bp: press release ahead of investor conference

(CercleFinance.com) - bp has unveiled a press release ahead of the investor conference scheduled for this afternoon at 2pm.


The group is already talking about "a profoundly reshaped strategy", involving a significant reallocation of capital aimed at improving performance and strengthening free cash flow generation, returns and long-term shareholder value.

bp also plans to increase investment in oil and gas to around $10bn per year, and increase production to 2.3-2.5 million barrels of oil equivalent per day by 2030, with additional operating cash flow of around $2bn in 2027.

bp also plans to reduce annual capital expenditure to $13bn-$15bn by 2027, while achieving increased structural savings targeting $4bn-5bn by the end of 2027. The group is also aiming for 'resilient' distributions to shareholders, with a target of 30%-40% of operating cash flow.


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