BP's strategic shift: cutting spending on renewable energy and increasing the oil and gas sector

On February 26, Jinshi Data News, under the pressure of the aggressive investor Elliott Management, British Petroleum (BP.N) will spend $10 billion a year to produce more oil and gas, reduce spending on renewable energy, and sell $20 billion in assets in an attempt to revive the stock price. British Petroleum told investors on Wednesday that it is abandoning a five-year plan that had pinned its future on renewable energy. After it was reported earlier this month that the American hedging fund Elliott Management holds nearly 5% of British Petroleum's shares, the company is facing greater pressure to improve performance. Murray Auchincloss, the CEO of the company, said on Wednesday, "Today, we have fundamentally reset the strategy of British Petroleum. We are reducing capital spending and reallocating it to the highest-return businesses to drive growth, while persistently pursuing performance improvement and cost efficiency."