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

BP PLC

(BP.)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 02/19 11:30:00 am
464.15 GBp   +1.45%
11:08aMore parties pulled at London oil week due to coronavirus
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11:07aBP halts output at North Sea ETAP platform after power failure
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02/18Portugal's oil company Galp invests for a greener future
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BP Aims for Net Zero Carbon Emissions by 2050 -- Update

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02/12/2020 | 09:02am EST

By Adriano Marchese

 

LONDON--BP PLC said it will aim to reduce its net carbon emissions to zero by 2050 and restructure its oil-focused businesses to better navigate a transition to other fuels--a dramatic pledge by one of the world's biggest oil companies as the industry faces growing investor and consumer pressure over fossil fuels.

The promise is the latest in a series of commitments, over decades, by big oil companies to reduce emissions associated with their operations. Those efforts have had mixed results. BP, for a time more than a decade ago, rebranded itself "Beyond Petroleum," and committed to ramping up production of renewable energy, like solar and wind, before abandoning that effort.

Amid recently heightened scrutiny over global warming, however, investors and consumers have ratcheted up pressure on big companies to reduce the environmental toll of their businesses. Many big, institutional investors have asked companies to make reducing emissions a priority--threatening to pull investments in some cases.

The 2050 deadline represents the time at which BP, one of a handful of oil supermajors, hopes to be net carbon "neutral." At that point, it says, carbon emissions from its oil and natural gas operations would be completely offset by reductions from more-efficient production and carbon "removal" and "sink" efforts. A carbon sink typically refers to a natural reservoir, like a forest, that can absorb carbon.

BP didn't say what specific technology it was counting on to obtain these reductions. It also didn't commit to any new investment. BP said it currently emits about 55 million metric tons of carbon equivalent.

It said it would strive to reduce the carbon intensity of its oil and gas production by 50% by 2050 or sooner. It promised to install new methane measurement technology at its operations to cut their methane intensity by 50% by 2023.

BP also promised to boost investment in non-oil and gas businesses, and reorganize the company into four divisions that would help it reach these goals. A "production and operations" division would strive to unite all operations under one roof. It would also create a natural "gas and low carbon energy" unit, which would focus on developing gas and low-carbon solutions, including hydrogen power.

In 2019, the company began expanding its low-carbon business, increasing ownership in its solar joint venture, Lightsource BP, to 50%, as well as completing the formation of its new Brazilian biofuels and biopower joint venture, BP Bunge Bioenergia.

"It is clear to me, and to our stakeholders, that for BP to play our part and serve our purpose, we have to change," Chief Executive Bernard Looney said. Mr. Looney was expected to detail his plan later Tuesday. He took the top job earlier this month.

 

Write to Adriano Marchese at adriano.marchese

 

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 1.16% 462.8 Delayed Quote.-2.99%
LONDON BRENT OIL 2.41% 59.03 Delayed Quote.-13.27%
RANDOM LENGTH LUMBER?FUTURES (LBS) - CMG (ELECTRONIC)/C1 -0.11% 445.6 End-of-day quote.10.07%
WTI 2.15% 53.26 Delayed Quote.-16.22%
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Financials (USD)
Sales 2020 278 B
EBIT 2020 19 663 M
Net income 2020 10 246 M
Debt 2020 42 151 M
Yield 2020 9,08%
P/E ratio 2020 8,99x
P/E ratio 2021 8,32x
EV / Sales2020 0,49x
EV / Sales2021 0,46x
Capitalization 92 984 M
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 7,61  $
Last Close Price 4,63  $
Spread / Highest target 103%
Spread / Average Target 64,3%
Spread / Lowest Target 5,54%
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
Angela Rosemary Emily Strank Chief Scientist & Head-Downstream Technology
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