BP Pauses Hiring, Offshore Wind Investments, Reuters Reports
-- BP halted hiring new employees and paused new offshore wind projects to focus further on oil and gas operations amid investor worries, Reuters reports, citing unnamed company sources.
-- The move is part of Chief Executive Murray Auchincloss's plan to slow down large investments in low-carbon projects that aren't expected to generate cash short-term, Reuters reports.
-- The British energy giant declined to comment on the report when approached by Dow Jones Newswires. A spokesperson referred to Auchincloss's six priorities to deliver a simpler, more focused and higher value company and BP's target to save at least $2 billion in cash costs by end 2026.
Full story: https://tinyurl.com/yz4vfwtk
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
June 27, 2024 04:06 ET (08:06 GMT)
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