If BP's change of heart isn't a U-turn, it's certainly a major detour | Nils Pratley

Bernard Looney is 'leaning in' to his earlier pledge to cut hydrocarbons, but where will it end? The calls from Labour's shadow climate secretary, Ed Miliband, and others for a "proper" windfall tax on BP and its brethren after the oil supermajor revealed a near-doubling of its profits are the least of chief executive Bernard Looney's worries. A more powerful influence is the company's own shareholders, who have clearly demanded a rethink on previous pledges to slash hydrocarbon output by 40% this decade.Three years ago, when he was fresh in the job, Looney sounded as if he'd made up his mind. "Today is about a vision, a direction of travel," he declared to an audience of investors and industry analysts. "The direction is set. We are heading to net zero. There is no turning back." Continue reading...