bp update on strategic progress
bp today reports its full year results for 2021 and will also give an update on its strategic transformation, including accelerating its net zero ambition.
The strong progress bp has made over the past few years has reinforced its confidence in the delivery of its earnings and returns targets for 2025. In addition, it is now aiming to continue to grow EBITDA through to 2030.
bp is now aiming to sustain earnings (EBITDA) from resilient hydrocarbons out to 20301, despite focusing its oil and gas production and refining throughput.
bp also expects to increase the proportion of its capital expenditure in transition growth businesses to more than 40% by 2025 and is aiming for around 50% by 2030. It aims to generate earnings of $9-10 billion from these businesses by 20302, driven by five transition growth engines – bioenergy, convenience, electric vehicle (EV) charging, renewables and hydrogen.
Bernard Looney, bp chief executive, said: “Over the past two years we have set a new purpose, direction and strategy for bp, and completed the largest re-organisation in our history. With this period of change fully behind us, we are now solely focused on driving value through the safe, efficient delivery of our strategy.
“We enter 2022 with growing confidence. The past two years have reinforced our belief in the opportunities that the energy transition presents – to create value for our shareholders and to get to net zero. The need for, and role of, an integrated energy company (IEC) has – to our minds – never been clearer. Underpinning all of this is our steadfast commitment to perform while transforming.”
Disciplined strategic progress
Since setting out its strategy in August 2020, bp has made strong progress across each of its three strategic focus areas and is on track to meet the targets it set for 2025.
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