BP hits 25-year low a week after climate strategy

Bloomberg

Just a week after revealing its plan to turn itself into a clean-energy giant, BP Plc watched its share price drop to a 25-year low.
Chief Executive Officer Bernard Looney and his new management team gave more than 10 hours of presentations over three days last week, in a bid to show the world that the oil and gas giant could adapt to a low-carbon future without sacrificing returns.
The company’s shares closed in London at 232.4 pence, the lowest level since October 1995. While falling crude prices and fears of the second wave of the coronavirus haven’t help BP,
the slide suggests shareholders weren’t convinced by Looney’s pitch.
“Investors remain skeptical,” said Mirza Baig, Global Head of Governance at Aviva Investors. “Particularly as this move is being forced on the company by climate change.”