Insight
Strategy update: BP leans back from transition
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
BP unveiled an important strategy update earlier this month. It wasn’t a complete overhaul – the journey from IOC to IEC continues, and BP remains committed to net zero by 2050. But, with this update, leadership plotted a new route to getting there. BP will still look very different come 2030 – just not quite as different as previously envisaged. BP is going longer in oil and gas – and carbon – than previously advertised. Investment in renewables and power, while still important, has been pared back. And more capital will be allocated to BP’s other transition growth themes – convenience, EV charging, bioenergy and hydrogen.
Table of contents
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What’s changed?
- Investment
- EBITDA
- Decarbonisation
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Why the change?
- Longer in oil and gas
- Shorter in renewables
- Accelerating investment in Hydrogen, Biofuels, Convenience and EV charging
- Why lean back? Why now?
- Still leading on energy transition strategy and targets
- Financial frame robust
- Investor sentiment supportive
- Job done?
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Appendix
- Strategic themes
- Resilient and focused hydrocarbons
- Convenience and mobility
- Low carbon energy
- BP reference slides
Tables and charts
This report includes the following images and tables:
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WoodMac interpretation of BP capital expenditure guidance cumulative 2023-2030, latest vs. previousWoodMac interpretation of BP EBITDA aims at 2030, latest vs. previousCompany guidance for oil and gas production to 2030 vs WoodMac base forecast
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1) BP production aims Q1 2023 vs Q1 2022; 2) WoodMac forecast vs guidance (million boe/d)BP capital expenditure guidanceBP EBITDA guidanceBP operational guidanceBP transition growth engines guidance
What's included
This report contains:
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