Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

(BP.)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Eni targets net zero carbon and fatter returns

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/15/2019 | 09:38am EDT
FILE PHOTO: The logo of Italian energy company Eni at a gas station in Rome

MILAN (Reuters) - Italian oil and gas group Eni pledged to cut net carbon emissions to zero by 2030 on Friday and promised investors higher returns through a share buyback and raised dividend.

State-controlled Eni announced a new business plan on the day of a worldwide student protest against climate change, saying it would grow its green business and invest in planting forests to capture more than 20 million tonnes of CO2 by 2030.

It said it aimed to install more than 10 gigawatts (GW) of renewable capacity by 2030 from 0.2 GW this year.

"We are at the crossroads of a major transformation. Tackling (carbon reduction) will be a strategic priority of our board," Eni CEO Claudio Descalzi told analysts.

As Eni presented its plan in Milan on Friday thousands of school students in the Italian city joined a worldwide march calling for action against climate change.

The oil and gas industry has come under growing shareholder pressure to tackle carbon emissions following the 2015 Paris climate agreement seeking to reduce net emissions to zero by the end of the century, mostly by lowering fossil fuel burning.

BP and Total have set short-term targets on reducing carbon dioxide emissions. On Thursday Royal Dutch Shell said it planned to reduce carbon emissions from its operations and product sales by 2 percent to 3 percent in 2016-2021.

Eni's target does not include fuels and products it sells to customers but Descalzi said it was just a first step.

Eni, the biggest foreign oil and gas producer in Africa, also said it would be investing 1.4 billion euros over the next four years in renewable energy projects, mainly solar.

Companies like Shell and BP have accelerated spending on wind and solar power as they seek a bigger role in global efforts to slash carbon emissions and battle global warming.

FATTER RETURNS

Eni announced a four-year buyback programme with an initial allocation of 400 million euros this year and a 3.6 percent rise in its dividend to 0.86 euros in 2019.

The buyback will rise to 800 million euros (683.3 million pounds) if Brent goes above $65 a barrel.

"We will generate some 22 billion euros free cash over the plan in our upstream business, almost double our dividend need," CEO Descalzi said.

Over the last year the world's top oil and gas companies have come under pressure to return more cash to shareholders as profits and oil prices rise after a three-year crunch.

Oil and gas output will grow an average of 3.5 percent per year to 2025, Eni said, adding it expected 2.5 billion barrels of oil equivalent of new resources.

At 1306 GMT Eni shares were up 0.44 percent in line with Europe's oil and gas index.

(Reporting by Giancarlo Navach and Stephen Jewkes, editing by David Evans)

By Stephen Jewkes and Giancarlo Navach

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 0.70% 547.4 Delayed Quote.9.71%
ENI -3.45% 13.92 End-of-day quote.1.25%
TOTAL 0.71% 47.655 Real-time Quote.2.62%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BP PLC
06:20aMay's widely expected resignation barely moves UK stocks but Brexit risk lurk..
RE
01:31aBP : More than 99% of BP shareholders voted in favor of climate change resolutio..
AQ
05/23BP : Shipowners see increase in IMO-compliant fuels, but doubts persist
RE
05/23BP : Azerbaijan, UK identify priorities for energy cooperation
AQ
05/23Cue Energy - Ironbark Title transfers Approved
AQ
05/23BP : nears sale of stake in Egyptian oil firm to Dragon Oil -sources
RE
05/23BP : Indonesia LNG plants offer spot cargoes as inventories build
RE
05/23BP : Lotte BP Chemical starts construction of new VAM plant in Ulsan
AQ
05/23BP : Air BP Supports Alternative Aviation Fuel Initiative
AQ
05/22Government stops issuing Reliance-BP penalty notices for KG-D6 gas output sho..
AQ
More news
Financials ($)
Sales 2019 286 B
EBIT 2019 21 559 M
Net income 2019 12 593 M
Debt 2019 45 276 M
Yield 2019 5,88%
P/E ratio 2019 12,63
P/E ratio 2020 10,45
EV / Sales 2019 0,65x
EV / Sales 2020 0,62x
Capitalization 140 B
Chart BP PLC
Duration : Period :
BP plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BP PLC
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 8,13 $
Spread / Average Target 18%
EPS Revisions
Managers
NameTitle
Robert W. Dudley Group Chief Executive Officer & Executive Director
Helge Lund Chairman
Andy Hopwood Group COO, Executive VP-Strategy & Regions
Brian Gilvary Group Chief Financial Officer & Executive Director
David Eyton Group Head-Technology
Sector and Competitors
1st jan.Capitalization (M$)
BP PLC9.71%140 071
EXXON MOBIL CORPORATION10.81%312 212
RELIANCE INDUSTRIES18.97%121 322
CHINA PETROLEUM & CHEMICAL CORP8.12%93 721
SUNCOR ENERGY INC.8.50%48 211
PTT PUBLIC COMPANY LIMITED--.--%40 951