2Q results 2021 – performing while transforming | News and insights | Home

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Release date:

3 August 2021

Strong results, growing dividend, executing buybacks. We continue to perform while transforming bp – generating value for our shareholders today while we transition the company for the future

Performing while transforming

bp 2Q financial results: strong results and continued net debt reduction in an improving environment. $2.8bn underlying earnings: $5.4bn operating cash flow; $32.7bn net debt

Growth of resilient dividend within a disciplined financial frame: +4% for 2021. Executing buyback from surplus cash flow: $1.4bn in 3Q 2021

“We are a year into executing bp’s strategy to become an integrated energy company and are making good progress – delivering another quarter of strong performance while investing for the future in a disciplined way.”

Bernard Looney

Bernard Looney, chief executive officer

Resilient & focused hydrocarbons: a key source of earnings helping to drive our transformation to an integrated energy company

Major boost: eight major oil and gas projects delivered in the last year – on track to hit our target of adding 900mboed* of new production by the end of 2021

Gulf stream: production flowed from the Gulf of Mexico Manuel project, while in Texas we prepared our Argos platform for its move offshore.

“Our success depends on hydrocarbons from our oil, gas and refining assets – they are the engine that delivers cash for our investors and investment in our new businesses.”

Gordon Birrell

Gordon Birrell, EVP of production & operations

Customers and mobility: continued strong performance in our customer-facing businesses, with higher earnings than the same period last year

Deal in store: we’ve announced plans to take full ownership of the Thorntons business, growing our US presence and becoming a leading Midwest convenience operator

Charging forward: we’ve increased EV charging points to 11,000 operated globally. And opened a UK-first, fleet-dedicated EV rapid charging hub – the start of a series planned across Europe

“We’re building real momentum towards the aims we set out in our strategy. Our 2Q performance demonstrates how our businesses deliver performance today while building future growth – performing while transforming.”

Emma Delany

Emma Delaney, EVP of customers & products

Low carbon electricity & energy: our renewables pipeline has more than doubled in a year to 21 gigawatts, and we continue to access new customer markets for our gas portfolio and integrated energy offers

More green energy: we recently added 9 gigawatts through a large US solar development, and entered the offshore wind energy markets in the US and UK

Decarbonizing industry: establishing early positions in hydrogen and CCUS – taking steps towards a UK project that plans to capture up to 27 million tonnes of CO2 emissions a year by 2030, equivalent to close to 50% of all UK industrial cluster emissions

“We have had continued strong operational and strategic delivery in this quarter – a tremendous performance from all our teams. We continue to build our gas businesses – with growth in key regions and the build-out of our integrated gas and power business, while we have more than doubled our net renewables pipeline to 21GW.”

Dev Sanyal

Dev Sanyal, EVP of gas & low carbon energy

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