LONDON - 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.
Speaking to Reuters on Tuesday after BP announced $2.7 billion in first quarter profits, Auchincloss said BP may overshoot or undershoot the 2030 target. "And as we make those decisions on a returns-based approach, that will help inform what we think our production will be in 2030, but I am focused on returns and cash flow, not volume," Auchincloss said.Earlier this year, Shell CEO Wael Sawan also watered down the company's emission reduction targets, citing expectations for strong gas demand and uncertainty about the energy transition as he also seeks to boost Shell's shares.