BP boss Murray Auchincloss has commented publicly for the first time on the energy giant's "fundamental reset" on strategy, backing away from renewables and focusing instead on fossil fuels.
Mr Auchincloss, writing in The Times, said previous green targets BP had set had been "misplaced", and the new change in attitude was "resonating" with investors.
He said: “From the many conversations I have been having, our new direction is resonating with shareholders … Most of the questions to me are about how quickly we can deliver.
"Our optimism in 2020 for a fast energy transition was misplaced and we went too far, too fast in our plans."
Mr Auchincloss recently layed out his plan to boost oil and gas production to up to 2.5million barrels of oil a day by 2030, as well as upping capital spending by 20% to $10billion a year.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 27-points at 8,685 shortly after opening this morning.
Brent crude oil futures were up 0.67%, trading at $70.32 a barrel.
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