After more than a century defined by two core commodities – oil and gas – we are pivoting from an international oil company producing resources to an integrated energy company delivering solutions for customers.
Our ambition is to become a net zero company by 2050 or sooner and to help the world get to net zero. Our strategy will reshape our business as we decarbonise and diversify into different forms of energy, such as renewables, biofuels and hydrogen. Oil and gas will get smaller over time but will remain an important part of bp.
We bring with us more than 100 years of experience steeped in the world of energy. We want to move fast but will do so with real discipline and care – keeping our focus on safety and performance while we transform, delivering long-term value for all our stakeholders.
Building on our purpose, together with our beliefs about the future of energy systems and changing customer demands, our strategy is built on three focus areas of activity (the verticals) and three distinctive sources of differentiation (the horizontals), from where we believe we can amplify value.
The cash generated by hydrocarbons will be key to supporting the transition into our two growth areas – low carbon electricity and energy, and customer convenience and mobility.
We expect to be directing 40% or more of our investment into these areas by 2030.
We will do this with a relentless focus on financial discipline, by:
The frame includes our net zero ambition and aims, and our wider approach to environmental and social issues.
As we reinvent bp for a lower carbon future, we remain committed to delivering for the millions of people who depend on us ̶ our customers, partners, suppliers, employees and investors – and the cities and countries with whom we work.
We are demonstrating that we can deliver financial returns for our investors while at the same time – step by step – transitioning bp. This is the definition of ‘performing while transforming’.
Throughout our transformation, our commitment to safety is and will remain our core value, permeating everything we do. Fundamentally, it’s about care – caring for one another, caring for our company, and caring for the communities in which we operate.
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