BP slows oil and gas retreat after record $28bn profit

CEO, Looney, said BP would spend $8bn more on its “transition” businesses — biofuels, convenience, charging, renewables and hydrogen — between now and 2030 than previously planned, and $8bn more on oil and gas investments.

One top 30 shareholder welcomed the decision to increase spending in both parts of the business, arguing that the higher returns from more oil and gas production would support a faster expansion into renewables and bioenergy. “Everyone’s a winner,” the investor said.