五年前的 2 月，BP 成为首家承诺在 2050 年或更早实现净零排放的超级巨头。事实上，这家总部位于伦敦的石油和天然气巨头甚至走得更远，宣布计划将石油和天然气产量与 2019 年的水平相比削减 40%。

这一承诺是由前首席执行官伯纳德·鲁尼 (Bernard Looney) 做出的，他于 2023 年辞职。去年年初，默里·奥金克洛斯 (Murray Auchincloss) 接替了他的职位，目前他正指导公司最新的能源转型——这一次重回石油和天然气产量的增长。

BP 正在调整其投资重点，将更多资金投入石油和天然气领域，同时将转型支出削减至每年 15 至 20 亿美元——比最初计划的少 50 亿美元。

奥金克洛斯在公告发布的一份声明中表示：“我们将增加上游投资和生产，以便在未来几年内生产出高利润的能源。我们将把下游业务重点放在我们拥有领先综合地位的市场。我们将在转型过程中精挑细选投资，包括通过创新的轻资本平台。这是一次重新调整的 BP，我们将坚定不移地专注于增加长期股东价值。”

就在 Equinor 决定退出可再生能源领域不到三周前，该公司宣布计划在未来两年内将可再生能源投资削减 50% 至 50 亿美元，同时将更多精力转向石油和天然气生产。这家挪威公司预计，2024 年至 2027 年期间，石油和天然气产量将增长 10% 以上。

近年来，BP 的收益受到打击，与壳牌、雪佛龙和埃克森美孚等同行相比，该公司表现不佳，目前正寻求重拾投资者信心。在激进投资者 Elliott Investment Management 大量持有该公司股份后，该公司还面临着进行变革的压力。BP 的新方向将“自由现金流增长、回报和价值放在核心位置”，BP 董事长 Helge Lund 在一份声明中表示。

该公司的目标是到 2027 年实现自由现金流 20% 以上的复合年增长率，并将资本使用回报率提高到 16% 以上。该公司预计，强劲的现金流和资产剥离收益将有助于在当年年底前将净债务降至 140 亿至 180 亿美元之间。

为实施该计划，BP 计划到 2027 年每年投入 130 亿至 150 亿美元，比 2024 年的水平削减 10 亿至 30 亿美元，预计 2025 年的资本支出约为 150 亿美元。

该公司计划在石油和天然气领域投资约 100 亿美元，比之前的预期高出 20%，从而使公司能够建设回报更高的项目并增加勘探活动。

BP 预计到 2027 年将启动 10 个重大项目，重点关注阿塞拜疆、特立尼达和中东的核心地区。相比之下，该公司的可再生能源部门仅计划启动 5 至 7 个重大项目。

奥金克洛斯说：“最终结果是，到2030年，上游石油产量将增长到230万至250万桶/天，预计美国石油产量将达到100万桶/天左右，而且到2035年，产量还将不断增加。”

BP 希望每年将每股股息至少提高 4%，并预计第一季度股票回购额在 7.5 亿美元至 10 亿美元之间，低于之前预测的 17.5 亿美元。

作为重组战略的一部分，BP 正在研究出售其嘉实多润滑油业务，并寻求引入合作伙伴来从其 Lightsource BP 太阳能业务中筹集收益。

“我们相信我们拥有世界一流的投资组合——位于有利盆地的顶级石油和天然气业务、领先的综合地位和价值链上的品牌，”奥金克洛斯说。“我们的新战略发挥了这些独特的优势和竞争优势。”

It was 5 years ago this February, BP became the first supermajor to commit to net-zero emissions by 2050 or sooner. In fact, the London-based oil and gas giant went even further, announcing plans to cut oil and gas production by 40% compared with 2019 levels.

This pledge came under former CEO Bernard Looney, who resigned in 2023. He was succeeded early last year by Murray Auchincloss, who is now steering the company's latest energy transition—this time back toward oil and gas production growth.

BP is reshaping its investment priorities, channeling more capital into oil and gas while lowering transition spending to $1.5 to $2 billion annually—$5 billion less than initially planned.

“We will grow upstream investment and production to allow us to produce high-margin energy for years to come. We will focus our downstream on markets where we have leading integrated positions. And we will be very selective in our investment in the transition, including through innovative capital-light platforms. This is a reset BP, with an unwavering focus on growing long-term shareholder value,” Auchincloss said in a statement released with the announcement.

The decision to retreat from renewables comes less than 3 weeks after Equinor announced plans to cut its renewable energy investments by 50% to $5 billion over the next 2 years while shifting greater focus to oil and gas production. The Norwegian company expects more than 10% growth in oil and gas output from 2024 to 2027.

BP’s earnings have taken a hit in recent years and the company is seeking to regain investor confidence after underperforming compared with peers Shell, Chevron, and ExxonMobil. It is also facing pressure to make transformative change from activist investor Elliott Investment Management after it built a significant stake in the company. BP’s new direction places “free cash flow growth, returns, and value at its heart,” said BP Chairman Helge Lund in a statement.

The company aims to achieve more than 20% compound annual growth in free cash flow and improve returns on capital employed to over 16% by 2027. It expects strong cash flow generation and proceeds from divestments to help lower net debt to between $14 and $18 billion by the end of that year.

To execute its plan, BP aims to spend between $13 and $15 billion annually through 2027, trimming $1 to $3 billion from 2024 levels, with 2025 capital expenditure expected at around $15 billion.

The company plans to invest around $10 billion in oil and gas, which is 20% higher than its previous guidance, enabling the company to build higher-returning projects and increase exploration activities.

BP expects to start 10 major projects by 2027, with a focus on core regions in Azerbaijan, Trinidad, and the Middle East. In contrast, the company’s renewables sector has plans for only five to seven major projects.

“The outcome is an upstream that is growing to 2.3 to 2.5 million B/D in 2030, with around 1 million BOE/D expected to be delivered from the US, and with the capacity to increase production out to 2035,” said Auchincloss.

BP looks to raise its dividend by at least 4% per share annually and expects first-quarter share buybacks between $750 million and $1 billion, a decrease from its previous $1.75 billion forecast.

As part of its realignment strategy, BP is exploring the sale of its Castrol lubricant business and looking to bring in a partner to raise proceeds from its Lightsource BP solar business.

“We believe we have a world-class portfolio—a top tier oil and gas business in attractive basins, leading integrated positions and brands across the value chain,” Auchincloss said. “Our new strategy plays to these distinctive strengths and competitive advantages.”