BP Confirms ‘Reset’ to Oil and Gas Focus

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LONDON — British energy company BP confirmed Feb. 26 that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners.

In a statement titled “Reset BP,” the company said it will reduce its spending on net-zero transition businesses by $5 billion a year to up to 2 billion. By contrast, it said it would increase its investments in oil and gas production by about 20% to $10 billion.

CEO Murray Auchincloss said that the company is focusing its spending on BP’s “highest-returning businesses to driv…