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STORY: BP is having a change of heart on renewables.

New boss Murray Auchincloss has decided to slow investment in big budget, low-carbon projects - particularly offshore wind farms.

That’s all according to Reuters sources.

It marks a stark reversal of the direction taken under predecessor Bernard Looney.

He had tried to drive BP away from dependence on fossil fuels.

That strategy didn’t impress investors, however, with shares in the firm underperforming other Big Oil players.

European rival Shell has already scaled back its investments in many renewables.

Now the sources say Auchincloss wants to prioritize investing in and even acquiring new oil and gas assets.

Green energy projects will be assessed to see if they can deliver quick returns.

The firm has reportedly already reassigned people who had been tasked with finding more such projects.

Some jobs are also expected to be cut in the low-carbon sector, though the sources say no targets have been set.

A company-wide hiring freeze is also in place.

Auchincloss has promised a pragmatic approach since taking over from Looney in January.

He’s aiming for $2 billion in cost savings by the end of 2026.

Shares in the firm rose around 1% in early trades on Thursday (June 27).