BP's plans to ditch oil production target shows fiduciary duty trumps ESG

Share price woes

Having benefited from huge spikes in oil and gas prices during the aftermath of the Russian invasion of Ukraine in early 2022, BP’s share price has taken a beating in recent months.

The FTSE 100 energy giant's share price has dropped over 20% in the past year, according to Morningstar Direct. This stands in stark contrast to the nearly 50% surge seen in 2022, when soaring oil and gas prices fueled record profits.  Shares of BP's London-listed peer Shell have risen 4% year-on-year, while ExxonMobil and TotalEnergies have gained 11.5% and 0.5%, respectively. Chevron's shares are also down over the past 12 months but by less than half the decline seen at BP. HL's Derren Nathan: Oil and gold prices have spiked as Middle East tensions reach boiling point Fund manag...