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
19 June 2025
Andean country has become a leading destination for voluntary carbon credit investment, but challenges remain
18 June 2025
Gas Processors Association Europe brings together leading specialists at annual event in Netherlands to analyse the challenges and opportunities presented by technology at heart of Europe’s decarbonisation strategy
10 June 2025
Eni’s CCUS deal with BlackRock’s Global Infrastructure Partners reflects a growing belief among big investors in the CCUS growth story
3 June 2025
Africa faces challenges in adopting CCS but also has vast potential, with the technology being not just a climate tool but a catalyst for development