Company Report
BP corporate report
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Report summary
BP is four years into a strategic pivot from Big Oil to Big Energy; from IOC to “integrated energy company delivering solutions for customers”. Core to the strategy is a commitment to become a net-zero Scope 1, 2 and 3 emissions business by 2050. That means less oil and gas, and more carbon capture. In parallel, BP is moving aggressively into low carbon businesses. Within a decade, BP will be unrecognisable from the company it has been for the past 100+ years. But the journey from IOC to IEC was never going to be smooth, and BP has faced bumps in the road. In the face of shifting external pressures – war in Europe, peak energy ‘trilemma’ – BP unveiled an important strategy update in February 2023, effectively going longer in oil and gas, and adopting a more measured posture on low carbon. It wasn’t a complete overhaul – the journey from IOC to IEC continues, and BP remains committed to net zero by 2050. But the company plotted a new route to getting there.
Table of contents
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Corporate Resilience and Sustainability ratings
- Resilience
- Sustainability
-
Strategic framework
- Reporting and guidance
- Resilient and focused hydrocarbons
- Convenience and mobility
- Low carbon energy
- Integration
-
Decarbonisation
- Financial outlook
- Current strategic positioning
-
Production outlook
- Exploration
-
Customers – convenience and mobility
- Convenience
- EV charging
- Castrol
- Aviation
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Products – refining and trading
- Refining
- Trading
- Renewables & Power
- EV charging
- Bioenergy
- CCUS
- Hydrogen
Tables and charts
This report includes 18 images and tables including:
- BP guidance by segment: 1) capital expenditure; 2) EBITDA
- 1) Strategic fit of upstream regions; 2) Benchmarking NPV10 by resource theme
- 1) BP production guidance vs. WM forecast; 2) Benchmarking production outlook (million boe/d)
- 1) WM production forecast for BP (million boe/d); 2) Benchmarking gas as % of total production
- BP conventional new project returns vs spend 2023-2050
- Resilience ratings: 1) IOC benchmarking; 2) BP ratings weighted by Dimension
- Sustainability ratings: 1) IOC benchmarking; 2) BP ratings weighted by Dimension
- Reconciliation of BP's reporting segments, strategic pillars and 'transition growth engines'
- WoodMac projected base 1) cash flow breakeven and 2) cash flow, both ex-buyback and A&D
- Reported 1) net debt (US$ bn); 2) gearing ratio (%), both incl. operating leases
- WoodMac analysis of BP contracted LNG volumes vs. BP reported and guidance
- Underlying replacement cost profit before interest and tax: 1) Group, by segment; 2) Customers and products segment, by business
- Renewables commercial portfolio: 1) net generation capacity; 2) operating cash flow
- Portfolio capacity (net) by development status: 1) CCUS; 2) low carbon hydrogen
- Base price assumptions (nominal terms) and key valuation assumptions
What's included
This report contains:
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