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BP to shift away from renewable energy; will boost oil, gas drilling in US: Report

Craig Nigrelli (Anchor/Reporter )

Summary

BP strategy shift

BP plans to increase oil and gas production in the U.S. by over 50% by 2030, reversing its prior focus on renewable energy, according to a Wall Street Journal report.

Production increase

The company aims to raise U.S. oil and gas production from 650,000 barrels per day to more than 1 million by 2030, which is aligned with the Trump administration's energy policies.

Financial context

The announcement comes as BP reported a decline in profits and and amid a GDP contraction in the U.S.

British Petroleum, the U.K.-based oil and gasoline company commonly known as BP, plans to drill more and boost its oil production.
Image credit: Anna Barclay/ Getty Images
This recording was made using enhanced software.

Summary

BP strategy shift

BP plans to increase oil and gas production in the U.S. by over 50% by 2030, reversing its prior focus on renewable energy, according to a Wall Street Journal report.

Production increase

The company aims to raise U.S. oil and gas production from 650,000 barrels per day to more than 1 million by 2030, which is aligned with the Trump administration's energy policies.

Financial context

The announcement comes as BP reported a decline in profits and and amid a GDP contraction in the U.S.

Full story

London-based oil company BP announced a shift in its strategy for the years ahead. The Wall Street Journal reported on Tuesday, April 29, that BP plans to increase oil and gas production in the U.S. by more than 50% by 2030. 

The increase in production marks a change from BP’s recent push for renewable energy. The WSJ report indicated that BP will reduce spending on green technology. The company also announced the departure of a senior executive responsible for overseeing green energy investment at BP, and it will not replace the position.

Why the shift away from green energy?

CEO Murray Auchincloss confirmed BP will boost oil and gas production in the U.S. from 650,000 barrels a day to more than 1 million by the end of the decade. Auchincloss told the Journal that the shift directly relates to President Donald Trump’s philosophy of “drill, baby, drill.”

“We’re pretty tightly aligned with the president,” Auchincloss said to the WSJ.

BP’s plan is to boost production “both in oil and gas onshore and oil and gas in the Gulf of America,” Auchincloss added.

Trump tariffs affect oil prices

Unbiased. Straight Facts.TM

Oil prices went down from about $80 a barrel in late January to less than $65 as of late April.

However, the Trump administration’s tariff policies have left the industry in a holding pattern as the price of oil dipped below $65 a barrel, according to CNBC. That is down more than 20% since Trump took office in January. The Wall Street Journal noted BP reported a drop in first-quarter profits from $2.72 billion in 2024 to $1.38 billion in 2025.

In addition, the Commerce Department reported on Wednesday, April 30, that the U.S.’ gross domestic product fell by 0.3% in the first quarter, furthering some people’s fears that the country might be headed toward a recession. 

CNBC reported U.S. Energy Secretary Chris Wright told oil and gas executives at a conference in Oklahoma City last week that there’s “a lot of anxiety and uncertainty in the industry.

“That’ll be gone in a few weeks,” Wright added. “Maybe a few months, but I think in a few weeks we’ll get some clarity on that. “  

As for the tariffs, trade and how these policies will affect companies like BP, CNBC reported that Wright said American reindustrialization due to the Trump administration’s trade policies will boost demand.

Michael Edwards (Video Editor) contributed to this report.
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Why this story matters

BP's shift toward increased oil and gas production is significant as it reflects broader trends in energy policy and market influences.

Energy policy

This story highlights the government's role in shaping energy production trends.

Economic implications

The focus on oil and gas production amid recession fears underscores the potentially conflicting goals of economic growth and environmental sustainability.

Get the big picture

Synthesized coverage insights across 19 media outlets

Diverging views

News articles showed diverging views regarding the impact of trade negotiations and tariffs on oil prices. Media sources on the left tended to emphasize the negative consequences of the trade war and its direct implications for oil demand. Outlets on the right focused on potential recovery scenarios and the administration's role in fostering production stability.

Global impact

The fluctuations in oil prices could have global ramifications, especially in other economies reliant on oil exports.

History lesson

The cyclical pattern of oil prices has been evident over decades, with similar downturns previously observed during global financial crises.

Sources

  1. The Wall Street Journal
  2. CNBC
  3. Reuters

Bias comparison

  • Media outlets on the left used language such as "slash renewable energy spending" to describe BP's actions and highlighted the company's commitment to fossil fuels.
  • Not enough coverage from media outlets in the center to provide a bias comparison.
  • Media outlets on the right focused on the financial reasons behind BP's spending adjustments to renewable energy, and emphasized pressure on the company from activists and investors.

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Media landscape

Click on bars to see headlines

23 total sources

Key points from the Left

  • BP plans to increase investments in oil and gas production, a change from its previous plan to reduce it.
  • A spokesperson from Royal London Asset Management expressed concerns about BP's fossil fuel investments.

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Key points from the Center

No summary available because of a lack of coverage.

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Key points from the Right

  • BP is increasing its annual oil and gas production while cutting investments in renewable energy, marking a significant strategy shift.
  • BP's CEO Murray Auchincloss previously stated that the transition to renewable energy was slower than expected due to various global events and changing attitudes.

Report an issue with this summary

Other (sources without bias rating):

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Timeline

  • The declaration would grant the president additional executive powers, including the ability to suspend certain environmental regulations.
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    During President Donald Trump’s inaugural address, he unveiled plans to declare a national energy emergency, and emphasized his administration’s intent to prioritize domestic fossil fuel production. The declaration of a national energy emergency, if implemented, would grant the president additional executive powers, including the ability to suspend certain environmental regulations. “The inflation crisis was caused...

  • British Petroleum, the U.K.-based oil and gasoline company commonly known as BP, is cutting nearly 5,000 jobs across the globe.
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    Jan 16

    BP to slash thousands of jobs in cost-cutting move

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  • BP is cutting spending and transitioning away from offshore wind energy, as the company redirects its focus toward oil and gas ventures.
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    Dec 10

    BP cuts offshore wind spending as the company turns focus to fossil fuels

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  • BP is reinvigorating its focus on fossil fuels as its CEO announced a pause in all new offshore wind projects and a hiring freeze.
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    Jun 27

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    On Thursday, June 27, new British Petroleum (BP) CEO Murray Auchincloss announced that the company is pausing all new offshore wind projects and imposing a company-wide hiring freeze, which has few exceptions, as it reinvigorates its emphasis on fossil fuels. The move comes as stockholders were reportedly upset with the company’s previous effort to shift...

Sources

  1. The Wall Street Journal
  2. CNBC
  3. Reuters

Timeline

  • The declaration would grant the president additional executive powers, including the ability to suspend certain environmental regulations.
    Getty Images
    Energy
    Jan 20

    Trump’s national energy emergency allows roll back of environmental rules

    During President Donald Trump’s inaugural address, he unveiled plans to declare a national energy emergency, and emphasized his administration’s intent to prioritize domestic fossil fuel production. The declaration of a national energy emergency, if implemented, would grant the president additional executive powers, including the ability to suspend certain environmental regulations. “The inflation crisis was caused...

  • British Petroleum, the U.K.-based oil and gasoline company commonly known as BP, is cutting nearly 5,000 jobs across the globe.
    AP Images
    Business
    Jan 16

    BP to slash thousands of jobs in cost-cutting move

    British Petroleum, the U.K.-based oil and gasoline company commonly known as BP, is cutting nearly 5,000 jobs worldwide. Those cuts get even bigger when you factor in that the corporation is also slashing 3,000 contractors. Last fall, BP announced that it had identified $500 million in cost-saving cuts this year, as part of a larger plan to...

  • BP is cutting spending and transitioning away from offshore wind energy, as the company redirects its focus toward oil and gas ventures.
    Getty Images
    Energy
    Dec 10

    BP cuts offshore wind spending as the company turns focus to fossil fuels

    BP is transitioning away from offshore wind energy as the company redirects its focus toward oil and gas ventures. This development comes as the British energy giant announced an agreement to transfer all of its offshore wind projects into a joint venture with Japan’s largest power producer. The partnership will allow BP to share costs,...

  • BP is reinvigorating its focus on fossil fuels as its CEO announced a pause in all new offshore wind projects and a hiring freeze.
    Getty Images
    Business
    Jun 27

    BP halts offshore wind projects, renews focus on oil and gas

    On Thursday, June 27, new British Petroleum (BP) CEO Murray Auchincloss announced that the company is pausing all new offshore wind projects and imposing a company-wide hiring freeze, which has few exceptions, as it reinvigorates its emphasis on fossil fuels. The move comes as stockholders were reportedly upset with the company’s previous effort to shift...