Under the leadership of former CEO Lord Browne, British Petroleum had made steps to move its business model beyond only petroleum and into newer and greener energy sources.
But with oil prices at record highs, and expected to stay there, new CEO Tony Hayward has decided to forget about environmental initiatives and return BP to its profitable roots.
The move is part of Hayward’s larger overhaul of the energy giant, including a cost-cutting program that will see 14,500 jobs cut and nearly $1 billion trimmed from overhead costs. The company has decided that high oil prices are here to stay, and has decided to maximise its profit by focusing on that area including a much greater investment in the Canadian oil sands. The oil sands in Canada have recently been in the news after being labelled “the most destructive project on Earth”.
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