In an attempt to attract new investors, BP has implemented a company-wide freeze on hiring and has paused new offshore wind power projects.
BP has halted hiring across the company and paused new offshore wind power projects as it seeks to reassure investors it is on the right path, focusing on its core business in oil and gas. That’s according to a Reuters report that quoted unnamed sources from the company, which until last year used to be one of the most ambitious transition fans in the energy industry.
Wind, solar and other low-carbon projects that BP had entered were failing to deliver the profits they were supposed to deliver, causing the company to sour on the transition push somewhat. BP even got pressured by an activist investor to drop the transition altogether—an odd demand by an activist investor in this day and age but one with a sound basis.
Hiring Investors Shareholders Wind Power Offshore Spending Crude Oil Natural Gas
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