BP softened the language on its pledge to cut its 2030 oil and gas output in an effort to reassure investors over its energy transition strategy and narrow a gaping value gap with rivals. CEO Murray Auchincloss has in recent months pivoted the London-based firm's strategy to focus heavily on returns. BP's shares today lag rivals Shell, TotalEnergies, Exxon Mobil and Chevron, based on a number of key metrics, reflecting concerns BP is not investing in the most profitable segments of its business, primarily oil and gas.
Lower realizations of commodity prices hurt BP's earnings in Q1.
(Bloomberg) -- With valuations of low-carbon energy down significantly from the highs of recent years, now may be a good time to invest in the sector.Most Read from BloombergIsrael Says a Cease-Fire Plan Backed by Hamas Falls ShortTrump Judge Indefinitely Postpones Documents Case TrialApple Revamps iPads With AI-Focused Pro Model, Bigger AirEinhorn Says Markets Are ‘Broken.’ Here’s What Data ShowsThat was the message from the chief executive officer of British oil major BP Plc after the company