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 [e-mail]

(END) Dow Jones Newswires

06-27-24 0406ET