BP Looks To Double Its Market Value To $200 Billion, Says CEO Auchincloss
BP's CEO is setting an ambitious goal to more than double the company's market value to $200bn within five years, restoring it to pre-Deepwater Horizon levels, according to the Financial Times.
Murray Auchincloss told the Financial Times that BP plans to take advantage of 'tremendous' demand for oil and gas after abandoning its push into green energy. 'At the end of the decade, it would be nice to be back to where we were before Macondo,' he said, referring to the disastrous oil spill that cost BP $62.5bn in clean-up efforts.
His comments followed BP's decision to cut annual spending on renewables by 70% and shift its focus back to fossil fuels. The company's current market value stands at just under £70bn ($89bn).
BP's latest strategy shift acknowledges that the energy transition is progressing more slowly than anticipated, though the market response has been anything but euphoric.
'Oil and gas demand is going to be around for a long time,' said CEO Murray Auchincloss when asked about BP's future beyond 2050. He pointed to the rising electricity needs of data centers, making gas a crucial fuel source. 'The challenge is how do we decarbonize this stuff as much as you can,' he added, noting BP's active efforts in carbon capture.
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