Insight
Strategy update: BP sets out road-map to net zero
Report summary
We said back in February that no company of BP’s stature had gone as far, or committed so unequivocally, to transforming itself in the face of energy transition. The guidance that BP laid out today brings that transformation to life – makes it real. It constitutes the clearest and most detailed roadmap to Big Energy that any of the Majors have provided to this point. The pace of change might surprise some – oil and gas production will fall by 1.1 million boe/d (40%) within ten years – but this is the reality of a net-zero trajectory. Others will follow. There was a lot to digest. This note constitutes our initial, high-level response.
Table of contents
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Key messages
- A new strategy
- A new financial frame
- A new shareholder distribution policy
Tables and charts
This report includes 7 images and tables including:
- Benchmarking: 1) reported gearing ratio and 2) WoodMac corporate cash flow breakeven
What's included
This report contains:
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