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‘Too far, too fast’: BP’s painful retreat from the renewables it once championed, selling off clean energy assets
The company, once rebranded as Beyond Petroleum, is now increasing its oil and gas production and selling off some of its clean energy assets.
Meanwhile, BP’s scaling back on oil and gas production came amid surging fuel and power demand after the pandemic, an ongoing Russian war in Ukraine, and a burgeoning AI construction boom. Ben Dell, cofounder and managing partner of activist private equity firm Kimmeridge, said this reckoning is overdue, that Big Oil must reposition itself after forgetting a fundamental rule of business: “Philanthropy is not an investing strategy,” he said. In 2000, it infamously rebranded as “ Beyond Petroleum”—but operational and safety problems arose following a wave of rapid acquisitions before BP could develop a firm strategy, and the effort was widely derided as “greenwashing.” The name did not stick.
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