BP President aims to increase the dual market value of $ 200 billion

Unlock the editor’s digestion free

FT editor Roula Khalaf, chooses his favorite stories in this weekly newsletter.

BP CEO, in 2010, the deep water wants to double the market value of the Oil Major for 5 years before the horizontal disaster.

Murray Auchincloss, explained financial time Bp After this week, the “great” demand for oil and gas would capitalize to refuse a plan to rediscover as a green energy company.

“At the end of decades, it would be good to go back to where we were before Macondo.”

The current market value has been only 70 billion ($ 89 billion), BP, BP, reduced its annual expenses to 70 percent and returned back to the main oil and gas business.

A loyal banquet from the market is a confession that the energy transition is moving slower than expected by BP.

“Oil and gas demand for a long time,” he said.

Datacentres’s growing electricity requirements, especially the election fuel, he said. “How do the call is as decaronis as you can,” he said, BP has already activated carbon waste.

While Auchincloss For the updated, he threw all the targets and said they wanted to transfer BP’s wind and solar weapons from the company’s balance sheet, they will still have “very large” enterprises.

BP was criticized for moving very slowly to carry out his strategy, but Auchincloss said he did not regret the first year as a permanent chief executive. “Nothing comes over the mind,” he said.

“You do not declare a strategy change until it is changed,” said the market would not believe him, if he declares such a bold pivot before doing any major.

BP, especially the previous investor of this month is under pressure to improve performance after this month has set up about 5 percent share pushed for the company and for change.

A man familiar with Elliott’s thinking was not enough for the company’s plans, which were cut into the company’s plans, large spaces and incumbent energy. Bloomberg first expressed dissatisfaction of the new strategy of the hedge fund.

Auchincloss refused to interact with the New York-based Hedge Foundation.

Auchincloss admitted that BP will be some financial pain in a short time, because the years filling in its portfolio, oil and gas projects fill the pipeline. However, he will pay attention to the introduction of the company to American investors and the majority of BP growth will come from the United States and the Middle East.

“We are more American than American companies are terrible,” he said.

“I really pay attention to American investors and we show how attractive we are due to the internal capabilities of the states,” he said that the leadership group would speak more than a third of BP’s shareholders in the coming weeks.

He said that the company was “not on the agenda” leading the list to the United States.

Auchincloss, as a criticism, which is less valuable than his peers like ExxonMobil and Chevron, has defended the BP, $ 481 billion and $ 279 billion in criticism.

“Our size is smaller, but the quality of our assets is very high,” he said that BP was envy in the industry before re-distributing the oil and gas fields.

“Above is the world’s class and the envy of other corporations. We have a very well-integrated position to trade. And they do not trade American companies. They love the shell with a size (by market capitalization).”