bp

Join our newsletter

The best of EcoWatch, right in your inbox. Sign up for our email newsletter!

    <strong>BP Scales Back Climate Targets as Profits More Than Double</strong>

    BP Scales Back Climate Targets as Profits More Than Double

    Oil and gas giant BP has scaled back plans to reduce its production of fossil fuels by 2030 after it saw record annual profits that more than doubled to $27.7 billion last year. Gas prices soared following Russia’s invasion of Ukraine, bolstering the company’s earnings. BP now plans to increase its oil and gas production […]

    Oil Demand May Have Peaked in 2019, BP Report Says

    Oil Demand May Have Peaked in 2019, BP Report Says

    We may have already passed peak demand for oil. This suggestion comes from an unlikely source: fossil-fuel giant BP. The company released its annual Energy Outlook report Monday, and found that oil demand may have already peaked in 2019, as the rise in renewable energy intersects with the impact of the coronavirus pandemic, The Guardian […]

    BP to Cut Oil and Gas Production 40%, Invest 10x More in Green Energy

    BP to Cut Oil and Gas Production 40%, Invest 10x More in Green Energy

    BP, the energy giant that grew from oil and gas production, is taking its business in a new direction, announcing Tuesday that it will slash its oil and gas production by 40 percent and increase its annual investment in low-carbon technology to $5 billion, a ten-fold increase over its current level, according to CNN. Despite […]

    BP to Cut 10,000 Jobs as Oil Demand Plummets

    BP to Cut 10,000 Jobs as Oil Demand Plummets

    Fossil fuel giant BP made headlines earlier this year when it announced it would target net zero emissions by 2050. Now, it is in the headlines again, since it announced on Monday that it would slash 10,000 jobs, roughly 15 percent of its workforce, as it struggles during a downturn in the oil market and […]