By Adam Whittaker
BP will close its low-carbon mobility team as it implements its new strategy.
The British energy company said in an email to staff that it will close the nine-person business development team, which had been examining hydrogen and liquefied natural gas fuel solutions for the transportation sector.
At its capital markets day update in late February, BP said it would refocus its downstream business. In a statement Thursday, the company said it has decided it no longer requires the dedicated team and will integrate its activities across the business.
Plans to develop its electric vehicle charging business, BP Pulse, are unaffected by the closure, it said.
Under its new strategy, BP plans to grow its upstream oil-and-gas business while growing cash flow and shareholder returns. The company will also cut investments in businesses geared toward energy transition.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
April 03, 2025 07:50 ET (11:50 GMT)
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