BP Slumps to Two-Year Low as Investors Spurn Green Shift (1)

BP Plc’s shares fell to the lowest in two years as investors punish the company for shifting away from the oil and gas business.

That may put pressure on new Chief Executive Officer Murray Auchincloss to retreat from a strategy he helped develop under his predecessor Bernard Looney. Even as the world moves to low-carbon power sources to combat climate change, BP’s profits overwhelmingly depend on a still-growing market for fossil fuels, helping to fund its dividend payouts and share buybacks.

“BP pivoted hard toward the energy transition under Bernard Looney around the time of maximum interest in ...