Doug Sheridan: BP Comes Full Circle Back to Oil

[Note: Doug Sheridan is a keen energy analyst and writer who posts commentaries on LinkedIn each day. I read him on a regular basis and, if you are on LinkedIn, you should read him, too.]

BP’s CEO wants to more than double its value within five years to $200bn. Murray Auchincloss says BP will capitalize on “tremendous" demand for oil and gas after abandoning a plan to reinvent itself as a green energy company.

He spoke a day after BP, whose current market value is just under $89bn, cut its annual spending on renewables by 70% and pivoted back to its core oil and gas business. The plan, which has received a lukewarm reception from the market [for not going far enough], is an acknowledgment the energy transition is moving far more slowly than expected.