also changed with the re -election of US President Donald Trump, Strong defender of fossil fuel.
Since his assumption, initially on a temporary basis in September 2023, Auchincloss Investments measured in renewable energy sources and the climate pledged to the BP diluted program. It also pays from $ 2 billion of cost cuts, which includes Cut thousands of jobs and cancel the contractors To reduce the workforce by 5 %.
