The British oil giant BP will revise its ecological ambitions downwards

The group must announce before the end of February a new strategic orientation after the plunge of its profits in 2024.

It is not a fall, but a collapse. In 2024, BP (British Petroleum) saw its net profit drop by $ 97% to $ 381 million, the equivalent of 374 million euros, according to figures published Tuesday, February 11. In question in particular: the sharp drop in refining margins in a world market in withdrawal. Less demand, therefore less gross to refine … Refining is one of the most profitable activities. Besides, BP is not the only affected. All the giants of the sector, including Shell and Totalenergies, also paid the costs.

The British multinational will announce the color on February 26, but has already raised part of the veil on its projects. She wants to significantly reduce her investments in renewable energies. How will it translate concretely? Nothing filters for the moment. Management sends us back to this famous Wednesday in February. The group will also reduce its workforce. In January, he announced thousands of job cuts, but could finally broaden the door even more.

On the environmental level, many analysts speculate on a very likely abandonment by BP of its promise to reduce its oil production by 25% by 2030, even though it was committed to reorienting itself towards electricity and renewables. This change of gear towards the neutrality announced with a lot of communication reinforcement five years ago will visibly return to the limbo. Also on the program: changes to the group’s management, a transfer of stock rates from the United Kingdom to the United States. Donald Trump’s air call and American investors make new followers every day.

In reality, the pressure also comes from investors, in particular from the Bluebel activist fund which describes BP ambitions on clean energy as an irrational, just like another very powerful investment fund (Elliott) which only wants to hear about yield. BP is more than ever at the mercy of its Anglo-Saxon shareholders who want to reach their dividends, at all costs socially and environmental.