“We are responding fast to adapt bp in the most brutal market conditions we have seen in a long time,” chief executive officer Bernard Looney told investors as bp reported is earnings for the first quarter of the year.
Bernard Looney, bp chief executive officer
He set out near-term objectives for strengthening bp’s finances, including reinforcing the company’s liquidity position, driving the cash balance point lower, and strengthening the balance sheet, enabling the energy transition.
While bp was on course with plans set out in 2017 to reduce its cash balance point, Bernard said the company now planned to go further. “Through the actions we are taking, we now expect to drive the cash balance point to less than $35 per barrel Brent – which is below our previous guidance and also assumes a lower refining margin and gas price,” he said.
Those actions include: