BP

In February 2025 BP scrapped its 50 GW renewables target and tripled oil-and-gas spend to ~$10 billion a year. It looks like a fresh reset. It's the third lap of the same loop — green slogan, market pressure, retreat to the barrel.

An explosion killed 11 workers and a court later ruled BP grossly negligent. But the reputational collapse came from what BP said next: a flow rate it low-balled to ~1,000 barrels a day when the truth was around 62,000.

In 2020 BP vowed to 'fundamentally transform' from an oil company into a clean-energy one. Five years later it raised oil-and-gas spending to ~$10bn/year, called its own faith in the transition 'misplaced,' and still trades at ~$85bn against Exxon's ~$500bn.