Oil and gas firm BP (BP.) has already released a teaser ahead of its third-quarter results on 29 October.

Given this, the focus may be on the company’s long-term strategic direction with reports the company plans to ditch its target to cut oil and gas production by 25% by 2030.

This has already been watered down from the 40% cut initially outlined in 2020, so chief executive Murray Auchincloss will be expected to either confirm or deny this news when the results are announced.

BP has been left behind by US rivals, with investors turned off by the emphasis placed on the energy transition under Auchincloss’ predecessor Bernard Looney.

However, just turning away from a previous strategy isn’t a strategy in itself and Auchincloss could well face pressure from the market to demonstrate in which direction he wants to take the business.

Panmure Liberum analyst Ashley Kelty observes: ‘We remain unconvinced the incumbent board have the courage to change direction and revitalise the strategy.’

For the three-month period just gone BP has already flagged net debt will be higher, thanks in part to a hit on refining margins.

The company said earnings in its customer and products segment face a dent of up to $600 million and the oil production and operations unit is expected to be impacted to the tune of $100 million to $300 million. 

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