BP has returned to its oil and gas roots in a spectacular about-turn following its trailblazing attempt five years ago to become a renewables giant. The takeaway for Big Oil is that the energy transition is a marathon,

BP has abandoned a radical attempt to reinvent itself as a green energy company, bowing to pressure from investors after its aggressive shift away from fossil fuels over the past five years backfired.

KEY TAKEAWAYS BP said it would invest more in oil and gas as it pivots away from its low-carbon strategy.BP said it would increase its annual oil and gas investment to about $10 billion and cut annual capital expenditure to between $13 billion and $15 billion through 2027.

BP has reversed its green energy strategy, increasing oil and gas investments while cutting renewables spending, following pressure from investors like Elliott Management.

But BP has struggled to reduce its debt load and the moves have failed to ignite its share price, leading to speculation among bankers that a rival could swoop in for parts—or t