Under Auchincloss’ predecessor, Bernard Looney, BP pledged in 2020 to cut oil and gas output by 40% while rapidly growing renewables by 2030. BP lowered the reduction target to 25% in 2023.

British oil giant BP (BP) is pivoting its focus back to its core business of oil and gas while lowering spending on renewables. On Wednesday, the British energy giant announced it will increase ...