Our reset strategy at work
We have reset bp to grow long-term value for our shareholders.
Our plan is to grow our oil and gas production, focus our customers and products business, and make fewer, more selective investments in the energy transition, including biofuels, biogas and EV charging.
Learn more about how we are putting our strategy into action, as we supply countries, companies and customers with the energy they need today and tomorrow.
Progress at a glance
Click on the icons below to see the progress we’re making on our plans.
Major project start-ups
Upstream production
Oil and gas exploration
Refining availability
Upstream plant reliability
bp divestments
“We have a brilliant team at bp and an ambitious growth plan. Make no mistake, we are focused on delivery and doing so at pace.”
Read more from our CEO, Murray Auchincloss
Growing the upstream
We are starting up projects that provide cash flow and returns today while paving the way to grow our business in the future. We are increasing planned investment in our upstream oil and gas business by around 20% to $10 billion a year through 2027 in order to grow and strengthen our portfolio, while always maintaining safety as our priority.
We want to be the partner of choice for countries, helping them to create value from their resources while meeting the demand for more oil and gas.
In action it means: 10 new major projects scheduled to start up between 2025 and the end of 2027, and a further eight to 10 by the end of 2030, as well as accessing discovered resources and refreshing our exploration hopper.
Focusing the downstream
We want to be a leader in mobility and first choice for our customers. We are reshaping our portfolio and reallocating capital to drive growth. For example, we expect to see increasing demand for fuels and EV charging, and we are integrating to serve customers more efficiently, no matter what they drive.
In refining, we are consistently working to improve refining availability – up to 96% in 1Q 2025 from 94% in 2024.
In action it means: Progressively focusing our portfolio around bp’s core positions, with expected returns of more than 15% – while also delivering $2.0 billion structural cost reductions across our downstream portfolio.
Disciplined investment
We are selectively investing in the transition with an intense focus on delivering competitive returns.
In action it means: A low carbon energy business that uses cost-efficient, capital-light platforms and partnerships. Significantly reducing planned bp capex into transition businesses by over $5 billion p.a. out to 2027, and planning annual structural cost reduction of more than $0.5 billion in low carbon energy by 2027.
Take a look at how technology and partnerships are helping to accelerate progress of our reset strategy
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Technology
Driving performance, delivering our strategy
Technology is key to our next wave of growth and the delivery of our strategy.
Here are some of the ways it’s driving value and returns for bp as an integrated energy company.
“The goal of our reset strategy is very clear: to grow long-term value for our shareholders. Delivery means executing the plan with financial discipline, clear accountability and a strong commitment to safety.”
Kate Thomson, bp chief financial officer
Delivering in partnership
bp is a trusted partner of countries and corporates worldwide.
These collaborations are helping us to build value, win bids, and pool expertise and risk.
All in service of our strategy as we help to deliver energy to the world, today and tomorrow.
By working with others, we do more. Here are some examples.
