In light of recent developments, environmental advocates are expressing their outrage over BP’s reported decision to abandon its goal of reducing oil output over the next five years. Critics argue that the company is prioritizing profits over the health of our planet.

Organizations such as Greenpeace and Reclaim Finance have condemned this move, suggesting that BP may be backtracking on its previous commitment to cut oil and gas production by 25% by 2030. This shift appears to align with comments from CEO Murray Auchincloss, who has indicated a focus on boosting investor confidence and profit margins by concentrating on more lucrative oil and gas operations.

According to Reuters, BP is now set on pursuing new investments in the Middle East and the Gulf of Mexico to increase production. On the stock market, both BP and its competitor Shell saw a rise in share prices on the FTSE 100, coinciding with a spike in oil prices, which surpassed $80 per barrel for the first time since August.

When asked about this strategic change, a BP spokesperson reiterated Auchincloss’s previous assertions, emphasizing the company’s commitment to operating as a “simpler, more focused, and higher value company.”

Philip Evans, a senior climate campaigner at Greenpeace UK, expressed deep concern over the implications of BP’s new direction. “This is further evidence that we cannot leave the future of our planet in the hands of fossil fuel executives,” he stated, highlighting Auchincloss’s apparent prioritization of corporate profits and shareholder value over pressing climate issues, especially as extreme weather events wreak havoc globally.

Agathe Masson from Reclaim Finance characterized the decision as a blatant abandonment of corporate climate responsibility, urging investors to take a stand against the company’s directors at the forthcoming annual shareholder meeting. “While BP may be willing to sacrifice the planet for profits, investors need to adopt a long-term perspective and reject this detrimental strategy,” she declared.

The recent shift marks a continuation of BP moving away from its earlier, more ambitious climate goals. Under former CEO Bernard Looney, the company committed in 2020 to a 40% reduction in oil and gas production by 2030 and a significant increase in renewable investments. This target was later adjusted to a 25% reduction in February 2023, still positioning production at around 2 million barrels of oil equivalent per day by 2030—an announcement made during a period of record profits totaling $28 billion in 2022.

Looney’s departure in September 2022 came after he acknowledged not fully disclosing personal relationships with colleagues. Auchincloss has since taken over, directing the company’s focus back toward oil and gas rather than renewable initiatives.

In 2023, BP committed $2.5 billion to renewable energy sectors, including hydrogen, EV charging, and biofuels, alongside investments in 6GW of offshore wind in the UK and a government-supported £4 billion carbon capture project in Teesside. However, the company recently paused all new offshore wind projects in June due to investor dissatisfaction with its climate strategy, while also securing investment contracts for new oil projects in Iraq and the Gulf of Mexico.

Auchincloss is expected to provide further details on this strategic overhaul, including the abandonment of the reduction target, in February, though sources suggest that this target has already been discarded. Despite this, BP maintains its commitment to achieving net-zero emissions by 2050.

James Alexander, CEO of the UK Sustainable Investment and Finance Association, commented, “Most oil and gas majors have continually fallen short in investing in transitional technologies, often setting targets they fail to meet. The transition won’t wait for them, and renewable companies are already stepping in to fill the void.”

In related developments, Shell reported that its refining profit margins plummeted nearly a third in the third quarter due to declining global demand, with margins dropping to $5.5 per barrel from $7.7 in the previous quarter.