Our transformation

• Biogas growth supports both customer decarbonization goals and bp’s aim to reduce carbon intensity of energy products it sells

• Builds on bp’s existing biogas business – expanding in the US, a key fast-growing geography for biogas
• Expect additional distinctive value through integration with bp’s trading capabilities and global customer relationships

• $3.3 billion cash acquisition; acquisition multiple of around four times
• Remain committed to disciplined financial frame; five priorities unchanged, including no change to dividend or buyback guidance
• Expected to be accretive to both earnings and free cash flow per share, post integration, and to deliver double-digit returns

bp ventures invests in companies that align with bp’s ambition to be net zero by 2050 or sooner, including our $6 million investment in all-electric ride-hailing business Freebee to boost its development capacity and grow the team, helping to scale the business.

The service is available in more than 25 municipalities and campuses in Florida and Virginia and is targeting expansion into 7 cities in the two states by 2023. The expansion is expected to help the business move over 1 million riders by the end of the year.

The agreement also involves the management of Hertz’s charging infrastructure by bp pulse and the customization of its Omega software to ensure Hertz’s growing fleet of electric rental cars are recharged quickly and efficiently between rentals. Omega supports fleet operations by automating charging when the power price is low, while providing real-time visibility to EVs, chargers, power usage, and more.

Through large-scale purchases from Tesla and Polestar, Hertz has assembled a fleet of tens of thousands of EVs, which are available at 500 Hertz locations across 38 states. Hertz’s objective is for one-quarter of its fleet to be electric by the end of 2024.

In addition, bp pulse is expanding its global network of high-speed charging for cars, light commercial vehicles, and trucks, with a global target of more than 100,000 chargers by 2030, with about 90% of those rapid or ultra-fast chargers.

• We are deploying innovative methane monitoring, including: handheld digital gas imaging, fixed-wing aerial surveys, drones and satellites.
• In 2022, we met 80% of our Permian wells being electrified. By the end of 2023, we plan to have 95% of our Permian wells electrified.
• By the end of 2025, we plan to invest over $1 billion to build three new centralized delivery systems to further lower emissions in our own operations.

Juliet Solar

Juliet Solar, a 101 megawatt (MW) solar facility on approximately 670 acres of land in Wood County, Ohio. Once complete, the project is expected to generate approximately 212,000 megawatt-hours (MWh) of electricity each year and contribute approximately $890,000 into the tax base annually.

Cepheus Solar

Cepheus Solar, a 68 megawatt (MW) solar facility in Delaware Township within Defiance County, Ohio is expected to add $20 million in revenue to the tax base over the life of the project, with approximately $10 million expected to be paid to the Fairview Local School District.

Arche Solar

Arche Solar, a 107 megawatt (MW) solar farm, will provide a stable, long term economic benefit to the Fayette area through benefits from increased tax revenues paid throughout the project life and an opportunity for new jobs, with dire impact on employment during the construction phase.

To achieve our potential, we need to radically transform the way we do things – looking at technologies to help us reduce or capture emissions from ourselves or local industry, considering new, sustainable inputs like bioenergy, and embracing emissions-free power to run our operations.

Wind turbine seen through the grass at our Cedar Creek wind farm in Colorado. Together, 122 turbines can generate enough electricity to power approximately 65,000 homes.

Aerial shot of our Mehoopany wind farm in Pennsylvania. This 9,000-acre farm can generate enough electricity to power approximately 38,000 homes.

View of multiple turbines at our Goshen wind farm in Idaho, which can generate enough electricity to power approximately 33,000 homes.

A view of our expansive Fowler Ridge wind farm in Indiana. This sprawling 42,000-acre site can generate enough electricity to power approximately 160,000 homes.

We’re modernizing our well sites to curb emissions by reducing and ultimately eliminating compression, tanks, flares and oil trucks. Just secure, affordable and lower carbon energy.

Our new well sites not only require no compression, but there are no tanks, no flares, and no oil trucks needed. This is because the oil and gas flows directly through underground pipes to a central delivery site.

• We are deploying innovative methane monitoring, including: handheld digital gas imaging, fixed-wind aerial surveys, drones and satellites.

• In 2022, we expect 75% of our wells will be electrified. By the end of 2023, we plan to have electrified 95% of all our conventional wells in the Permian.

• By the end of 2025, we plan to invest $1.3 billion to build three new centralized delivery systems to further lower emissions in our own operations.

Our Gulf of Mexico business exemplifies this approach by producing oil and natural gas and extending the life of existing assets. We currently operate four deepwater production platforms in the region – Atlantis, Mad Dog, Na Kika and Thunder Horse.

That means…

…taking major steps to accelerate EV fleet charging

…serving more than 3 million customers daily across 35 states

That means…

…rapidly scaling renewables like solar and offshore wind

…expanding into carbon capture, use, and storage and low carbon hydrogen production