BP May Cut Renewable Energy Spending. Its Stock Could Catch Exxon, Chevron.

BP


stock was heading higher Wednesday morning after the Wall Street Journal reported that the European oil giant was planning to narrow its investments in renewable energy.

The former British Petroleum has been at the forefront of oil majors investing in a renewable energy future, despite little evidence that the investments would be profitable. Now, the Journal is reporting that Chief Executive Bernard Looney, disappointed in the returns from those investments, is planning to refocus those investments, targeting areas where it can, well, make money. The Journal said that this is a “course correction” and not a “major pivot.” BP declined to comment.