BP to Grow Cash Flow, Shareholder Returns Amid Return to Oil and Gas

By Adam Whittaker

BP said it plans to grow its upstream oil and gas business as it resets its strategy in an effort to grow cash flow and shareholder returns.

The British oil and gas major said it has abandoned previous targets and that the strategy reset will reduce and reallocate capital expenditure as well as significantly reduce costs.

It also announced a strategic review of its Castrol business.

Chief Executive Officer Murray Auchincloss said earlier this month he would fundamentally reset the oil major's strategy, prioritizing cash flow generation and delivering shareholder value.

Write to Adam Whittaker at adam.whittaker@wsj.com