BP Scales Back Oil De-Growth Commitments as it Announces Record Profits

BP Scales Back Oil De-Growth Commitments as it Announces Record Profits

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Proving last week’s story at the Wall Street Journal to have been entirely accurate, BP CEO Bernard Looney told investors Tuesday morning that his company was scaling back its promised cuts to its equity oil production to meet emissions goals in the coming years, even as it joined its fellow major oil companies in announcing record profits for 2022.

BP had previously promised to reduce its equity crude production by 35-40% by the end of the current decade; yesterday, it said it would now target a reduction of 20-30%, pointing to steadily rising global crude demand as the reason.