Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Murray Auchincloss, the interim chief executive officer of BP PLC, on Tuesday said the oil major’s ‘net zero ambition’ is unchanged since he took over the helm.
Presenting at an US investor forum in Denver, Colorado, Auchincloss, who stepped in after the sudden departure of Bernard Looney last month, said BP’s ‘strategy, financial frame and net zero ambition are unchanged’.
‘BP remains focused on delivering its strategy safely, with disciplined delivery, quarter-on-quarter, to meet 2025 targets and 2030 aims,’ he said.
Looney, who left under a cloud over undisclosed personal relationships with colleagues, had led BP’s net zero drive, so his departure raised questions over whether the London-based oil company would continue to pursue them.
Auchincloss told the Denver event that BP aims to increase by 2030 the earnings before interest, tax, depreciation and amortisation that it makes from ‘resilient hydrocarbons’ by $2 billion to between $41 billion and $44 billion. This would be out of group Ebitda of $53 billion to $58 billion.
Group Ebitda in 2022 was $60.75 billion, up from $37.32 billion in 2021.
BP also aims for $2 billion in Ebitda from its biogas business by 2030, forming part of its ‘transition growth engines’.
BP shares were up 1.0% at 530.50 pence on Wednesday morning in London.
Copyright 2023 Alliance News Ltd. All Rights Reserved.