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Annual Report 2019

We have successfully built a safer, more resilient and competitive BP: a distinctive business that is delivering sustainable value for investors.

1Q 2020 results

Performance with purpose: protecting our people, supporting our communities, strengthening our finances

This extraordinary time for the world demands extraordinary responses. And thankfully we are seeing that just about everywhere we look around the world. Our industry has been hit by supply and demand shocks on a scale never seen before, but that is no excuse to turn inward. BP, like many other companies, is stepping up and extending a helping hand to those in need. We do it not because it is expected of us – but because we want to. That is consistent with our purpose.

We are focusing our efforts on protecting our people, supporting our communities and strengthening our finances. I am incredibly proud of the work that our people are doing in all three areas, particularly our colleagues in operations – from rigs to retail and everywhere in between – who are continuing to deliver energy and provide goods in the most difficult of circumstances. At the same time, we are taking decisive actions to strengthen our finances – reinforcing liquidity, rapidly reducing spending and costs, driving our cash balance point lower.

We are determined to perform with purpose and remain committed to delivering our net zero ambition.
Bernard Looneychief executive officer

 

BP acquisition of BHP US onshore assets

East Texas F12 drill site

BP's purchase of  'world-class’ unconventional oil and gas assets from BHP is a move that upgrades and repositions its American onshore business.

 

Brian Gilvary, chief financial officer and Bernard Looney, chief executive, Upstream hosted a webcast to discuss the acquisition of a  portfolio includes assets in the highly-prized Permian-Delaware basin in Texas and two premium positions in the Eagle Ford and Haynesville basins in Texas and Louisiana.

BP strategy update 2018

Group chief executive Bob Dudley and members of the executive team provided a strategic update for the group 's progress on the medium to long-term strategy laid out in 2017. 

BP's strategy is underpinned by a strong suite of growth opportunities in our Upstream and Downstream businesses, and in due course in the area of Alternative Energy and other low carbon options.