BP Walks Back Green Targets Amid Market Realities

In February 2020, then-brand-new chief executive Bernard Looney told the world that one of the oldest and biggest oil companies in the world was going to become a net-zero company by 2050. To achieve this, it would slash its oil and gas production by 40% by 2030. Four years and one major crisis later, BP is abandoning not only the original production cut target of 40%, but also a revised, lower target of 25%. BP, in other words, is returning to its roots. And commodity investors who are not paying attention should be—and so are transition...