Insight
Strategy update: BP leans back from transition
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
-
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?
-
Appendix
- Strategic themes
- Resilient and focused hydrocarbons
- Convenience and mobility
- Low carbon energy
- BP reference slides
Tables and charts
This report includes 8 images and tables including:
- WoodMac interpretation of BP capital expenditure guidance cumulative 2023-2030, latest vs. previous
- WoodMac interpretation of BP EBITDA aims at 2030, latest vs. previous
- Company guidance for oil and gas production to 2030 vs WoodMac base forecast
- 1) BP production aims Q1 2023 vs Q1 2022; 2) WoodMac forecast vs guidance (million boe/d)
- BP capital expenditure guidance
- BP EBITDA guidance
- BP operational guidance
- BP transition growth engines guidance
What's included
This report contains:
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