CEO Murray Auchincloss told Reuters that BP will simplify its business and become more pragmatic in its investment decisions, as they work through the firm’s energy transition strategy.
“The past four years have been about origination and now it’s time to simplify” as BP moves into a construction phase, he told Reuters in an interview published Tuesday.
“We will pragmatically adapt to what’s happening with demand in society,” he said.
Auchincloss became permanent CEO in December after being named interim CEO on Sept. 12 when Bernard Looney abruptly stepped down over past relationships.
Auchincloss said in the interview that he will stick to the strategy aimed at reducing oil and gas output and grow renewables and low-carbon businesses by the end of the decade.
“Our destination is unchanged.”
On Monday, BP published its revenue results. The company said it will acquire the 50.03% interest it does not already own in Lightsource bp, one of the world’s leading developers and operator of utility-scale solar and battery storage assets.
