BP chief executive Murray Auchincloss has said the company has “completely decapitalised” its renewables business.
The oil supermajor’s chief executive said the move is part of a “sizeable shift” in the listed company’s portfolio.
Auchincloss was responding to analyst questions after fourth quarter 2024 results and the statement that BP will unveil a fundamental strategy reset later this month.
“All I’d say is if you look back at the degree of activity we’ve had over the past 12 months, it’s pretty significant,” he said.
“We have sanctioned 10 new projects, stopped 30 projects across the business. We’ve accessed new countries.
“We’ve completely decapitalised renewables. So, it’s a sizable shift in the portfolio that we have moving forward.
“And given the degree of that change, it’s now time to reset the strategy and plot a new beginning for us…I’m excited to be sharing it with you in a couple weeks’ time. It’s going to be great.”
BP’s share price has lagged behind rivals for the past year and reports suggest activist investor Elliott Management has built a stake in the company.
Last year, the oil major struck a partnership with JERA Nex to shift its offshore wind portfolio to a new unit, which BP said today amounts to “divesting non-core assets”.
On Tuesday, the group reported underlying profits of $1.17bn in the period, compared to the $2.99bn it made in the final three months of 2023.