Not Beyond Petroleum after all — BP says it’s increasing investment in oil and gas as much as it’s boosting renewable spending


BP on Tuesday said it was boosting spending on oil and gas as much as it will on what it calls “transition growth engines,” a sign of both the pushback energy giants have received for their moves into the renewable energy space as well as the need for energy security and affordability.



said it will spend up to $8 billion more on oil and gas by 2030, and an equal $8 billion more on areas including bioenergy, electric vehicle charging and hydrogen.

“It’s clearer than ever after the past three years that the world wants and needs energy that is secure and affordable as well as lower carbon – all three together, what’s known as the energy trilemma,” said CEO Bernard Looney in a statement.

BP said it’s targeting “shorter-term, fast-payback” projects in oil and gas, that won’t need much new infrastructure. BP still expects oil and gas production to decline, but not by as much — excluding production from Russia’s Rosneft, which it walked away from, BP expects 2030 production to be 25% lower than it was in 2019, compared to a previous estimate of 40% lower.

Oil and gas production is expected to rise to 2.3 million of oil equivalent barrels by 2025 but fall to around 2 million in 2030.

The spending change was announced alongside fourth-quarter results, as BP profits swelled to $10.8 billion from $2.3 billion in the year-ago quarter. What it calls its underlying replacement profit rose to $4.81 billion from $4.07 billion, coming up shy of analyst estimates of $5 billion.

That profit increase was driven by higher prices. BP received $82.23 per barrel equivalent for the oil and gas it produced in 2022, up from $55.65 in 2021. BP said it was increasing its dividend by 10% and boosting its share buyback authority by $2.75 billion.

BP says it expects oil


prices to be supported by recovering Chinese demand, as well as uncertainty over the level of Russian exports and low inventory levels. BP says global gas prices

will remain dependent on the weather in the northern hemisphere and the pace of Chinese demand recovery.

BP says its own production will be broadly flat in both the first quarter and for the year.

BP’s profit for the year was $27.7 billion on an adjusted basis. According to the Wall Street Journal, BP along with Exxon Mobil

and Shell

earned more than $159 billion in 2022.


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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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