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Strategy update: BP leans back from transition

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23 February 2023

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

    • Investment
    • EBITDA
    • Decarbonisation
    • 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?
    • 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:

  • Document

    Strategy Update BP Leans Back From Transition Updated.pdf

    PDF 1.71 MB