Investor update 2023

At the event, bp is highlighting the following key messages:

• 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.
• bp’s oil and gas business is running more efficiently – leading delivery model is supporting strong project and operating performance – creating value, with more to come.
• bp has a high-quality, distinctive oil and gas resource portfolio, with significant future project optionality & flexibility to allocate capital – enabling continued optimisation and high-grading capital investment program, and maximising value of portfolio.
  
• Together, this underpins:
  • Growing oil and gas EBITDA to 2025 to $30-32bn;
  • Sustaining oil and gas EBITDA at this level through 2030, even assuming constant prices; and
  • Capacity to sustain oil and gas EBITDA at this level well into the next decade.
    
• This supports increasing 2030 Resilient Hydrocarbons EBITDA aim by $2 billion to $41-44 billion and 2030 Group EBITDA aim to $53-58 billion, achieved with the same capital expenditure and production targets and aims.
• And bp is aiming to grow EBITDA from our transition growth engines – including scaling-up our biogas business to deliver around $2 billion by 2030.

In summary, we remain focused on growing the value of bp, and growing long-term shareholder value.

Plenary 

Murray Auchincloss, interim chief executive officer presented bp's investor update - plenary in Denver.