BP Integrated Energy Company strategy update: Growing investment, growing value, growing distributions
- Performing while transforming:
- Performing: 2022 EBITDA $60.7 billion; full year operating cash flow $40.9 billion; net debt $21.4 billion, lowest for almost a decade; ROACE 30.5%; full year tax $15.1 billion; strongest upstream plant reliability on record; lowest production costs in 16 years
- Transforming: investment in transition growth engines c. 30% of 2022 total investment, up from c. 3% in 2019
- Leaning further into bp’s strategy:
- Investing more in the energy transition and bp’s transition, investing more in supporting energy security and energy affordability today
- Up to $8 billion more into transition growth engines by 2030 – growing in higher-return bioenergy, and convenience & EV charging; focusing hydrogen and renewables & power where bp can leverage integration
- Up to $8 billion more into oil and gas by 2030 – targeting short-cycle fast-payback opportunities with lower additional operational emissions
- Aim to materially increase earnings through 2030 – aiming for $51-56 billion group EBITDA in 2030
- Delivering for shareholders:
- Growing dividends: 10% increase in dividend per ordinary share for fourth quarter, representing 21% growth from 4Q 2021.
- Growing buybacks: further $2.75 billion buybacks announced today; total of $11.25 billion buybacks announced from 2022 surplus cash flow
- Increasing targets: over 12% annual EBIDA per share growth to 2025; over 18% ROACE in 2025 and 2030
Tags:BP
