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REUTERS EVENTS-BP says strong oil prices are good for asset sales

Tue, 22nd Jun 2021 12:56

(Adds quotes, details)

By Ron Bousso

LONDON, June 22 (Reuters) - BP will be in the
hydrocarbons business for decades to come, Chief Executive
Bernard Looney told Reuters on Tuesday, while high oil prices
are set to make its asset sales and transition to lower-carbon
energy easier.

Referring to worries that its green strategy could hit
profits, Looney, in an interview at the Reuters Events: Global
Energy Transition conference, said: "As people understand we're
going to be in the hydrocarbons business for decades to come,
that concern has gone away a little bit."

"High oil prices are very good for our strategy and our
shareholders will benefit from that, especially through our
buyback programme," he said.

Looney took office in 2020 with an ambitious plan to rapidly
grow BP’s renewable energy business, while cutting oil and gas
output by 40% by 2030.

But BP’s shares hit their lowest since the mid-1990s late
last year, a bigger drop than any of its rivals, amid falling
oil prices and investor concerns over its strategy.

"What we offer investors is a stable, resilient dividend,"
Looney said. "We're going to grow value from this company over
the next five years."

"We're going to offer you a sustainable investment
proposition that I believe will grow value," he added.

For more on the Reuters Events: Global Energy Transition
conference please click here (https://reutersevents.com/events/energy-transition-global/)
(Reporting by Dmitry Zdhannikov and Noah Browning; Editing by
Louise Heavens and Jan Harvey)

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