- Gas trading mitigates Russian exit impairments
- Debt continues to fall and introduced a further $2.75bn buyback
Anyone old enough to recall the failed rebranding of BP (BP.) as “Beyond Petroleum” would not have been surprised by recent comments from the current chief executive, Bernard Looney, suggesting that the group would slow its transition to low-carbon energy sources. BP now aims to reduce fossil fuel production by around 25 per cent through to 2030, compared with the previous 40 per cent target rate.