BP.L - BP P.L.C.

LSE - LSE Delayed price. Currency in GBp
457.50
-3.50 (-0.76%)
At close: 4:35PM GMT
Stock chart is not supported by your current browser
Previous close461.00
Open458.80
Bid456.65 x 0
Ask456.80 x 0
Day's range450.00 - 461.50
52-week range4.69 - 583.40
Volume37,334,922
Avg. volume38,485,222
Market cap92.659B
Beta (5Y monthly)0.54
PE ratio (TTM)23.22
EPS (TTM)19.70
Earnings date28 Apr 2020
Forward dividend & yield0.32 (6.98%)
Ex-dividend date13 Feb 2020
1y target est7.99
  • Reuters - UK Focus

    Portugal's oil company Galp invests for a greener future

    Portuguese oil company Galp Energia said on Tuesday it will kick off its green business by installing renewable energy capacity of 10 gigawatts in the decade ahead. Galp, which last month bought solar power projects from Spain's ACS for 2.2 billion euros ($2.38 billion), hopes to install 3.3 gigawatts of solar energy in Portugal and Spain alone by 2023, generating more than 10% in equity returns. Fossil fuel companies are racing to adapt to investor-demands for more sustainable business models as public awareness of climate change grows.

  • Should I buy UK shale oil and gas stocks?
    Fool.co.uk

    Should I buy UK shale oil and gas stocks?

    Anna Sokolidou takes a close look at the future of the shale boom revolution.The post Should I buy UK shale oil and gas stocks? appeared first on The Motley Fool UK.

  • The BP share price is hit by global issues, but I’m not worried. Here’s why
    Fool.co.uk

    The BP share price is hit by global issues, but I’m not worried. Here’s why

    Not a natural jump for most of us to make, the Coronavirus may be set to hurt the BP share price this year.The post The BP share price is hit by global issues, but I'm not worried. Here's why appeared first on The Motley Fool UK.

  • The Zacks Analyst Blog Highlights: BP, Royal Dutch Shell, Repsol, Exxon Mobil and Chevron
    Zacks

    The Zacks Analyst Blog Highlights: BP, Royal Dutch Shell, Repsol, Exxon Mobil and Chevron

    The Zacks Analyst Blog Highlights: BP, Royal Dutch Shell, Repsol, Exxon Mobil and Chevron

  • Reuters - UK Focus

    S&P continues to see potential to upgrade BP after strategy update

    Ratings agency S&P Global said on Friday it continued to see potential for a ratings upgrade for British energy firm BP after its long-term strategy update and full-year results. "BP has reaffirmed its financial framework as it plans to refocus the mix of its investments and businesses away from oil and gas over the coming decades, to 2050," it said.

  • BP Beefs Up Carbon Capture Team in Bid to Meet Climate Goals
    Bloomberg

    BP Beefs Up Carbon Capture Team in Bid to Meet Climate Goals

    (Bloomberg) -- BP Plc is expanding its team working on carbon capture and storage projects as part of its ambition to zero out net greenhouse-gas emissions by 2050.The oil major has added staff over the past 12 months and is reorganizing teams that have been dispersed within different units of the company, a spokesperson confirmed. The moves build on Chief Executive Officer Bernard Looney’s announcement Wednesday that BP will target pollution not only from its own energy use but from the fuel its customers use, known as Scope 3 carbon emissions.The moves add the weight of Europe’s second-biggest oil company to efforts to make the technology a commercial reality. Carbon capture is a broad set of technologies that can be deployed to cut emissions from industrial plants. The goal is to bury pollutants underground instead of allowing them to escape into the atmosphere and contribute to climate change.The hiring spree “is a rejuvenation of the size and speed and seriousness of (carbon capture) activity within BP,” said Stuart Haszeldine, professor of carbon capture and storage at the University of Edinburgh. The company declined to provide more details on how many new people they are taking on or how many people work in the field now. The move is an indication of BP’s ambition to tackle Scope 3 emissions, which is about 90% of the carbon footprint of most oil companies. While the industry burns some fossil fuel to run refineries and deliver gasoline to service stations, its largest impact on the environment is in the oil products its customers burn. Looney said carbon-capture projects will have to be part of the solution to reaching the net-zero target. “Trillions of dollars will need to be invested in re-plumbing and rewiring the world’s energy system,” Looney said Wednesday in a statement outlining his plan. “It will require nothing short of re-imagining energy as we know it.”Read More: How Much Carbon Dioxide Is in the Atmosphere?BP flirted with carbon-capture technologies in the early 2000s, when the U.K. government put out a series of bids and competitions to attract private companies to build technology capabilities and large infrastructure projects. The U.K. government’s flip-flop on supporting the technology cost BP as much as $50 million, which it had spent studying the feasibility of the world’s first natural-gas power plant fitted with the equipment.Under new leadership, BP is aiming to align its emissions targets to match the ambition that governments set under the 2015 Paris Agreement on climate change. That deal brokered by the United Nations aims to keep global temperature increases since the industrial revolution “well below 2° Celsius,” a level that would still mark the quickest shift in the climate since the last ice age ended. Every climate model setting out how that goal can be reached suggests carbon capture will be essential.The technology plays only a marginal role in cutting emissions today, partly because each plant can cost $1 billion or more, and governments so far have been reluctant to subsidize it or put an appropriate price on carbon. Some 20 large scale projects that can capture about 40 million metric tons of carbon dioxide each year, about 1% of global emissions, are working now.As part of its commitment, last month BP joined the Global CCS Institute, an industry body promoting the use of carbon capture technology. Read more: Why Company Carbon Cuts Should Include “Scope” CheckThe company is currently leading a group looking to build a zero-carbon cluster at the U.K.’s Teesside industrial complex, which includes oil refineries and chemical factories. It’s part of a project run by the Oil and Gas Climate Initiative, which includes Royal Dutch Shell Plc and Total SA. The plan would be to inject carbon emissions into rock formations deep under the North Sea. Haszeldine said that the project “could serve as a carbon dioxide store for many, many decades.”If it’s built, the Teesside project aims to capture as much as 6 million metric tons of carbon dioxide a year, or about 2% of the U.K.’s annual emissions. The OGCI estimates the single project could create up to 4,000 jobs. That’s only one of the industrial sites ripe for the technology. Others include plants near the Humber river, Merseyside, Runcorn and in Grangemouth. Those places employ more than 90,000 people in chemicals and oil refining.The U.K. government, which has set its own legally mandated goal of hitting net-zero emissions by 2050, is also looking to invest in carbon-capture technologies. Prime Minister Boris Johnson committed to spend 800 million pounds ($1 billion) toward scaling up the technology in his party’s manifesto before the December election. Haszeldine says that the government is looking to stump as much as 30% of a project cost, if private companies pony up the rest.To contact the author of this story: Akshat Rathi in London at arathi39@bloomberg.netTo contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net, Lars PaulssonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Forget a Cash ISA. I’d buy these 2 FTSE 100 dividend stocks to make a passive income
    Fool.co.uk

    Forget a Cash ISA. I’d buy these 2 FTSE 100 dividend stocks to make a passive income

    These two FTSE 100 (INDEXFTSE:UKX) shares could offer income investing potential in my opinion.The post Forget a Cash ISA. I’d buy these 2 FTSE 100 dividend stocks to make a passive income appeared first on The Motley Fool UK.

  • BP to Cut Emissions to Zero by 2050: US Majors to Follow Suit?
    Zacks

    BP to Cut Emissions to Zero by 2050: US Majors to Follow Suit?

    Alongside environmental efforts, BP remains focused on increasing sustainable free cash flow and boosting shareholder returns in the long run.

  • The Zacks Analyst Blog Highlights: ExxonMobil, Chevron, Royal Dutch Shell and BP
    Zacks

    The Zacks Analyst Blog Highlights: ExxonMobil, Chevron, Royal Dutch Shell and BP

    The Zacks Analyst Blog Highlights: ExxonMobil, Chevron, Royal Dutch Shell and BP

  • Fuzzy and vague: why BP's climate ambitions don't cut it
    The Guardian

    Fuzzy and vague: why BP's climate ambitions don't cut it

    Fuzzy and vague: why BP's climate ambitions don't cut it. New CEO’s announcement of oil and gas firm’s net zero goals has rightly raised a few eyebrows

  • All Eyes on Exxon, Chevron After BP Pledges to Be Carbon Neutral
    Bloomberg

    All Eyes on Exxon, Chevron After BP Pledges to Be Carbon Neutral

    (Bloomberg) -- BP Plc’s pledge to zero out all its carbon emissions by 2050 deepens the divide between major European and American oil producers on climate change, increasing the pressure for Exxon Mobil Corp. and Chevron Corp. to do more.The U.S. supermajors have only committed to reducing greenhouse gases from their own operations, which typically account for just 10% of fossil fuel pollution. BP on Wednesday followed Royal Dutch Shell Plc and Equinor ASA in pledging to offset emissions from the fuels they sell to customers, representing about 90% of the total.“If we do see capital flowing into BP, that may force the U.S. majors to rethink the speed at which they move on carbon reduction targets,” said Noah Barrett, a Denver-based energy analyst at Janus Henderson, which manages $356 billion. Still, he doesn’t see “Chevron or Exxon adopting a BP-like strategy in the near future” as they “have historically been less aggressive in their shift away from traditional oil and gas.”Concerns about global warming are increasingly reshaping investment policies, with BlackRock Inc. and State Street Corp. becoming the latest high-profile investors to demand companies improve environmental, social and governance metrics, or ESG.Exxon and Chevron, the West’s number one and three oil producers, say it’s not up to them to offset emissions from cars, factories and other polluters known in the industry as Scope 3. For Exxon, such emissions are the “result of choices consumers make.” Chevron says “well-designed policies and carbon pricing mechanisms” are needed.But BP’s announcement “could be a real tipping point where the norm becomes taking responsibility” for customer emissions, said Kathy Mulvey, a campaign director at the Union of Concerned Scientists. “For a company to continue to stick their heads in the sand and refuse to take responsibility for those harmful impacts is not a sustainable business model.”Exxon and Chevron do agree with the goals of the Paris Agreement, support a carbon tax and are committed to cleaning up emissions from their vast network of wells, refineries and pipelines. They joined the Oil and Gas Climate Initiative later than their European rivals but are still fully paid up members. They even lobbied against U.S President Donald Trump’s plan to roll back Obama-era emission standards.The fundamental difference with European peers, however, is that neither is reducing commitment to their oil and gas business by chasing the crowd into lower-margin renewables such as wind and solar.When asked about potentially following Shell into the power sector, Chevron CEO Mike Wirth was clear in an interview with Bloomberg News last year.“We don’t see distinctive differentiating capabilities that would say, ‘wow we can do this better,’” he said. “And it’s inherently lower return than the other things we could invest money in.”Chevron is investing in early-stage technologies that could help aid carbon capture and energy storage, but that’s a small fraction of its budget. The company helps customers clean up their energy usage by supplying gas for power generation that’s cleaner than coal, developing biofuels and adding renewable energy sources like wind and geothermal, it said in a statement.Exxon CEO Darren Woods says the real answer to climate change will come through technologies that haven’t yet been invented. The company said in a statement it has invested more than $10 billion over the past 20 years in researching and developing low emissions technologies.The oil giant is working on proprietary technologies that would reduce emissions in areas like aviation, heavy duty vehicles and industrial processes. “We can bring more value in the space where we don’t know what the solution is but we need one,” Woods said in an April interview. Exxon has pedigree in this field. It invented the lithium-ion battery in the 1970s.This approach will likely come under attack at this year’s round of shareholder meetings in May. Both companies are being asked by Dutch activist investor group Follow This to align their strategies with the Paris Agreement. Exxon is asking the Securities and Exchange Commission to exclude that proposal from a shareholder vote, arguing it “seeks to micromanage” the company.To contact the reporter on this story: Kevin Crowley in Houston at kcrowley1@bloomberg.netTo contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Carlos Caminada, Dan ReichlFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters - UK Focus

    COLUMN-BORDOFF: Big Oil taking up mantle of climate change

    BP’s chief Lord John Browne famously called on the oil and gas industry to address climate change and pivoted the firm toward renewables — an effort ahead of its time. Now Big Oil is claiming to take up the climate mantle under rising pressure from investors and activists. If backed by real action, they mean these firms’ own economic interests will require they move away from oil and gas and push for stronger climate policy.

  • Less Oil, No Carbon, Few Answers: BP CEO’s Hazy Vision of Future
    Bloomberg

    Less Oil, No Carbon, Few Answers: BP CEO’s Hazy Vision of Future

    (Bloomberg) -- BP Plc’s new boss set out the oil industry’s boldest plan to tackle climate change. All that’s missing is the map for how to get there.Bernard Looney, who has been chief executive officer for just a week, committed BP to eliminating all emissions from its own operations and production by 2050. That’s a radical shift for one of the world’s largest and oldest oil companies, and he gave a blunt admission that he didn’t know how to achieve it.“Every journey has to begin with a destination,” Looney said as he presented his new strategy in London on Wednesday. “I appreciate you want more than a vision -- you want to see milestones, near-term targets, some ways to measure progress. We do not have those for you right now.”One thing was clear from Looney’s plan -- and it’s a big deal for a company that tapped the first fields in Iran in the early 20th century and drilled wildcat wells on the Alaskan frontier more than 60 years ago.In an industry obsessed with finding the next barrel, BP has accepted that its oil and gas production will decline. The company will reconsider its exploration strategy, sell its most carbon-intensive assets and divert spending from fossil fuels to other things.“I get it. The world does have a carbon budget. It is finite and it’s running out fast,” Looney said, adopting the language of climate activists in his pitch. “We have got to change, and change profoundly.”BP’s own operations emit the equivalent of about 55 million tons a year of carbon dioxide, while the oil and gas it pumps from the ground adds another 360 million tons. Looney said both categories of greenhouse gases will be eliminated on a net basis by 2050 or earlier.That goes further than pledges from Royal Dutch Shell Plc and Total SA, and is far ahead of U.S. peers Exxon Mobil Corp. and Chevron Corp. Only Spain’s Repsol SA has gone further by pledging to fully eliminate “Scope 3” emissions, including fuel it buys from other producers and sells to consumers.BP will reduce by half the carbon intensity of the fuel it sells but doesn’t produce itself, Looney said.Deep reductions in Scope 3 emissions are a big step for an industry that produces the bulk of the world’s planet-warming gases. To fulfill that pledge, Looney or his successors may one day face a hard reckoning -- either shift energy production completely to renewables, invent a commercially viable technology to store the carbon emitted from burning oil and gas, or shut down the business.Looney was clear that he had no intention of choosing the third option.“BP is going to be in the oil and gas business for a very long time,” he said in a question and answer session after the presentation.Whatever hydrocarbons BP is still pumping in 2050 will have to be subject to carbon capture and storage, a technology that’s been touted for decades but hasn’t yet been implemented on a broad commercial scale.“I’m not going to get drawn into how much oil we’re producing in 30 years time,” Looney said. “I do believe the technology exists” for carbon capture, he said.On clean energy investments, the CEO was intentionally vague. “We don’t plan to commit to an arbitrary or pre-set number,” he said. “The goal is not just to spend more money, it is to invest wisely.”In one of his last interviews before leaving office, Looney’s predecessor Bob Dudley warned against Big Oil moving too fast on new technologies to counter climate change, because their failure could lead to financial ruin.Still, 49-year-old Looney is clearly embracing a different style and agenda to Dudley. He’s often seen in jeans and open-necked shirts with his sleeves rolled up. He recently joined Instagram, where he talks about climate change.Unanswered QuestionsBP’s ultimate goal to be a thriving and sustainable energy company, Looney said.“BP will have a very high quality oil and gas business” that over time is likely to get smaller and be de-carbonized, he said in an interview with Bloomberg television. “At the same time, I see us building and growing new low- or zero-carbon businesses.”Looney said he will offer greater detail in September “and in the months and years to come.”BP’s bold plan drew wide support, with industry insiders, major investors and even environmental pressure groups voicing their praise.“Looney made an outstanding decision,” said Mark van Baal of Follow This, an activist investor that’s been pressing oil companies to set carbon targets. “We, the shareholders, have to support him through thick and thin now.”Yet the lack of detail left BP open to criticism, suggesting it will remain in the cross-hairs of some environmental groups.BP’s ambitions “leave the urgent questions unanswered,” Charlie Kronick, oil adviser from Greenpeace U.K., said in a statement. “What is the scale and schedule for the renewables investment they barely mention? And what are they going to do this decade, when the battle to protect our climate will be won or lost?”\--With assistance from Alix Steel.To contact the reporter on this story: Laura Hurst in London at lhurst3@bloomberg.netTo contact the editor responsible for this story: James Herron at jherron9@bloomberg.netFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Ubben’s ValueAct Capital Buys Into BP On Carbon-Cutting Pledge
    Bloomberg

    Ubben’s ValueAct Capital Buys Into BP On Carbon-Cutting Pledge

    (Bloomberg) -- BP Plc’s ambitious plan to go green is winning accolades from at least one high-profile investor.ValueAct Capital Management started building a position in BP after an “inspired” presentation Wednesday from the energy giant’s new boss about his plans to eliminate almost all its carbon emissions, according to ValueAct Chairman Jeff Ubben.The bet is on BP Chief Executive Officer Bernard Looney’s vision for the oil and gas company, which goes far beyond any of its peers, Ubben said in an interview. While Ubben had been studying the company for a while, he was inspired to buy shares during Looney’s pledge to cut greenhouse gas emissions from operations and production to net zero within 30 years.“I just started buying while I was watching,” Ubben said. “Someone needs to stand up and reward these guys.”The investment was made through the $1 billion ValueAct Spring Fund, which is focused on social and environmental investing, Ubben said. BP’s strategy is exactly the sort of investment the fund is looking for, he said. He didn’t disclose the size of his stake.While peers including Royal Dutch Shell Plc, Total SA and Equinor ASA have responded to investor pressure by adopting targets for emissions curbs, none has promised to zero them out like BP.It highlights the perils of investing in companies with so-called environmental, social and governance agendas, Ubben said.“ESG is total crap,” Ubben said, noting that the five most owned stocks in ESG funds are Microsoft Corp., Alphabet Inc., Visa Inc., Apple Inc. and Cisco Systems Inc.. “It is worse than greenwashing, since these investors ignore the externalities of Google mining your privacy; Visa earning monopoly rents on the back of small business; and Apple’s extractive business model of selling you a new phone full of mined materials as often as possible.”He said to actually have an impact, investors have to get involved with the companies where their core business deals directly with the biggest problems of the day, which he said is climate change. To that end, he said the ValueAct Spring Fund has joined the board of power producer AES Corp. to help facilitate its move away from fossil fuels and the private board of Nikola Corp.Representatives for Apple, Visa, and Alphabet weren’t immediately available for comment.ValueAct on Wednesday also was granted a seat on the board of Hawaiian Electric Industries Inc. Eva Zlotnicka, managing director of the Spring Fund, will join the board and also sit on its compensation committee.ValueAct, which owns a 1.5% stake in the utility, had urged Hawaiian Electric to look externally for a successor to CEO Constance Lau in a November letter to stakeholders, arguing it needed a shift in corporate culture. ValueAct also raised concerns that the company wouldn’t reach its renewable targets.“As an island economy, sustainability is must,” Ubben said. “It is an inspired place, with legislative and regulatory leadership that wants to reward innovation. Hawaiian Electric management and board have taken on the challenge to move faster off of base-load oil.”The San Francisco-based hedge fund disclosed its original stake in Hawaiian Electric in October 2018 through the Spring Fund. Total shareholder returns since ValueAct disclosed its position have been about 38%, according to data compiled by Bloomberg.Last month, Ubben, the founder of ValueAct, was replaced as CEO of the activist firm by Mason Morfit. Ubben remains chairman and will continue to help run the Spring Fund.\--With assistance from Laura Hurst.To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew Monks, Michael HythaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    Algeria says BP did not ask to sell its In Amenas gas stake

    BP has written to Algeria to express its interest in investing in its oil sector and has not made any request to sell its shares in the In Amenas gas plant, state news agency APS quoted Energy Minister Mohamed Arkab as saying on Wednesday. Reuters last week reported three industry sources as saying that BP Plc was seeking buyers for its stake in the gas plant, deep in the Sahara desert, after recent talks on a sale to Russian oil giant Rosneft failed. "BP did not send any request to sell its shares in Tiguentourine's plant in Amenas," APS reported Arkab as saying in the first official comment on the report in Algeria.

  • BP Sets Bold Agenda for Big Oil With Plan to Eliminate CO2
    Bloomberg

    BP Sets Bold Agenda for Big Oil With Plan to Eliminate CO2

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.BP Plc’s new boss set out the boldest climate plan of any major oil company, pledging to eliminate almost all of the carbon emissions from its operations and the fuel it sells to customers.Bernard Looney, the company’s chief executive officer for just a week, set an ambitious agenda for what’s becoming an existential challenge for the oil industry. While peers including Royal Dutch Shell Plc, Total SA and Equinor ASA have responded to investor pressure by adopting targets for emissions curbs, none has promised to zero-out all emissions from the fossil fuels they pump from the ground.“The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero,” Looney said in a statement on Wednesday. “We have got to change -- and change profoundly.”Only Spain’s Repsol SA, a smaller refiner and energy producer, has gone further by pledging to fully eliminate “Scope 3” emissions, which include fuel it buys from third parties and sells to consumers.While Looney struck a confident tone, he faces an enormous task. The new CEO didn’t have detailed answers to questions about how to eliminate carbon from one of the world’s largest oil companies, which tapped the first fields in Iran in the early 20th century and drilled wildcat wells on the Alaskan frontier more than 60 years ago.“I appreciate you want more than a vision -- you want to see milestones, near-term targets, some ways to measure progress,” Looney said in a question and answer session posted on BP’s website. “We do not have those for you right now,” but will announce more measures in September, he said.Radical ChangeFor BP to survive the energy transition in a world that’s gradually falling out of love with oil, it will need to make big investments in new sources of clean energy, ensure cash keeps flowing from its fossil fuel assets, while also funneling generous returns to investors. It’s a tricky balancing act that its closest peer Shell is already struggling to master.BP’s commitment to do all this while still boosting free cash flow and shareholder returns is “really the key challenge,” said RBC Capital Markets analyst Biraj Borkhataria.As he presented his strategy in London, Looney said BP will remain an oil and gas business “for a very long time,” while also acknowledging that production will decline in the long term. Whatever is pumped in 2050 “will have to be de-carbonized” and the CEO said he’s big believer in the viability of the technology to capture and store CO2 emissions.BP also announced structural changes alongside its emissions target. Looney will dismantle its upstream and downstream businesses and reorganize them into a an entity made up of 11 new teams that will be more integrated and focused.“For us the statement represents a step change in terms of vision for the company and one that moves the group toward the biggest reorganization and modernization in at least two decades, if not a century,” analysts at Barclays Bank Plc said in a note. “The magnitude and radical nature of this shift should not be underestimated.”Targeting Scope 3 emissions is a big step for an industry that produces the bulk of the world’s planet-warming emissions. To fulfill the pledge, Looney or one of his successors may one day face a hard reckoning -- either shift energy production to renewables, invent commercially viable technology to store the carbon emitted from burning oil and gas, or stick with fossil fuels and accept that production will have to drop.BP’s own operations emit the equivalent of about 55 million tons a year of carbon dioxide, while the oil and gas it pumps from the ground adds another 360 million tons, the company said. Looney plans to eliminate both those sets of emissions on a net basis by 2050 or earlier.“This is what we mean by making BP net zero,” Looney said. “It directly addresses all the carbon we get out of the ground as well as all the greenhouse gases we emit from our operations. These will be absolute reductions, which is what the world needs.”Trans-Atlantic DivideBP also aims to reduce by half the carbon intensity of the products it markets -- crude and fuels it purchases from other companies and sells to its customers -- by offering people more choice of low- and no-carbon products. BP’s own upstream operations produced 1.14 million barrels a day of liquids in 2018, but it actually refined 1.7 million a day and its total sales to consumers were 2.74 million barrels a day, according to its annual report.The move increases the divide between oil companies on either side of the Atlantic. The European majors are heeding societal and investor pressures to drastically reduce their carbon footprint. Pledges from their American counterparts ExxonMobil Corp. and Chevron Corp. are more modest, focusing on reducing methane emissions and more generally aligning themselves with the Paris Climate Agreement.In the early 2000s, the company re-branded itself as “Beyond Petroleum” under another visionary CEO, John Browne. But big investments in solar power largely failed. In one of his last interviews before leaving office, Looney’s predecessor Bob Dudley warned against Big Oil moving too fast on new technologies to counter climate change, because their failure could lead to financial ruin.However, circumstances are changing. Becoming greener is no longer a choice for the world’s largest polluters.The damaging effects of rising global temperatures are increasingly evident and established investors are starting to worry about the vulnerability of their portfolios to a climate crisis. It was among the most debated subjects in this year’s World Economic Forum in Davos. Last month, BlackRock Inc. added its significant weight to a $41 trillion investor group that’s pressing the biggest emitters to change their ways.The Church of England Commissioners, one of the activist investors that has been pressuring Big Oil, praised BP’s move. “This is the ambition that the world needs,” Edward Mason, head of responsible investment, said in a tweet.(Updates with CEO comments in ninth paragraph.)\--With assistance from Julian Lee and Akshat Rathi.To contact the reporter on this story: Laura Hurst in London at lhurst3@bloomberg.netTo contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Christopher SellFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • BP, Shell, Total seek Norwegian green power for oil platforms
    Reuters

    BP, Shell, Total seek Norwegian green power for oil platforms

    Oil majors BP , Shell and Total want to connect some of their oil platforms to Norway's onshore power grid to reduce carbon emissions, BP said in a letter to the oil and energy ministry. Pressure has intensified on fossil fuel companies to curb emissions as investors threaten to withhold funds and public awareness of climate change grows. Offshore installations at BP's Eastern Trough Area Project (ETAP), Shell's Shearwater and Total's Elgin-Franklin in the British sector of the North Sea could be connected via a 300-kilometres-long subsea cable, BP's letter said.

  • Sky News

    New BP boss to 'reinvent' oil firm alongside 2050 net zero target

    The new chief executive of BP has set out a plan to "reinvent" the oil company within a new global energy system to help tackle climate change - to a mixed reaction. Bernard Looney announced a series of ambitions as part of a shake-up, insisting "we want to change" though that pledge was ridiculed by climate activists. It is the first oil major to make such a commitment.

  • The Zacks Analyst Blog Highlights: TOTAL, BP, ConocoPhillips, Suncor Energy and National Oilwell Varco
    Zacks

    The Zacks Analyst Blog Highlights: TOTAL, BP, ConocoPhillips, Suncor Energy and National Oilwell Varco

    The Zacks Analyst Blog Highlights: TOTAL, BP, ConocoPhillips, Suncor Energy and National Oilwell Varco

  • BP sets net zero carbon target for 2050
    The Guardian

    BP sets net zero carbon target for 2050

    BP sets net zero carbon target for 2050New CEO Bernard Looney reveals plan to invest more in low-carbon businesses

  • BP boss Looney sets out to 'reinvent' oil giant with zero carbon goal
    Reuters

    BP boss Looney sets out to 'reinvent' oil giant with zero carbon goal

    BP set one of the oil sector's most ambitious targets for curbing carbon emissions on Wednesday as new chief executive Bernard Looney began the biggest revamp in its 111-year history. While investor groups welcomed the 2050 targets set out by Looney, which put BP ahead of rivals Royal Dutch Shell, Total, Equinor and all of the U.S. oil majors, environmental campaigners criticised a lack of detail. "We have got to change and change profoundly because the world is changing fast and so are society's expectations of us," Looney said in his first major speech as CEO, after earlier highlighting a need to "reinvent BP".

  • New BP CEO pledges to make oil giant carbon neutral by 2050
    Yahoo Finance UK

    New BP CEO pledges to make oil giant carbon neutral by 2050

    BP said it will also help companies and countries reach net carbon neutral by 2050 too.

By using Yahoo, you agree that we and our partners can use cookies for purposes such as customising content and advertising. See our Privacy Policy to learn more