BP stock jumps as the energy giant slows its ambitious pivot to renewables and vows more spending on oil and gas

• BP stock climbed on Tuesday after the company announced record profits and more spending on oil and gas. 
• Shares climbed as much as 7% by midday. 
• The move is a marked reversal from previous pledges of investments in renewables. 

BP stock edged higher on Tuesday, after the company announced record profits and more spending on oil and gas production. 

Shares climbed as much as 7%, trading around $37.15 at press time. The company notched record profits for the fourth quarter of 2022, and is shifting away from renewables goals to further capitalize on highly profitable oil and gas investments.