🏢 Full Name: BP p.l.c.
🌍 Headquarters: London, United Kingdom
🗓️ Founded: 1909 (as Anglo-Persian Oil Company)
📈 Stock Ticker: BP (LSE), BP (NYSE)
👥 CEO: Murray Auchincloss (appointed January 2024)
💰 Market Capitalization: Approximately $92 billion (as of August 2024)
📊 2024 Financial Highlights:
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Operating Cash Flow: $27.3 billion
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Adjusted EBITDA: $38.0 billion
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Net Profit: $0.4 billion (down from $15.2 billion in 2023)
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Capital Expenditure: $16.2 billion
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Share Buybacks: $7 billion
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Dividend Per Share: Increased by 10% to 8 cents per share
⚙️ Key Business Areas:
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Upstream: Exploration and production of oil and natural gas.
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Downstream: Refining, distribution, and marketing of petroleum products.
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Gas & Low Carbon Energy: Investments in natural gas and renewable energy sources.
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Bioenergy: Production of biofuels and related technologies.
🌱 Strategic Shift and Challenges:
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Leadership Change: Murray Auchincloss became CEO in January 2024, initiating a strategic pivot back to oil and gas production, moving away from previous green energy targets .
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Cost-Cutting Measures: BP announced plans to cut 4,700 jobs to reduce costs and improve financial performance .
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Shareholder Returns: Despite increased dividends and share buybacks, BP's stock price declined over 7% since Auchincloss took over, raising concerns among investors .
🌍 Global Operations and Investments:
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Papua New Guinea: BP and partners invested $7 billion in a carbon capture and gas field development project, aiming to tap into nearly 3 trillion cubic feet of gas resources .
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Brazil: BP acquired full control of Bunge Bioenergia, enhancing its ethanol production capacity to 50,000 barrels per day .
📌 Outlook:
BP is undergoing a significant transformation under new leadership, focusing on traditional oil and gas operations while navigating challenges in the renewable energy sector. The company's ability to balance shareholder returns with strategic investments will be crucial in determining its future trajectory.