NavigatIIR: BP Guts Capex, Reconsiders Role in Oil Industry as it Nurses Wounds from 2020

SUGAR LAND--February 16, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--After a series of grim end-of-the-year reports from global oil and gas giants, no one thought BP plc (NYSE:BP) (London, England) would be any different. Sure enough, there was no Hollywood ending, only the painfully obvious one: The company reported an underlying replacement cost loss (similar to a net loss) of $5.7 billion for 2020, following gains of $10 billion in 2019. As BP looks to a low-carbon future, it is preparing to sell $25 billion in assets by 2025 and keep its spending plans modest. Industrial Info is tracking more than $25 billion in BP projects worldwide, about $3.5 billion of which are under construction in the U.S.

Within this article: Details on BP's outlook in a challenging environment and some of its highest-valued U.S. projects, including the Mad Dog 2 offshore drilling project in the Gulf of Mexico and several major refinery upgrades.

Other companies featured: Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM)