\u092b\u0930\u0935\u0930\u0940 2025 \u092e\u0947\u0902 \u092c\u0940\u092a\u0940 \u0928\u0947 2020 \u092e\u0947\u0902 \u0915\u093f\u090f \u0917\u090f \u0905\u092a\u0928\u0947 \u0928\u0947\u091f-\u091c\u093c\u0940\u0930\u094b \u0932\u0915\u094d\u0937\u094d\u092f \u0915\u094b \u092a\u0932\u091f \u0926\u093f\u092f\u093e \u0914\u0930 \u0905\u092a\u0928\u0940 \u092a\u0942\u0902\u091c\u0940 \u0915\u094b \u0924\u0947\u0932 \u0914\u0930 \u0917\u0948\u0938 \u092e\u0947\u0902 \u092b\u093f\u0930 \u0938\u0947 \u0928\u093f\u0935\u0947\u0936 \u0915\u093f\u092f\u093e\u0964 \u0905\u0920\u093e\u0930\u0939 \u092e\u0939\u0940\u0928\u0947 \u092c\u093e\u0926, \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092a\u093e\u0938 \u090f\u0915 \u0928\u092f\u093e \u092e\u0941\u0916\u094d\u092f \u0915\u093e\u0930\u094d\u092f\u0915\u093e\u0930\u0940 \u0905\u0927\u093f\u0915\u093e\u0930\u0940, \u092c\u0930\u094d\u0916\u093e\u0938\u094d\u0924 \u0905\u0927\u094d\u092f\u0915\u094d\u0937, \u090f\u0915 \u0928\u093f\u0932\u0902\u092c\u093f\u0924 \u092c\u093e\u092f\u092c\u0948\u0915 \u0914\u0930 20 \u0905\u0930\u092c \u0921\u0949\u0932\u0930 \u0915\u0940 \u092c\u093f\u0915\u094d\u0930\u0940 \u092a\u094d\u0930\u0915\u094d\u0930\u093f\u092f\u093e \u091a\u0932 \u0930\u0939\u0940 \u0939\u0948\u0964 \u092f\u0939 \u0907\u0938 \u0926\u0936\u0915 \u092e\u0947\u0902 \u0915\u093f\u0938\u0940 \u092d\u0940 \u092a\u094d\u0930\u092e\u0941\u0916 \u0924\u0947\u0932 \u0915\u0902\u092a\u0928\u0940 \u0926\u094d\u0935\u093e\u0930\u093e \u0915\u093f\u090f \u0917\u090f \u0938\u092c\u0938\u0947 \u092c\u0921\u093c\u0947 \u0909\u0932\u091f\u092b\u0947\u0930 \u0915\u0947 \u092a\u0940\u091b\u0947 \u0915\u093e \u0924\u0930\u094d\u0915 \u0939\u0948, \u0935\u0947 \u0906\u0902\u0915\u0921\u093c\u0947 \u0939\u0948\u0902 \u091c\u093f\u0928\u094d\u0939\u094b\u0902\u0928\u0947 \u0907\u0938\u0947 \u092a\u094d\u0930\u0947\u0930\u093f\u0924 \u0915\u093f\u092f\u093e, \u0914\u0930 \u0909\u0928 \u0938\u092d\u0940 \u0915\u0947 \u0932\u093f\u090f \u090f\u0915 \u0935\u094d\u092f\u093e\u0935\u0938\u093e\u092f\u093f\u0915 \u0938\u092c\u0915 \u0939\u0948 \u091c\u094b \u0915\u093f\u0938\u0940 \u0910\u0938\u0940 \u0938\u0941\u092a\u0930\u092e\u0947\u091c\u0930 \u0915\u0902\u092a\u0928\u0940 \u092e\u0947\u0902 \u0928\u093f\u0935\u0947\u0936 \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902 \u091c\u093f\u0938\u0928\u0947 \u0905\u092a\u0928\u093e \u0907\u0930\u093e\u0926\u093e \u092c\u0926\u0932 \u0926\u093f\u092f\u093e \u0939\u0948\u0964 \u0938\u0902\u0938\u093e\u0927\u0928 \u0906\u0902\u0915\u0921\u093c\u0947 \u0905\u0928\u0941\u092e\u093e\u0928\u093f\u0924 \u0939\u0948\u0902\u0964.<\/p>\n
On 26 February 2025 BP announced what its own chief executive called a fundamental reset. In the words of Murray Auchincloss in the company’s \u0930\u0923\u0928\u0940\u0924\u093f \u0930\u093f\u0932\u0940\u091c<\/a>, “Today we have fundamentally reset bp’s strategy. We are reducing and reallocating capital expenditure to our highest-returning businesses to drive growth, and relentlessly pursuing performance improvements and cost efficiency. This is all in service of sustainably growing cash flow and returns.” The plain meaning was a return to oil and gas and a retreat from the transition franchises BP had spent five years building.<\/p>\n Eighteen months on, the reset is not a slide, it is the whole company. BP has since replaced its chief executive, appointing former Woodside Energy chief Meg O’Neill from 1 April 2026 after Auchincloss stepped down in December 2025. It has removed its chairman, Albert Manifold, eight months into the job, in May 2026 over what the board called governance and conduct issues. And in June 2026 O’Neill went further than her predecessor, collapsing BP into just two segments, Upstream and Downstream, and abolishing the standalone low-carbon unit, folding the shrunken renewables business into corporate.<\/p>\n \u092f\u0939 \u090f\u0915 \u0938\u0941\u092a\u0930\u092e\u0947\u091c\u0930 \u091f\u0942\u0930\u094d\u0928\u093e\u092e\u0947\u0902\u091f \u0939\u0948 \u091c\u094b \u092a\u0942\u0902\u091c\u0940-\u0938\u092e\u0930\u094d\u0925\u093f\u0924 \u092f\u0942-\u091f\u0930\u094d\u0928 \u0932\u0947 \u0930\u0939\u093e \u0939\u0948, \u091c\u092c\u0915\u093f \u0928\u0947\u0924\u0943\u0924\u094d\u0935 \u092e\u0947\u0902 \u0932\u0917\u093e\u0924\u093e\u0930 \u092c\u0926\u0932\u093e\u0935 \u0939\u094b \u0930\u0939\u0947 \u0939\u0948\u0902 \u091c\u093f\u0938\u0938\u0947 \u0905\u0927\u093f\u0917\u094d\u0930\u0939\u0923 \u0914\u0930 \u0935\u093f\u092d\u093e\u091c\u0928 \u0915\u0940 \u0905\u091f\u0915\u0932\u0947\u0902 \u0905\u092d\u0940 \u092d\u0940 \u091c\u0940\u0935\u093f\u0924 \u0939\u0948\u0902\u0964 \u092f\u0939 \u0938\u092e\u091d\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0915\u093f \u0938\u092c\u0938\u0947 \u0905\u0928\u0941\u092d\u0935\u0939\u0940\u0928 \u092e\u0947\u091c\u0930 \u091f\u0942\u0930\u094d\u0928\u093e\u092e\u0947\u0902\u091f \u0928\u0947 \u0905\u092a\u0928\u093e \u0930\u0941\u0916 \u0915\u094d\u092f\u094b\u0902 \u092c\u0926\u0932\u093e, \u0906\u092a\u0915\u094b 2020 \u092e\u0947\u0902 \u0932\u0917\u093e\u090f \u0917\u090f \u0907\u0938\u0915\u0947 \u0926\u093e\u0902\u0935 \u0914\u0930 \u0909\u0938 \u0926\u093e\u0902\u0935 \u0938\u0947 \u092a\u094d\u0930\u093e\u092a\u094d\u0924 \u0906\u0902\u0915\u0921\u093c\u094b\u0902 \u092a\u0930 \u0917\u094c\u0930 \u0915\u0930\u0928\u093e \u0939\u094b\u0917\u093e\u0964.<\/p>\n 2020 \u092e\u0947\u0902, \u0924\u0924\u094d\u0915\u093e\u0932\u0940\u0928 \u092e\u0941\u0916\u094d\u092f \u0915\u093e\u0930\u094d\u092f\u0915\u093e\u0930\u0940 \u0905\u0927\u093f\u0915\u093e\u0930\u0940 \u092c\u0930\u094d\u0928\u093e\u0930\u094d\u0921 \u0932\u0942\u0928\u0940 \u0915\u0947 \u0928\u0947\u0924\u0943\u0924\u094d\u0935 \u092e\u0947\u0902, \u092c\u0940\u092a\u0940 \u0928\u0947 2050 \u0924\u0915 \u0928\u0947\u091f \u091c\u093c\u0940\u0930\u094b \u0932\u0915\u094d\u0937\u094d\u092f \u0939\u093e\u0938\u093f\u0932 \u0915\u0930\u0928\u0947 \u0914\u0930 \u090f\u0915 \u0905\u0902\u0924\u0930\u0930\u093e\u0937\u094d\u091f\u094d\u0930\u0940\u092f \u0924\u0947\u0932 \u0915\u0902\u092a\u0928\u0940 \u0938\u0947 \u090f\u0915 \u090f\u0915\u0940\u0915\u0943\u0924 \u090a\u0930\u094d\u091c\u093e \u0915\u0902\u092a\u0928\u0940 \u092e\u0947\u0902 \u092c\u0926\u0932\u0928\u0947 \u0915\u0940 \u092a\u094d\u0930\u0924\u093f\u092c\u0926\u094d\u0927\u0924\u093e \u091c\u0924\u093e\u0908, \u091c\u093f\u0938\u0915\u0947 \u0924\u0939\u0924 \u0924\u0947\u0932 \u0914\u0930 \u0917\u0948\u0938 \u0909\u0924\u094d\u092a\u093e\u0926\u0928 \u092e\u0947\u0902 \u0915\u091f\u094c\u0924\u0940 \u0915\u0930\u0924\u0947 \u0939\u0941\u090f \u0928\u0935\u0940\u0915\u0930\u0923\u0940\u092f \u090a\u0930\u094d\u091c\u093e, \u091c\u0948\u0935 \u090a\u0930\u094d\u091c\u093e \u0914\u0930 \u0939\u093e\u0907\u0921\u094d\u0930\u094b\u091c\u0928 \u0915\u093e \u0909\u0924\u094d\u092a\u093e\u0926\u0928 \u092c\u0922\u093c\u093e\u092f\u093e \u091c\u093e\u090f\u0917\u093e\u0964 \u0907\u0938\u0915\u0947 \u092a\u0940\u091b\u0947 \u0924\u0930\u094d\u0915 \u092f\u0939 \u0925\u093e \u0915\u093f \u090a\u0930\u094d\u091c\u093e \u092a\u0930\u093f\u0935\u0930\u094d\u0924\u0928 \u092e\u0947\u0902 \u0924\u0947\u091c\u0940 \u0906\u090f\u0917\u0940, \u0928\u093f\u0935\u0947\u0936\u0915 \u0914\u0930 \u0938\u092e\u093e\u091c \u0915\u0940 \u092d\u093e\u0935\u0928\u093e \u0907\u0938\u0915\u0940 \u092e\u093e\u0902\u0917 \u0915\u0930\u0947\u0917\u0940, \u0914\u0930 \u092c\u0940\u092a\u0940 \u0909\u091a\u094d\u091a \u0935\u093f\u0915\u093e\u0938 \u0926\u0930 \u0935\u093e\u0932\u0940 \u0915\u092e \u0915\u093e\u0930\u094d\u092c\u0928 \u0909\u0924\u094d\u0938\u0930\u094d\u091c\u0928 \u0935\u093e\u0932\u0940 \u0915\u0902\u092a\u0928\u093f\u092f\u094b\u0902 \u0915\u093e \u0928\u093f\u0930\u094d\u092e\u093e\u0923 \u0915\u0930 \u0938\u0915\u0947\u0917\u0940, \u091c\u092c\u0915\u093f \u092a\u093e\u0930\u0902\u092a\u0930\u093f\u0915 \u0939\u093e\u0907\u0921\u094d\u0930\u094b\u0915\u093e\u0930\u094d\u092c\u0928 \u0915\u0902\u092a\u0928\u093f\u092f\u093e\u0902 \u0932\u093e\u092d\u093e\u0902\u0936 \u0915\u093e \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 \u0915\u0930\u0924\u0940 \u0930\u0939\u0947\u0902\u0917\u0940\u0964.<\/p>\n In market terms the bet did not pay off. BP trailed Shell, ExxonMobil and ConocoPhillips badly over five years, and in 2024 its profit attributable to shareholders collapsed to 381 million dollars, down from 15.2 billion in 2023. The diagnosis, in Auchincloss’s own candid words to \u092d\u093e\u0917\u094d\u092f<\/a>, was over-diversification: “We just chased too much. We should have narrowed that. That’s obviously what I’ve done now.”<\/p>\n \u0907\u0938\u0915\u0947 \u092c\u093e\u0926 \u0924\u0940\u0928 \u0926\u092c\u093e\u0935\u094b\u0902 \u0928\u0947 \u090f\u0915 \u0926\u0942\u0938\u0930\u0947 \u0915\u094b \u0914\u0930 \u092e\u091c\u092c\u0942\u0924 \u0915\u093f\u092f\u093e\u0964 \u0932\u093e\u092d \u0914\u0930 \u0936\u0947\u092f\u0930 \u0915\u0940 \u0915\u0940\u092e\u0924 \u092e\u0942\u0932 \u0936\u093f\u0915\u093e\u092f\u0924 \u0925\u0940\u0964 \u090f\u0915\u094d\u091f\u093f\u0935\u093f\u0938\u094d\u091f \u0926\u092c\u093e\u0935 \u0907\u0932\u093f\u092f\u091f \u092e\u0948\u0928\u0947\u091c\u092e\u0947\u0902\u091f \u0915\u0940 \u0913\u0930 \u0938\u0947 \u0906\u092f\u093e, \u091c\u093f\u0938\u0928\u0947 \u0932\u0917\u092d\u0917 5 \u092a\u094d\u0930\u0924\u093f\u0936\u0924 \u0939\u093f\u0938\u094d\u0938\u0947\u0926\u093e\u0930\u0940 \u0915\u093e \u0916\u0941\u0932\u093e\u0938\u093e \u0915\u093f\u092f\u093e\u0964<\/a> and pushed for deep cost cuts, asset sales and a return to oil and gas. And the macro case shifted: Auchincloss argued that gas, not marginal wind or solar, would backfill the power demand of AI data centres. The board framed the reversal as a value decision. As then-chairman Helge Lund put it in the reset release, “The board believes that this is an important strategic reset for bp and is confident that it, together with rigorous performance management, will deliver improved performance and sustainable value.” The one-line logic: BP concluded it could not out-earn peers by being the greenest major, so it moved the money to its highest-returning barrels. That is the same capital-discipline instinct we traced at a rival in our analysis of Equinor’s 2026 Capital Markets Day<\/a>.<\/p>\n The reset’s headline figures come from BP’s own February 2025 release: oil and gas investment raised to around 10 billion dollars a year through 2027, transition investment cut to between 1.5 and 2 billion dollars a year (more than 5 billion dollars a year below prior guidance), group capital reset to 13 to 15 billion dollars a year, a 20 billion dollar divestment target by end 2027, and production growth to 2.3 to 2.5 million barrels of oil equivalent per day by 2030.<\/p>\n 10 \u092b\u0930\u0935\u0930\u0940 2026 \u0915\u094b \u091c\u093e\u0930\u0940 \u0915\u093f\u090f \u0917\u090f \u092a\u0942\u0930\u0947 \u0935\u0930\u094d\u0937 2025 \u0915\u0947 \u092a\u0930\u093f\u0923\u093e\u092e\u094b\u0902 \u0924\u0915, \u092f\u094b\u091c\u0928\u093e \u092c\u0948\u0932\u0947\u0902\u0938 \u0936\u0940\u091f \u0938\u0941\u0927\u093e\u0930 \u092e\u0947\u0902 \u0924\u092c\u094d\u0926\u0940\u0932 \u0939\u094b \u091a\u0941\u0915\u0940 \u0925\u0940\u0964 \u092c\u0940\u092a\u0940 \u0928\u0947 7.5 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u093e \u092e\u0942\u0932 \u092a\u094d\u0930\u0924\u093f\u0938\u094d\u0925\u093e\u092a\u0928 \u0932\u093e\u0917\u0924 \u0932\u093e\u092d \u0926\u0930\u094d\u091c \u0915\u093f\u092f\u093e, \u0932\u0947\u0915\u093f\u0928 \u091a\u094c\u0925\u0940 \u0924\u093f\u092e\u093e\u0939\u0940 \u092e\u0947\u0902 3.4 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u093e \u0935\u0948\u0927\u093e\u0928\u093f\u0915 \u0918\u093e\u091f\u093e \u0939\u0941\u0906, \u091c\u094b \u0915\u0902\u092a\u0928\u0940 \u0926\u094d\u0935\u093e\u0930\u093e \u092c\u0924\u093e\u090f \u0917\u090f \u0932\u0917\u092d\u0917 4 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u0947 \u092e\u0942\u0932\u094d\u092f\u0939\u094d\u0930\u093e\u0938 \u0915\u0947 \u0915\u093e\u0930\u0923 \u0939\u0941\u0906 \u0925\u093e, \u091c\u094b \u092e\u0941\u0916\u094d\u092f \u0930\u0942\u092a \u0938\u0947 \u0909\u0938\u0915\u0947 \u0938\u0902\u0915\u094d\u0930\u092e\u0923\u0915\u093e\u0932\u0940\u0928 \u0935\u094d\u092f\u0935\u0938\u093e\u092f\u094b\u0902 \u0938\u0947 \u0938\u0902\u092c\u0902\u0927\u093f\u0924 \u0925\u093e, \u0914\u0930 22.2 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u093e \u0936\u0941\u0926\u094d\u0927 \u090b\u0923 \u092d\u0940 \u0936\u093e\u092e\u093f\u0932 \u0925\u093e\u0964 \u0907\u0938\u0915\u0947 \u091c\u0935\u093e\u092c \u092e\u0947\u0902 \u092c\u0940\u092a\u0940 \u0928\u0947 \u0936\u0947\u092f\u0930 \u092c\u093e\u092f\u092c\u0948\u0915 \u0915\u094b \u0928\u093f\u0932\u0902\u092c\u093f\u0924 \u0915\u0930 \u0926\u093f\u092f\u093e \u0917\u092f\u093e<\/a> \u0905\u0924\u093f\u0930\u093f\u0915\u094d\u0924 \u0928\u0915\u0926\u0940 \u0915\u094b \u092c\u0948\u0932\u0947\u0902\u0938 \u0936\u0940\u091f \u092e\u0947\u0902 \u0928\u093f\u0930\u094d\u0926\u0947\u0936\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f, \u0907\u0938\u0928\u0947 2027 \u0915\u0947 \u0905\u0902\u0924 \u0924\u0915 \u0905\u092a\u0928\u0947 \u0938\u0902\u0930\u091a\u0928\u093e\u0924\u094d\u092e\u0915 \u0932\u093e\u0917\u0924-\u0915\u091f\u094c\u0924\u0940 \u0932\u0915\u094d\u0937\u094d\u092f \u0915\u094b 5.5 \u0938\u0947 6.5 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u0947 \u092c\u0940\u091a \u092c\u0922\u093c\u093e \u0926\u093f\u092f\u093e \u0914\u0930 2026 \u0915\u0940 \u092a\u0942\u0902\u091c\u0940 \u0915\u094b \u0928\u093f\u091a\u0932\u0947 \u0938\u094d\u0924\u0930 \u092a\u0930, 13 \u0938\u0947 13.5 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u092a\u0930 \u0928\u093f\u0930\u094d\u0927\u093e\u0930\u093f\u0924 \u0915\u093f\u092f\u093e\u0964.<\/p>\n The divestment machine is running. On 24 December 2025 BP agreed to sell a 65 percent controlling stake in Castrol, its lubricants business, to infrastructure investor Stonepeak at an enterprise value of about 10.1 billion dollars, for roughly 6 billion dollars in net proceeds, taking completed and announced disposals above 11 billion dollars against the 20 billion dollar target. Renewables are being de-capitalised in parallel: BP sold its US onshore wind business in 2025, is selling half of its Lightsource bp solar arm, and moved most offshore wind into a joint venture with Japan’s JERA. The table sets out what changed.<\/p>\n This is where a supermajor’s reversal becomes actionable. Budget is flowing to upstream oil and gas and away from renewables, so vendors serving exploration and production, drilling, subsea, LNG, refining reliability and trading and digital are in the growth lane, while renewables-only suppliers face a shrinking, de-capitalised BP counterparty. The first practical step is to re-map the BP account to the two new segments, Upstream and Downstream, because the standalone low-carbon unit is being abolished.<\/p>\n \u0916\u0930\u0940\u0926 \u0915\u0940 \u092a\u094d\u0930\u093e\u0925\u092e\u093f\u0915\u0924\u093e\u090f\u0902 \u092d\u0940 \u092c\u0926\u0932 \u0917\u0908 \u0939\u0948\u0902\u0964 \u092c\u0940\u092a\u0940 \u0926\u094d\u0935\u093e\u0930\u093e 5.5 \u0938\u0947 6.5 \u0905\u0930\u092c \u0921\u0949\u0932\u0930 \u0915\u0940 \u0938\u0902\u0930\u091a\u0928\u093e\u0924\u094d\u092e\u0915 \u0932\u093e\u0917\u0924 \u092e\u0947\u0902 \u0915\u091f\u094c\u0924\u0940 \u0915\u093e \u0932\u0915\u094d\u0937\u094d\u092f \u0930\u0916\u0928\u0947 \u0914\u0930 \u092c\u093e\u092f\u092c\u0948\u0915 \u0915\u094b \u0928\u093f\u0932\u0902\u092c\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u092c\u093e\u0926, \u092c\u0940\u092a\u0940 \u0915\u094b \u0926\u093f\u090f \u091c\u093e\u0928\u0947 \u0935\u093e\u0932\u0947 \u0939\u0930 \u092a\u094d\u0930\u0938\u094d\u0924\u093e\u0935 \u092e\u0947\u0902 \u0905\u092c \u0938\u094d\u0925\u093f\u0930\u0924\u093e \u0915\u0940 \u0938\u094d\u0925\u093f\u0924\u093f \u0915\u0947 \u092c\u091c\u093e\u092f \u0920\u094b\u0938 \u092a\u094d\u0930\u0924\u093f\u092b\u0932, \u092a\u0942\u0902\u091c\u0940 \u0926\u0915\u094d\u0937\u0924\u093e \u0914\u0930 \u092e\u0941\u0915\u094d\u0924-\u0928\u0915\u0926\u0940 \u092a\u094d\u0930\u0935\u093e\u0939 \u092e\u0947\u0902 \u092f\u094b\u0917\u0926\u093e\u0928 \u092a\u0930 \u091c\u094b\u0930 \u0926\u093f\u092f\u093e \u091c\u093e\u0928\u093e \u091a\u093e\u0939\u093f\u090f, \u091c\u094b \u0915\u093f \u0928\u090f \u0938\u093f\u0930\u0947 \u0938\u0947 \u0936\u0941\u0930\u0942 \u0915\u0940 \u0917\u0908 \u0930\u0923\u0928\u0940\u0924\u093f \u0915\u093e \u0938\u091f\u0940\u0915 \u0938\u093e\u0930 \u0939\u0948\u0964 \u092d\u0941\u0917\u0924\u093e\u0928 \u0915\u0940 \u0936\u0930\u094d\u0924\u0947\u0902 \u0915\u0920\u093f\u0928 \u0939\u094b\u0902\u0917\u0940, \u0905\u0928\u0941\u092e\u094b\u0926\u0928 \u092a\u094d\u0930\u0915\u094d\u0930\u093f\u092f\u093e \u0932\u0902\u092c\u0940 \u0939\u094b\u0917\u0940 \u0914\u0930 \u0935\u093f\u0935\u0947\u0915\u093e\u0927\u0940\u0928 \u0916\u0930\u094d\u091a\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f \u0905\u0927\u093f\u0915 \u0938\u094d\u092a\u0937\u094d\u091f\u0940\u0915\u0930\u0923 \u0926\u0947\u0928\u093e \u0939\u094b\u0917\u093e, \u0914\u0930 \u0924\u0926\u0928\u0941\u0938\u093e\u0930 \u092c\u0940\u092a\u0940 \u0915\u0947 \u092a\u094d\u0930\u0924\u093f\u092a\u0915\u094d\u0937\u094b\u0902 \u0915\u0940 \u0936\u0930\u094d\u0924\u094b\u0902 \u0915\u093e \u0917\u0939\u0928 \u092a\u0930\u0940\u0915\u094d\u0937\u0923 \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964 \u091c\u0939\u093e\u0902 \u0928\u0935\u0940\u0915\u0930\u0923\u0940\u092f \u090a\u0930\u094d\u091c\u093e \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0905\u092d\u0940 \u092d\u0940 \u092e\u094c\u091c\u0942\u0926 \u0939\u0948, \u0935\u0939 \u0915\u092e \u092a\u0942\u0902\u091c\u0940 \u0935\u093e\u0932\u093e \u0914\u0930 \u0938\u093e\u091d\u0947\u0926\u093e\u0930\u094b\u0902 \u0915\u0947 \u0928\u0947\u0924\u0943\u0924\u094d\u0935 \u0935\u093e\u0932\u093e \u0939\u0948, \u0907\u0938\u0932\u093f\u090f \u0928\u0935\u0940\u0915\u0930\u0923\u0940\u092f \u090a\u0930\u094d\u091c\u093e \u0906\u092a\u0942\u0930\u094d\u0924\u093f\u0915\u0930\u094d\u0924\u093e\u0913\u0902 \u0915\u094b \u0938\u0902\u092f\u0941\u0915\u094d\u0924 \u0909\u0926\u094d\u092f\u092e \u0938\u0902\u0938\u094d\u0925\u093e\u0913\u0902, \u091c\u0947\u0908\u0906\u0930\u090f \u0935\u093e\u0939\u0928 \u0914\u0930 \u0932\u093e\u0907\u091f\u0938\u094b\u0930\u094d\u0938 \u0938\u093e\u091d\u0947\u0926\u093e\u0930 \u0915\u093e \u0905\u0928\u0941\u0938\u0930\u0923 \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u093f\u090f, \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u092f\u0939\u0940\u0902 \u092a\u0930 \u0905\u092c \u0928\u093f\u0935\u0947\u0936 \u092a\u0942\u0902\u091c\u0940 \u0914\u0930 \u0928\u093f\u0930\u094d\u0923\u092f \u0932\u0947\u0928\u0947 \u0915\u0947 \u0905\u0927\u093f\u0915\u093e\u0930 \u0928\u093f\u0939\u093f\u0924 \u0939\u0948\u0902\u0964.<\/p>\n \u0935\u093f\u0928\u093f\u0935\u0947\u0936 \u0938\u0947 \u092a\u094d\u0930\u0924\u093f\u092a\u0915\u094d\u0937\u094b\u0902 \u092e\u0947\u0902 \u092d\u0940 \u0909\u0925\u0932-\u092a\u0941\u0925\u0932 \u092e\u091a\u0924\u0940 \u0939\u0948\u0964 \u092f\u0926\u093f \u0906\u092a\u0915\u093e \u0917\u094d\u0930\u093e\u0939\u0915 \u092c\u0947\u091a\u0940 \u091c\u093e \u0930\u0939\u0940 \u0907\u0915\u093e\u0908 \u092e\u0947\u0902 \u0936\u093e\u092e\u093f\u0932 \u0939\u0948, \u091c\u0948\u0938\u0947 \u0915\u093f \u0915\u0948\u0938\u094d\u091f\u094d\u0930\u094b\u0932 \u0938\u0947 \u0938\u094d\u091f\u094b\u0928\u092a\u0940\u0915, \u0905\u092e\u0947\u0930\u093f\u0915\u0940 \u0924\u091f\u0935\u0930\u094d\u0924\u0940 \u092a\u0935\u0928 \u090a\u0930\u094d\u091c\u093e, \u0932\u093e\u0907\u091f\u0938\u094b\u0930\u094d\u0938 \u092e\u0947\u0902 \u0939\u093f\u0938\u094d\u0938\u0947\u0926\u093e\u0930\u0940, \u0924\u094b \u0906\u092a\u0915\u093e \u0905\u0928\u0941\u092c\u0902\u0927 \u0915\u093f\u0938\u0940 \u0910\u0938\u0947 \u0928\u093f\u091c\u0940 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u092e\u093e\u0932\u093f\u0915 \u0915\u094b \u0939\u0938\u094d\u0924\u093e\u0902\u0924\u0930\u093f\u0924 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948 \u091c\u093f\u0938\u0915\u093e \u091c\u0928\u093e\u0926\u0947\u0936 \u0924\u0947\u091c\u093c \u0914\u0930 \u0905\u0927\u093f\u0915 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a \u0938\u0947 \u0938\u0902\u091a\u093e\u0932\u093f\u0924 \u0939\u094b\u0964 \u0907\u0938\u0932\u093f\u090f, \u092f\u0939 \u092a\u0924\u093e \u0932\u0917\u093e\u090f\u0902 \u0915\u093f \u092c\u0940\u092a\u0940 \u0915\u0940 \u0915\u094c\u0928 \u0938\u0940 \u0907\u0915\u093e\u0907\u092f\u093e\u0901 \u092c\u093f\u0915\u094d\u0930\u0940 \u0915\u0947 \u0932\u093f\u090f \u0909\u092a\u0932\u092c\u094d\u0927 \u0939\u0948\u0902 \u0914\u0930 \u0938\u0902\u092d\u093e\u0935\u093f\u0924 \u0916\u0930\u0940\u0926\u093e\u0930\u094b\u0902 \u0915\u0947 \u0938\u093e\u0925 \u092a\u0939\u0932\u0947 \u0938\u0947 \u0939\u0940 \u0924\u0948\u092f\u093e\u0930\u0940 \u0915\u0930 \u0932\u0947\u0902\u0964 \u0907\u0938\u0938\u0947 \u092e\u093f\u0932\u0928\u0947 \u0935\u093e\u0932\u093e \u0938\u092c\u0915 \u0935\u0939 \u0939\u0948 \u091c\u093f\u0938\u0947 \u0939\u092e \u0938\u092d\u0940 \u092a\u094d\u0930\u092e\u0941\u0916 \u0915\u0902\u092a\u0928\u093f\u092f\u094b\u0902 \u092e\u0947\u0902 \u0932\u093e\u0917\u0942 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902: \u091c\u092c \u0915\u094b\u0908 \u0915\u0902\u092a\u0928\u0940 \u0905\u092a\u0928\u0940 \u0930\u0923\u0928\u0940\u0924\u093f \u092c\u0926\u0932\u0924\u0940 \u0939\u0948, \u0924\u094b \u092a\u0942\u0902\u091c\u0940 \u0906\u0935\u0902\u091f\u0928 \u0938\u094d\u0932\u093e\u0907\u0921 \u0914\u0930 \u092e\u0941\u0916\u094d\u092f \u0915\u093e\u0930\u094d\u092f\u0915\u093e\u0930\u0940 \u0905\u0927\u093f\u0915\u093e\u0930\u0940 \u0915\u0947 \u0936\u092c\u094d\u0926\u094b\u0902 \u0915\u094b \u092a\u0922\u093c\u0947\u0902, \u0928 \u0915\u093f \u0938\u094d\u0925\u093f\u0930\u0924\u093e \u0930\u093f\u092a\u094b\u0930\u094d\u091f \u0915\u094b\u0964 \u0907\u0938 \u092c\u0926\u0932\u093e\u0935 \u0928\u0947 \u0906\u092a\u0942\u0930\u094d\u0924\u093f\u0915\u0930\u094d\u0924\u093e\u0913\u0902 \u0915\u094b \u0916\u0930\u0940\u0926 \u0935\u094d\u092f\u0935\u0939\u093e\u0930 \u092e\u0947\u0902 \u0938\u094d\u092a\u0937\u094d\u091f \u092a\u0930\u093f\u0935\u0930\u094d\u0924\u0928 \u0906\u0928\u0947 \u0938\u0947 \u092e\u0939\u0940\u0928\u094b\u0902 \u092a\u0939\u0932\u0947 \u0939\u0940 \u092c\u0924\u093e \u0926\u093f\u092f\u093e \u0925\u093e \u0915\u093f \u092a\u0948\u0938\u093e \u0915\u0939\u093e\u0901 \u091c\u093e\u090f\u0917\u093e\u0964 \u092f\u0939\u0940 \u0906\u092a\u0942\u0930\u094d\u0924\u093f\u0915\u0930\u094d\u0924\u093e-\u092a\u0915\u094d\u0937\u0940\u092f \u0935\u093f\u0936\u094d\u0932\u0947\u0937\u0923 \u0939\u092e\u0928\u0947 \u0905\u092a\u0928\u0947 \u0917\u094d\u0930\u093e\u0939\u0915\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f \u092d\u0940 \u0905\u092a\u0928\u093e\u092f\u093e\u0964 Shell’s Scope 3 procurement gate<\/a> \u0914\u0930 \u0907\u0938\u0915\u0947 \u092a\u0940\u091b\u0947 \u092a\u0942\u0902\u091c\u0940 \u0915\u0947 \u0907\u0902\u091c\u0928 \u0915\u0947 \u0932\u093f\u090f Eni’s dual exploration model<\/a>.<\/p>\n The direction is set and unlikely to reverse under O’Neill, who is accelerating it. Her framing, quoted by Fortune in June 2026, is explicit: “Focusing BP around two distinct segments is an important step in accelerating delivery. It will reduce complexity and strengthen execution. We are moving firmly towards a simpler, stronger and more valuable BP.” BP’s own targets run to more than 20 percent growth in adjusted free cash flow to 2027 and production of 2.3 to 2.5 million barrels of oil equivalent per day by 2030, pinned on US shale and the Gulf of Mexico, the Middle East, and new finds such as Brazil’s Bumerangue, which BP has described as holding an estimated 8 billion barrels of liquids in place. That is a resource-in-place estimate, not recoverable reserves, and should be read as such.<\/p>\n The dominant threat is execution risk, now compounded by governance risk. BP must deliver more than a dozen major projects, hit steep cost cuts, and complete 20 billion dollars of asset sales into uncertain markets, all while absorbing three chief executives and three chairs in three years. The removal of chairman Albert Manifold in May 2026 captured the instability. Senior independent director Amanda Blanc said the board was “surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” a statement reported by \u0930\u0949\u092f\u091f\u0930\u094d\u0938 \u0914\u0930 \u0905\u0932 \u091c\u091c\u093c\u0940\u0930\u093e<\/a>.<\/p>\n \u0905\u0927\u093f\u0917\u094d\u0930\u0939\u0923 \u0914\u0930 \u0935\u093f\u092d\u093e\u091c\u0928 \u0915\u0940 \u0905\u091f\u0915\u0932\u0947\u0902 \u0905\u092d\u0940 \u092d\u0940 \u091c\u093e\u0930\u0940 \u0939\u0948\u0902, \u0932\u0947\u0915\u093f\u0928 \u0907\u0928\u0915\u0940 \u092a\u0941\u0937\u094d\u091f\u093f \u0928\u0939\u0940\u0902 \u0939\u0941\u0908 \u0939\u0948\u0964 \u0932\u0917\u093e\u0924\u093e\u0930 \u0916\u0930\u093e\u092c \u092a\u094d\u0930\u0926\u0930\u094d\u0936\u0928 \u0915\u0947 \u0915\u093e\u0930\u0923 2025 \u0924\u0915 \u0936\u0947\u0932-\u092c\u0940\u092a\u0940 \u0915\u0947 \u092c\u0940\u091a \u0938\u094c\u0926\u0947 \u0915\u0940 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\u0939\u0948, \u0914\u0930 \u0928\u0947\u0924\u0943\u0924\u094d\u0935 \u092e\u0947\u0902 \u0915\u093f\u0938\u0940 \u092d\u0940 \u0928\u090f \u092c\u0926\u0932\u093e\u0935 \u0938\u0947 \u092f\u0947 \u091a\u0930\u094d\u091a\u093e\u090f\u0902 \u092b\u093f\u0930 \u0938\u0947 \u0936\u0941\u0930\u0942 \u0939\u094b \u091c\u093e\u0924\u0940 \u0939\u0948\u0902\u0964 \u090f\u0915 \u0906\u092a\u0942\u0930\u094d\u0924\u093f\u0915\u0930\u094d\u0924\u093e \u0915\u0947 \u0932\u093f\u090f, \u092f\u094b\u091c\u0928\u093e \u092e\u0947\u0902 \u092f\u0939 \u092e\u093e\u0928\u093e \u091c\u093e \u0930\u0939\u093e \u0939\u0948 \u0915\u093f \u092c\u0940\u092a\u0940 \u0906\u0915\u094d\u0930\u093e\u092e\u0915 \u0930\u0942\u092a \u0938\u0947 \u0924\u0947\u0932 \u0914\u0930 \u0917\u0948\u0938 \u0909\u0924\u094d\u092a\u093e\u0926\u0928 \u0915\u094d\u0937\u092e\u0924\u093e \u0916\u0930\u0940\u0926\u0924\u093e \u0930\u0939\u0947\u0917\u093e \u0914\u0930 \u0938\u0902\u0915\u094d\u0930\u092e\u0923\u0915\u093e\u0932\u0940\u0928 \u0938\u0902\u092a\u0924\u094d\u0924\u093f\u092f\u094b\u0902 \u0915\u094b \u092c\u0947\u091a\u0924\u093e \u0930\u0939\u0947\u0917\u093e, \u091c\u092c\u0915\u093f \u092e\u0942\u0932 \u0915\u0902\u092a\u0928\u0940 \u092a\u0930 \u0905\u0928\u093f\u0936\u094d\u091a\u093f\u0924\u0924\u093e \u0915\u093e \u0938\u093e\u092f\u093e \u092c\u0928\u093e \u0930\u0939\u0947\u0917\u093e\u0964 \u092f\u0939 \u0909\u0938\u0940 \u0938\u092e\u0947\u0915\u0928 \u0924\u0930\u094d\u0915 \u0915\u093e \u092a\u094d\u0930\u0924\u093f\u0930\u0942\u092a \u0939\u0948 \u091c\u093f\u0938\u0915\u093e \u0939\u092e\u0928\u0947 \u0909\u0924\u094d\u0924\u0930\u0940 \u0938\u093e\u0917\u0930 \u092e\u0947\u0902 \u0935\u093f\u0936\u094d\u0932\u0947\u0937\u0923 \u0915\u093f\u092f\u093e \u0925\u093e\u0964 Shell and Equinor’s Adura venture<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" \u092b\u0930\u0935\u0930\u0940 2025 \u092e\u0947\u0902 \u092c\u0940\u092a\u0940 \u0928\u0947 2020 \u092e\u0947\u0902 \u0915\u093f\u090f \u0917\u090f \u0905\u092a\u0928\u0947 \u0928\u0947\u091f-\u091c\u093c\u0940\u0930\u094b \u0932\u0915\u094d\u0937\u094d\u092f \u0915\u094b \u092a\u0932\u091f \u0926\u093f\u092f\u093e \u0914\u0930 \u0905\u092a\u0928\u0940 \u092a\u0942\u0902\u091c\u0940 \u0915\u094b \u0924\u0947\u0932 \u0914\u0930 \u0917\u0948\u0938 \u092e\u0947\u0902 \u092b\u093f\u0930 \u0938\u0947 \u0928\u093f\u0935\u0947\u0936 \u0915\u093f\u092f\u093e\u0964 \u0905\u0920\u093e\u0930\u0939 \u092e\u0939\u0940\u0928\u0947 \u092c\u093e\u0926, \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092a\u093e\u0938 \u090f\u0915 \u0928\u092f\u093e \u092e\u0941\u0916\u094d\u092f \u0915\u093e\u0930\u094d\u092f\u0915\u093e\u0930\u0940 \u0905\u0927\u093f\u0915\u093e\u0930\u0940, \u092c\u0930\u094d\u0916\u093e\u0938\u094d\u0924 \u0905\u0927\u094d\u092f\u0915\u094d\u0937, \u0928\u093f\u0932\u0902\u092c\u093f\u0924 \u092c\u093e\u092f\u092c\u0948\u0915 \u0914\u0930 20 \u0905\u0930\u092c \u0921\u0949\u0932\u0930 \u0915\u0940 \u092c\u093f\u0915\u094d\u0930\u0940 \u092a\u094d\u0930\u0915\u094d\u0930\u093f\u092f\u093e \u091a\u0932 \u0930\u0939\u0940 \u0939\u0948\u0964 \u0915\u093f\u0938\u0940 \u092d\u0940 \u092a\u094d\u0930\u092e\u0941\u0916 \u0924\u0947\u0932 \u0915\u0902\u092a\u0928\u0940 \u0926\u094d\u0935\u093e\u0930\u093e \u0915\u093f\u090f \u0917\u090f \u0907\u0938 \u0938\u092c\u0938\u0947 \u092c\u0921\u093c\u0947 \u0909\u0932\u091f\u092b\u0947\u0930 \u0915\u0947 \u092a\u0940\u091b\u0947 \u092f\u0939\u0940 \u0924\u0930\u094d\u0915 \u0939\u0948\u0964 <\/p>","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"iawp_total_views":2,"p54_article_data":"{\"meta\":{\"kicker\":\"Insight \u00b7 Industry Leader\",\"topics\":[\"Strategy\",\"Capital\",\"Energy\"],\"title\":\"BP's Strategic Reset: Why the Greenest Major Turned Back to Oil and Gas, and What It Signals for Suppliers\",\"dek\":\"In February 2025 BP tore up the net-zero pivot it made in 2020 and put its capital back into oil and gas. Eighteen months on it has a new chief executive, a fired chairman, a suspended buy-back and a 20 billion dollar sell-off underway. This is the logic behind the deepest reversal by any oil major this decade, the numbers that drove it, and the commercial lesson for anyone selling into a supermajor that has changed its mind. Resource figures are marked as estimates.\",\"date\":\"6 July 2026\",\"readTime\":\"12 min read\",\"author\":\"Project 54\",\"listenTime\":\"22 min listen\"},\"quickAnswer\":{\"q\":\"What is BP's strategic reset and why did it reverse its net-zero strategy?\",\"a\":\"BP's strategic reset, announced on 26 February 2025, reallocates capital from renewables back to oil and gas to lift returns and close a valuation gap with rivals. BP is raising oil and gas investment to around 10 billion dollars a year through 2027 while cutting transition-business spending by more than 5 billion dollars a year, and targeting production of 2.3 to 2.5 million barrels of oil equivalent per day by 2030. The reversal was driven by weak returns, its 2024 profit collapsed to 381 million dollars, by pressure from activist investor Elliott Management, which built a stake of about 5 percent, and by a bet that oil and gas demand, led by US gas and AI-driven power, will stay stronger for longer. By early 2026 the reset had hardened: BP suspended its share buy-back, replaced its chief executive with Meg O'Neill, and removed its chairman over governance concerns.\"},\"takeaways\":[\"BP's 26 February 2025 reset raises oil and gas investment to around 10 billion dollars a year and cuts transition spending by more than 5 billion dollars a year, reversing the net-zero pivot it made in 2020.\",\"The trigger was returns and pressure: 2024 profit collapsed to 381 million dollars from 15.2 billion in 2023, and activist Elliott Management built a stake of about 5 percent pushing for capital discipline and a tilt back to hydrocarbons.\",\"By early 2026 the reset hardened. BP suspended its share buy-back at full-year results, set 2026 capital at the low end of guidance, and agreed to sell a controlling stake in Castrol to Stonepeak for about 6 billion dollars in net proceeds.\",\"Governance turmoil is now part of the story: BP replaced CEO Murray Auchincloss with former Woodside chief Meg O'Neill from April 2026, then removed chairman Albert Manifold in May 2026 over conduct concerns.\",\"For suppliers the signal is precise: budget is moving up into oil and gas and out of renewables, procurement now leads with cash, cost and returns, and any pitch built on net-zero positioning is pitching into a closing door.\"],\"sections\":[{\"id\":\"now\",\"q\":\"What is BP actually doing now?\",\"h\":\"The Deepest U-Turn of Any Major This Decade\",\"p\":[\"On 26 February 2025 BP announced what its own chief executive called a fundamental reset. In the words of Murray Auchincloss in the company's strategy release<\/a>, \\\"Today we have fundamentally reset bp's strategy. We are reducing and reallocating capital expenditure to our highest-returning businesses to drive growth, and relentlessly pursuing performance improvements and cost efficiency. This is all in service of sustainably growing cash flow and returns.\\\" The plain meaning was a return to oil and gas and a retreat from the transition franchises BP had spent five years building.\",\"Eighteen months on, the reset is not a slide, it is the whole company. BP has since replaced its chief executive, appointing former Woodside Energy chief Meg O'Neill from 1 April 2026 after Auchincloss stepped down in December 2025. It has removed its chairman, Albert Manifold, eight months into the job, in May 2026 over what the board called governance and conduct issues. And in June 2026 O'Neill went further than her predecessor, collapsing BP into just two segments, Upstream and Downstream, and abolishing the standalone low-carbon unit, folding the shrunken renewables business into corporate.\",\"This is a supermajor executing a capital-backed U-turn while cycling through leadership at a rate that keeps takeover and break-up speculation alive. To understand why the greenest of the majors reversed course, you have to go back to the bet it made in 2020, and to the numbers that bet produced.\"]},{\"id\":\"logic\",\"q\":\"Why did BP go green in 2020, and why did it reverse?\",\"h\":\"The Logic: A Bet That Did Not Pay Off in the Market\",\"p\":[\"In 2020, under then-chief executive Bernard Looney, BP committed to net zero by 2050 and to transform from an international oil company into an integrated energy company, cutting oil and gas output while scaling renewables, bioenergy and hydrogen. The reasoning was a bet that the energy transition would accelerate, that investor and societal sentiment demanded it, and that BP could build higher-growth low-carbon franchises while legacy hydrocarbons funded the dividend.\",\"In market terms the bet did not pay off. BP trailed Shell, ExxonMobil and ConocoPhillips badly over five years, and in 2024 its profit attributable to shareholders collapsed to 381 million dollars, down from 15.2 billion in 2023. The diagnosis, in Auchincloss's own candid words to Fortune<\/a>, was over-diversification: \\\"We just chased too much. We should have narrowed that. That's obviously what I've done now.\\\"\",\"Three pressures then reinforced each other. Returns and the share price were the root grievance. Activist pressure came from Elliott Management, which disclosed a stake of about 5 percent<\/a> and pushed for deep cost cuts, asset sales and a return to oil and gas. And the macro case shifted: Auchincloss argued that gas, not marginal wind or solar, would backfill the power demand of AI data centres. The board framed the reversal as a value decision. As then-chairman Helge Lund put it in the reset release, \\\"The board believes that this is an important strategic reset for bp and is confident that it, together with rigorous performance management, will deliver improved performance and sustainable value.\\\" The one-line logic: BP concluded it could not out-earn peers by being the greenest major, so it moved the money to its highest-returning barrels. That is the same capital-discipline instinct we traced at a rival in our analysis of Equinor's 2026 Capital Markets Day<\/a>.\"]},{\"id\":\"numbers\",\"q\":\"What do the numbers say, and how hard has the reset become?\",\"h\":\"From Buy-Backs to Balance-Sheet Repair\",\"p\":[\"The reset's headline figures come from BP's own February 2025 release: oil and gas investment raised to around 10 billion dollars a year through 2027, transition investment cut to between 1.5 and 2 billion dollars a year (more than 5 billion dollars a year below prior guidance), group capital reset to 13 to 15 billion dollars a year, a 20 billion dollar divestment target by end 2027, and production growth to 2.3 to 2.5 million barrels of oil equivalent per day by 2030.\",\"By full-year 2025 results, released on 10 February 2026, the plan had hardened into balance-sheet repair. BP reported underlying replacement-cost profit of 7.5 billion dollars, but a fourth-quarter statutory loss of 3.4 billion dollars driven by around 4 billion dollars of impairments the company said were primarily related to its transition businesses, and net debt of 22.2 billion dollars. In response BP suspended its share buy-back<\/a> to direct excess cash to the balance sheet, raised its structural cost-cut target to between 5.5 and 6.5 billion dollars by end 2027, and set 2026 capital at the low end, 13 to 13.5 billion dollars.\",\"The divestment machine is running. On 24 December 2025 BP agreed to sell a 65 percent controlling stake in Castrol, its lubricants business, to infrastructure investor Stonepeak at an enterprise value of about 10.1 billion dollars, for roughly 6 billion dollars in net proceeds, taking completed and announced disposals above 11 billion dollars against the 20 billion dollar target. Renewables are being de-capitalised in parallel: BP sold its US onshore wind business in 2025, is selling half of its Lightsource bp solar arm, and moved most offshore wind into a joint venture with Japan's JERA. The table sets out what changed.\"],\"table\":{\"cols\":[\"Measure\",\"The 2020 to 2024 posture\",\"The reset posture (2025 to 2026)\"],\"rows\":[[\"Oil and gas investment\",\"Falling, output to shrink toward 2030\",\"Raised to around 10 billion dollars a year to 2027\"],[\"Transition investment\",\"Scaling up renewables and hydrogen\",\"Cut by more than 5 billion dollars a year\"],[\"Production target 2030\",\"Deliberately lower\",\"2.3 to 2.5 million barrels of oil equivalent per day\"],[\"Shareholder returns\",\"Resilient dividend plus buy-backs\",\"Buy-back suspended, cash to the balance sheet\"],[\"Portfolio\",\"Building low-carbon franchises\",\"20 billion dollar sell-off, Castrol to Stonepeak\"]]}},{\"id\":\"suppliers\",\"q\":\"What does BP's reversal mean for suppliers and B2B sellers?\",\"h\":\"Read the Capital Slide, Not the Sustainability Report\",\"p\":[\"This is where a supermajor's reversal becomes actionable. Budget is flowing to upstream oil and gas and away from renewables, so vendors serving exploration and production, drilling, subsea, LNG, refining reliability and trading and digital are in the growth lane, while renewables-only suppliers face a shrinking, de-capitalised BP counterparty. The first practical step is to re-map the BP account to the two new segments, Upstream and Downstream, because the standalone low-carbon unit is being abolished.\",\"Procurement priority has changed too. With BP targeting 5.5 to 6.5 billion dollars of structural cost cuts and having suspended its buy-back, every pitch into BP should now lead with hard payback, capital efficiency and free-cash-flow contribution, the exact language of the reset, rather than sustainability positioning. Expect harder payment terms, longer approval cycles and heavier justification for discretionary spend, and stress-test BP counterparty terms accordingly. Where renewables business still exists it is capital-light and partner-led, so renewables suppliers should follow the joint-venture entities, the JERA vehicle and the Lightsource partner, because that is where the deployment capital and decision rights now sit.\",\"Divestments also create counterparty churn. If your customer sits inside a unit being sold, Castrol to Stonepeak, US onshore wind, a stake in Lightsource, your contract may transfer to a private-equity owner with a faster, more financially driven mandate, so track which BP units are in play and pre-position with the likely acquirers. The transferable lesson is one we apply across the majors: when a company reverses strategy, read the capital-allocation slide and the language of the chief executive, not the sustainability report. The reset told suppliers exactly where money would move months before procurement behaviour visibly changed. This is the same supplier-side reading we brought to Shell's Scope 3 procurement gate<\/a> and to the capital engine behind Eni's dual exploration model<\/a>.\"]},{\"id\":\"future\",\"q\":\"Where does BP go from here?\",\"h\":\"An Upstream-Led BP, With Execution and Governance Risk\",\"p\":[\"The direction is set and unlikely to reverse under O'Neill, who is accelerating it. Her framing, quoted by Fortune in June 2026, is explicit: \\\"Focusing BP around two distinct segments is an important step in accelerating delivery. It will reduce complexity and strengthen execution. We are moving firmly towards a simpler, stronger and more valuable BP.\\\" BP's own targets run to more than 20 percent growth in adjusted free cash flow to 2027 and production of 2.3 to 2.5 million barrels of oil equivalent per day by 2030, pinned on US shale and the Gulf of Mexico, the Middle East, and new finds such as Brazil's Bumerangue, which BP has described as holding an estimated 8 billion barrels of liquids in place. That is a resource-in-place estimate, not recoverable reserves, and should be read as such.\",\"The dominant threat is execution risk, now compounded by governance risk. BP must deliver more than a dozen major projects, hit steep cost cuts, and complete 20 billion dollars of asset sales into uncertain markets, all while absorbing three chief executives and three chairs in three years. The removal of chairman Albert Manifold in May 2026 captured the instability. Senior independent director Amanda Blanc said the board was \\\"surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,\\\" a statement reported by Reuters and Al Jazeera<\/a>.\",\"Takeover and break-up speculation remains live but unconfirmed. Persistent underperformance kept Shell-BP speculation circulating through 2025, though both companies denied deal talks in June 2025 and Shell was then barred under the UK Takeover Code from bidding for six months. As of mid-2026 there is no confirmed live bid, and any renewed leadership shock tends to revive the talk. For a supplier, the planning assumption is a BP that keeps buying oil and gas capability aggressively and keeps shedding transition assets, with elevated uncertainty hanging over the corporate parent itself. It is the mirror image of the consolidation logic we examined in the North Sea through Shell and Equinor's Adura venture<\/a>.\"]}],\"media\":{\"image\":{\"src\":\"https:\/\/projectfifty4.com\/wp-content\/uploads\/2026\/03\/oil-refinery-industrial-energy.jpg\",\"label\":\"Capital moving back to the barrel: BP's reset put oil and gas ahead of the transition\",\"credit\":\"Project 54\"},\"infographicLabel\":\"BP's reset: capital reallocation from transition back to oil and gas, 2025 to 2030\",\"pdf\":{\"href\":\"\/wp-content\/themes\/p54-blueprint\/assets\/pdf\/bp-strategic-reset-2026.pdf\",\"title\":\"BP's Strategic Reset: Briefing Deck\",\"meta\":\"9-slide briefing \u00b7 Project 54\"},\"podcast\":{\"src\":\"\/wp-content\/themes\/p54-blueprint\/assets\/media\/bp-strategic-reset-2026-podcast.m4a\",\"title\":\"BP Abandons Net Zero for Oil\",\"ep\":\"P54 Energy Growth Brief\",\"duration\":\"21:56\"},\"video\":{\"src\":\"\/wp-content\/themes\/p54-blueprint\/assets\/media\/bp-strategic-reset-2026-video.mp4\",\"label\":\"BP's Strategic Reversal: The Return to Oil and Gas\",\"duration\":\"8:19\"}},\"poll\":{\"q\":\"What do you read as the real driver of BP's reset back to oil and gas?\",\"note\":\"Your selection maps how you interpret the reversal. No vote tallies, this is a reflection tool.\",\"options\":[{\"id\":\"a\",\"label\":\"Returns and the valuation gap\",\"insight\":\"The performance reading. BP trailed peers for five years and 2024 profit collapsed to 381 million dollars, so capital moved to the highest-returning barrels to close the gap.\"},{\"id\":\"b\",\"label\":\"Activist pressure from Elliott\",\"insight\":\"The governance reading. Elliott's roughly 5 percent stake and its push for cost cuts, disposals and a hydrocarbon tilt shaped the timing and severity of the reset.\"},{\"id\":\"c\",\"label\":\"A changed demand outlook\",\"insight\":\"The macro reading. BP is betting oil and gas demand, led by US gas and AI-driven power, stays stronger for longer than the 2020 transition thesis assumed.\"},{\"id\":\"d\",\"label\":\"The 2020 strategy was simply too early\",\"insight\":\"The timing reading. In the chief executive's own words BP chased too much too soon, so the reset is less a rejection of transition than a retreat to what pays now.\"}]},\"faq\":[{\"q\":\"What is BP's strategic reset?\",\"a\":\"It is the strategy BP announced on 26 February 2025 that reallocates capital from renewables back to oil and gas. BP is raising oil and gas investment to around 10 billion dollars a year through 2027, cutting transition spending by more than 5 billion dollars a year, targeting production of 2.3 to 2.5 million barrels of oil equivalent per day by 2030, and running a 20 billion dollar divestment programme. By early 2026 it had also suspended its share buy-back to repair the balance sheet.\"},{\"q\":\"Why did BP abandon its net-zero strategy?\",\"a\":\"Because the 2020 transition bet did not deliver market returns. BP trailed Shell, ExxonMobil and ConocoPhillips over five years and its 2024 profit fell to 381 million dollars from 15.2 billion in 2023. Activist investor Elliott Management built a stake of about 5 percent and pushed for capital discipline and a return to oil and gas, and BP concluded, in its chief executive's words, that it had chased too much. The reset reallocates capital to its highest-returning hydrocarbon assets.\"},{\"q\":\"Who is BP's chief executive in 2026?\",\"a\":\"Meg O'Neill, the former chief executive of Woodside Energy and a 23-year ExxonMobil veteran, who became BP's chief executive on 1 April 2026 after Murray Auchincloss stepped down in December 2025. In June 2026 she restructured BP into two segments, Upstream and Downstream, and abolished the standalone low-carbon unit, accelerating rather than softening the reset.\"},{\"q\":\"What does BP's reset mean for suppliers and vendors?\",\"a\":\"Budget is moving up into oil and gas and out of renewables, so upstream, LNG, refining and trading suppliers are favoured while renewables-only suppliers face a shrinking BP counterparty. Procurement now leads with cost, cash and returns rather than sustainability, so pitches should stress payback and capital efficiency. Divestments such as Castrol to Stonepeak also mean some contracts will transfer to new, more financially driven owners.\"},{\"q\":\"Could BP be taken over or broken up?\",\"a\":\"It remains possible but unconfirmed. Persistent underperformance kept speculation about a Shell approach circulating in 2025, but both companies denied deal talks in June 2025 and Shell was then barred under the UK Takeover Code from bidding for six months. As of mid-2026 there is no confirmed live bid, though the governance turmoil and the removal of the chairman in May 2026 have kept the speculation alive.\"}],\"newsletter\":{\"kicker\":\"The Energy Growth Brief\",\"title\":[\"Get the next\",\"intelligence drop\"],\"body\":\"Join energy and industrial leaders getting our marketing, AI-growth and revenue-architecture intelligence, direct, no filler.\",\"cadence\":\"Twice monthly\",\"reach\":\"Gulf \u00b7 MENA \u00b7 Asia \u00b7 Europe\",\"cta\":\"Subscribe\",\"note\":\"No spam. Unsubscribe anytime. We read every reply.\",\"success\":\"You're on the list\",\"successBody\":\"Welcome to The Energy Growth Brief, watch your inbox for the next dispatch.\"},\"related\":[{\"title\":\"Equinor's 2026 Capital Markets Day: Inside the Disciplined Bet on Oil, Gas and Selective Power\",\"topic\":\"Capital\",\"href\":\"https:\/\/projectfifty4.com\/equinor-capital-markets-day-2026-strategy\/\"},{\"title\":\"Adura: Inside the Shell and Equinor North Sea Venture, and the Consolidation Playbook for Mature Basins\",\"topic\":\"Strategy\",\"href\":\"https:\/\/projectfifty4.com\/adura-shell-equinor-north-sea-consolidation\/\"},{\"title\":\"Shell's Scope 3 and Sustainable Procurement: How the Supplier Carbon Data Gate Decides Who Sells to Big Oil\",\"topic\":\"Strategy\",\"href\":\"https:\/\/projectfifty4.com\/shell-scope-3-sustainable-procurement-suppliers\/\"},{\"title\":\"Eni's Dual Exploration and Satellite Model: The B2B Playbook Behind Big Oil's Fastest Capital Engine\",\"topic\":\"Strategy\",\"href\":\"https:\/\/projectfifty4.com\/eni-dual-exploration-satellite-model-b2b\/\"},{\"title\":\"The EU's Carbon Border Tax Goes Live: What CBAM's 2026 Definitive Phase Means for Energy and Industrial Suppliers\",\"topic\":\"Energy\",\"href\":\"https:\/\/projectfifty4.com\/eu-cbam-2026-carbon-border-adjustment\/\"}]}","p54_faq":"","p54_media":"","p54_comments_enabled":"","footnotes":""},"categories":[92,125],"tags":[],"class_list":["post-3569","post","type-post","status-publish","format-standard","hentry","category-analysis","category-strategy"],"acf":[],"_links":{"self":[{"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/posts\/3569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/comments?post=3569"}],"version-history":[{"count":2,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/posts\/3569\/revisions"}],"predecessor-version":[{"id":3586,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/posts\/3569\/revisions\/3586"}],"wp:attachment":[{"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/media?parent=3569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/categories?post=3569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/tags?post=3569"}],"curies":[{"name":"\u0921\u092c\u094d\u0932\u094d\u092f\u0942\u092a\u0940","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\u0924\u0930\u094d\u0915: \u090f\u0915 \u0910\u0938\u093e \u0926\u093e\u0902\u0935 \u091c\u094b \u092c\u093e\u091c\u093e\u0930 \u092e\u0947\u0902 \u0938\u092b\u0932 \u0928\u0939\u0940\u0902 \u0939\u0941\u0906<\/h2>\n
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