Progress on our transformation 1Q 2022
Release date:
3
May
2022
We're sharing our 1Q financial results following a quarter dominated by the tragic events in Ukraine. We have continued to work hard to produce the reliable energy the world needs while, at the same time, investing at scale in the energy system of the future.
We remain focused on performing while transforming and delivering step by step.
We made a strong start to 2022 in each of our three strategic focus areas and continue to make great progress on our transformation to an Integrated Energy Company (IEC).
Making progress executing our IEC strategy
“In a quarter dominated by the tragic events in Ukraine and volatility in energy markets, bp’s focus has been on supplying the reliable energy our customers need. Our decision in February to exit our shareholding in Rosneft resulted in the material non-cash charges and headline loss we reported today. But it has not changed our strategy, our financial frame, or our expectations for shareholder distributions. Importantly, bp continues to perform and, step by step, we are making progress executing our IEC strategy – producing resilient hydrocarbons to provide the energy security while investing with discipline in the energy transition.”
Bernard Looney
Chief executive officer, bp
May 2022
Resilient hydrocarbons
Convenience and mobility
Low carbon energy
bp’s commitment to the UK
We are transforming bp for tomorrow. And nowhere shows that better than the UK, where we intend to invest up to £18 billion to help the country deliver on its bold ambitions to boost energy security and reach net zero.
