BP to boost oil and gas spending by $10B, slash renewable investment in major strategy shift
1. BP increases oil and gas spending to $10 billion, cutting renewables investments. 2. Company aims for 2.3-2.5 million boepd production by 2030. 3. CEO cites slower renewable transition due to external factors. 4. BP plans 4% annual dividend increase and $750 million - $1 billion buybacks. 5. Activist investor pressure influences BP's strategic shift towards fossil fuels.