BP (NYSE:BP) plans to add two new directors to help it pivot back to oil and gas, Financial Times reported Tuesday, as Chair Helge Lund wants the board to reflect the company’s new strategy, after it abandoned a drive towards green energy last week to refocus on its core oil and gas business.

Even the oil giants that attempted to switch away from fossil fuels are going back to oil and gas. The chief executive of BP Plc oozed confidence as he strode out onto a Houston stage in 2023 to tell an audience of fellow oil executives that he no longer ran an oil company.

BP has returned to its oil and gas roots in a spectacular about-turn following its trailblazing attempt five years ago to become a renewables giant. The takeaway for Big Oil is that the energy transition is a marathon,

British energy company BP has confirmed it is to slash spending on green ventures and up its oil and gas production.

Those include activist hedge fund Elliott Management, which recently took a stake in BP with a view to pushing for significant changes.“It’s a radical shift,” Chief Executive Murray Auchincloss said in an interview.