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BP to Continue Having Presence in Oil Business for Decades

Zacks Equity Research
·2-min read

BP plc BP will not stay away from oil and gas business and will instead continue to produce hydrocarbons for decades to capitalize on rising crude prices, as stated by chief executive Bernard Looney in an interview for the Reuters Global Energy Transition conference.

Notably, Looney is of the opinion that oil price will remain favorable in coming years, and hence expects BP to continue having a strong presence in upstream business even as it lowers hydrocarbon production to address climate change. Looney added that with high possibilities of healthy crude prices sustaining, the British energy major will be able to divest non-core properties at higher prices and could allocate the proceeds toward renewable energy operations, and for rewarding shareholders through share repurchases.

Looney also said that the integrated energy giant’s intention is not to be an operator of the biggest, but rather, of the best hydrocarbon business.

BP p.l.c. Price

BP p.l.c. Price
BP p.l.c. Price

BP p.l.c. price | BP p.l.c. Quote

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Currently, BP carries a Zacks Rank #3 (Hold). Meanwhile, three better ranked players in the energy space include Whiting Petroleum Corporation WLL, Extraction Oil & Gas, Inc. XOG and Oasis Petroleum Inc. OAS. All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.

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Oasis Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.

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To read this article on Zacks.com click here.

Zacks Investment Research