BP’s pivot back to fossil fuels draws investor pushback

BP’s renewed push into oil and gas is drawing fresh scrutiny from investors who want clearer proof that the strategy will deliver stronger returns, The Wall Street Journal writes. 

A coalition of pension funds and shareholders has filed a resolution urging the energy giant to provide more detailed disclosure on how increased spending in fossil fuels will create value, arguing BP’s recent strategic “reset” fails to address the root causes of its long-term underperformance.

After costly missteps in renewables and multibillion-dollar write-downs, BP has shifted back toward its traditional business, boosting oil and gas investment to roughly $10 billion a year and promising returns above 15%. But critics say confidence won’t be restored without tighter capital discipline, greater transparency around project selection and clearer explanations of how cost overruns and exploration risks are managed. 

The pressure comes as BP works to rebuild credibility under new leadership and reassure markets that its back-to-basics approach represents a durable turnaround—not another expensive gamble.

The Wall Street Journal has the full story.