bp

Our purpose is reimagining energy for people and our planet. We want to help the world reach net zero and improve people’s lives.

Bio:

Tony holds a B.S. in Chemical Engineering from The University of Illinois, as well as an M.S. in Chemical Engineering from IIT and an MBA from University of Chicago Booth School of Business. He began his bp career with Amoco and throughout his time at bp has held 6 different careers. Some highlights of Tony’s experience include helping deliver diesel fuel into New Orleans for relief during Hurricane Katrina, serving as an “expert” for reforming, coal liquefaction and biofuels, key in helping solve a problem to a stop in a solar plant shutdown and losing $97 million in one day and still being here! He holds 3 patents and publications, and is married to his college sweetheart, with three sons.

Bio:

Nicole is a Certified Engineer in Training (EIT) with a degree in Civil and Environmental Engineering and minor in the Hoeft Technology and Management Program from the University of Illinois at Urbana-Champaign. She is currently part of BP’s 3-year Challenger Program working as an Asset Integrity Engineer in the US Pipelines & Logistics segment. In this role, Nicole is responsible for executing integrity programs aimed at minimizing risk associated with asset operations, while leveraging modern tools and technology to improve the quality of data analysis. 

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How to Prepare for the 2020 bp T&M Seminar Talk

Internal Links:

• BP Strategy Site

• BP’s new purpose

• Net Zero Explained

• Bernard Strategy Comments from Aug 4th

External Links:

• Bernard’s Bloomberg Interview

• BP Walks Away From the Oil Supermajor Model It Helped Create

• Reuters

• Excerpts from ITK:
  • Lucas Herrmann, Exane BNP Paribas:
    “Forget the numbers; this was all about putting detail around the vision. Rather than a 50% dividend cut, BP delivered a 50% dividend ‘reset’ and new returns framework. Rather than a capex increase, BP’s cUSD3bn raise in spend added ‘acceptable’ impetus to its ambition to morph towards low emission energy. Remarkable!"
    “Of course the challenge will be delivering on the multiple objectives, most especially the build out in low emission energy. But to the extent that there is absolute clarity in targets, objectives and direction - and it is a direction that aligns with a rapidly changing world - this was a pivotal occasion. We applaud the ambition. We wait to see on execution.”
  • Lydia Rainforth, Barclays:
    "We are encouraged by bp's updated strategy release and see it reflecting the need to build back better from the COVID-19 pandemic. Effectively, it recognizes that what has worked in the past in terms of capital allocation, in particular on dividend may no longer be the best way to create long-term value for shareholders."
    “A 50% dividend cut was greater than we were anticipating, but it comes alongside a commitment to meaningfully pivot the company to a lower carbon future with the investment plans in this area more ambitious and as a result, the implied cashflow higher, […] and much closer to our dynamism scenario.”
  • Christyan Malek, JPMorgan:
    “Energy Transition is admittedly a ‘show me’ story but dividend yield remains attractive while you wait; new energies roll out to move the needle quicker than peers as bp diversifies beyond oil.
    “Furthermore, by providing a line of sight in how it plans to diversify its energy mix, we believe bp is broadening its institutional investor interest to include ESG funds.”