Skip to main content
  1. Home
  2. What we do
  3. Our reset strategy at work

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

bp-oil-and-gas-pictograms-bp-green-
4
so far in 2025

Upstream production

bp-oil-and-gas-pictograms-bp-green-
2.4m
boe/d in 2024

Oil and gas exploration

bp-oil-and-gas-pictograms-bp-green-
6
discoveries in 2025

Refining availability

refinery green
>96%
in 1Q 2025, the highest 1Q in 24 years

Upstream plant reliability

refinery green
>95%
in 1Q 2025

bp divestments

Handshake green
$1.5bn
YTD completed or signed agreements

“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 repositioned low carbon energy business, using 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

👇

Technology

Driving performance, delivering our strategy

Technology is key to our next wave of growth and the delivery of our strategy.

Oil and gas technologies are helping us to uncover new resources; advanced digital technologies are finding ways to increase production; and bioenergy advancements are leading to improved sources of energy.

Here are some of the ways technology is driving value and returns for bp as an integrated energy company.

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.

Slide 1 of 5
The Mars Rover
Space Act Agreement
Sharing technical expertise with NASA
Castrol data centre liquid cooling technology
Data centre cooling
Collaborating to deliver solutions
Valaris drillship in the Mediterranean Sea
bp-ADNOC joint venture
Joining forces in Abu Dhabi and Egypt
TANAP pipeline
Pipeline partnership
Apollo invests in bp pipelines (TANAP)

In the media

Pipeline
Video

bp CEO: ‘Focused on delivering’

Murray
Article

Increasing value for shareholders

press-1
Article

bp CEO plots a ‘hard reset’