BP committed to transition pathway, despite loss
CEO Bernard Looney is confident the business is bouncing back from pandemic impact even though profitable renewables projects remain hard to source
BP filed its first annual loss in a decade—of $5.7bn—for the 2020 financial year, reversing its $10bn profit for 2019. But the company is confident it will bounce back from the pandemic, having already swung back into the black by Q4, and says its restructuring for decarbonisation is already paying off. Investors do not have the same confidence. Bernard Looney, CEO of BP, previously described the firm’s hydrocarbons division as the engine room of the business and said that, overall, BP would deliver earnings growth out to 2025 with returns of 8-10pc. But the company has declined renewables projects that do not meet its threshold of returns, making at least one firm, bank JP Morgan, doubt it
Also in this section
23 October 2024
Next government faces the difficult task of balancing decarbonisation ambitions with energy security realities
21 October 2024
Gulf Energy Information will host the largest women's event in the energy industry on 19–20 November in Houston, Texas
10 October 2024
The Gulf Energy Information Excellence Awards 2024 celebrated the industry's top innovators at a gala in Houston, recognising achievements in categories ranging from digital transformation to sustainability
4 October 2024
Boost for CCUS and blue hydrogen projects as government confirms funding for HyNet and East Coast clusters