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

Week of October 25, 2021

Guest Speaker: Tony Valente, Senior Strategy Manager


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.

Week of September 18, 2020

Guest Speaker: John Kernan, Capital Structurer


John holds a B.A. in Finance and Economics from U of I. He began his career with bp in June 2007 as a Global Credit Management Information Specialist. In this role, he created the first global view of credit exposure including all Oil, Gas, Power, and Emissions portfolios in the Integrated Supply and Trading (IST) business unit. Since then, he has held numerous roles within the company. Currently, John serves as a Capital Structurer. His responsibilities include originating, structuring, and executing transactions to enable increased trading flows for the BP trading business unit. 

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

Internal Links:

  • BP’s new purpose
  • Net Zero Explained
  • Bernard Strategy Comments from Aug 4th

External Links:

  • 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.”
Social media & sharing icons powered by UltimatelySocial