BP has abandoned a radical attempt to reinvent itself as a green energy company, bowing to pressure from investors after its aggressive shift away from fossil fuels over the past five years backfired.
Hi, welcome to the Bloomberg Deals newsletter. Today, we’re looking at the much anticipated turnaround plan from BP, which is under pressure from the world’s biggest activist investor. Also today, Blackstone wagers nations will continue to embrace cleaner forms of energy.
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BP said it would increase annual oil and gas spending to $10 billion and cut planned annual investment in energy transition businesses by more than $5 billion.
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But BP has struggled to reduce its debt load and the moves have failed to ignite its share price, leading to speculation among bankers that a rival could swoop in for parts—or t
FTSE 100 rallies amid broad gains for European stocks, helped by copper miners after the metal jumped following the US opening a probe into potential tariffs; BP shares reverse a