ENERGY: BP’s CEO Plays Down Renewables Push.

Chief Executive Bernard Looney plans to dial back elements of the oil giant’s high-profile push into renewable energy, he has said in recent discussions with people close to the company.

Mr. Looney has said he is disappointed in the returns from some of the oil giant’s renewable investments and plans to pursue a narrower green-energy strategy, according to people familiar with the discussions. He has told some of the people that BP needs to do more to convince shareholders of its strategy to maximize profit in areas where it has a competitive advantage, including its legacy oil-and-gas operations.

In some of the conversations, Mr. Looney has said he plans to place less emphasis on so-called ESG goals—a catchall term for environmental, social and governance—to help clarify that those aren’t distracting the company from its ability to deliver profits, the people said.

Mr. Looney, the people said, is casting the moves as a modest short-term course correction rather than a major strategic pivot for the 114-year-old company.

Since this ought to put BP in a better position than its rivals, I wonder how long the “correction” will remain “modest.”