BP CEO Won’t Boost Spending, Signaling Caution on Oil Rebound
- Capital spending to remain below $17 billion in 2017 and 2018
- Company will be ‘very selective’ on projects this year
BP CEO Dudley: Priority Is to 'Get Back Growing'
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BP Plc boss Bob Dudley is not yet ready to boost spending despite the rebound in oil prices.
The company will keep capital expenditure below $17 billion this year and next, Chief Executive Officer Dudley said in a Bloomberg television interview in Davos, Switzerland. That’s $6 billion lower than 2014, when crude prices first started to slump, showing that the impact of the two-year industry downturn still lingers.