Survey Monday
Tesla’s most awaited ‘We, Robot’ event – Elon Musk called it “one for the history books” – is finally happening this week. With expectations running high for Tesla’s robotaxi reveal, what is your prediction for TSLA shares after the event?
· Huge gain (watershed moment for TSLA)
· Slight rise/dip (expectations already priced in)
· Big decline (prepare to be disappointed)
Take the survey here and don’t forget to share your thoughts in the WSB comments section.
Energy reshift
BP (BP) is scaling back its energy transition strategy and will drop its ambitious target of cutting oil and gas production by 2030, with plans to raise its output instead, sources with knowledge of the matter told Reuters. This would mark a major shift for the oil giant at a time when its plan to boost renewables has raised concerns over profitability.
Strategy pivot: Back in 2020, BP pledged to cut oil and gas production by 40% by 2030, widely seen as the sector’s most ambitious target. This was scaled back last year to a 25% cut. But now, BP is looking to increase its oil and gas production, eyeing investments in three new projects in Iraq and in re-developing oilfields in Kuwait. It is moving ahead with the development of oilfields in the Gulf of Mexico and is also weighing acquiring assets in the Permian Basin.
Prioritizing profits: BP has paused investment in new offshore wind and biofuel projects in recent months, and reduced the number of low-carbon hydrogen projects to 10 from 30. The move comes as clean energy projects are facing supply chain issues and rising costs amid higher interest rates. Recall that BP is targeting $2B cost savings by 2026-end. While the updated strategy is expected to be unveiled in February, the company has already dropped the 2030 production cut target in practice.
Not alone: Rival Shell (SHEL) has also scaled back its energy transition strategy this year, scrapping several renewable energy projects and exiting power businesses to refocus efforts on oil and gas. In other news, the British energy giant on Monday raised its production guidance for LNG as well as upstream oil and gas. (10 comments)
