{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-d7c9fce4ff84", "slug": "2bee745d494a", "title": "BP plc (BP)", "subtitle": "Giuseppe Bivona and Marco Taricco · 2023-10", "author": "Giuseppe Bivona and Marco Taricco", "date": "2023-10-04 00:00:00", "pageCount": 30, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.7070707, "targetCompany": "BP plc", "targetTicker": "BP", "document": { "id": "019dd923-622b-71dc-a6dc-d7c9fce4ff84", "slug": "2bee745d494a", "title": "BP plc (BP)", "rawTitle": "41c367 16a1f185fae84562bf27c2401cfbfccb", "authorId": "23_Bluebell_Capital", "authorName": "Giuseppe Bivona and Marco Taricco", "authorDisplay": "Giuseppe Bivona and Marco Taricco", "kind": { "slug": "shareholder-letter", "label": "Shareholder letter" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "41c367_16a1f185fae84562bf27c2401cfbfccb.pdf", "sourceUrl": null, "sourceDate": "2023-10-04 00:00:00", "presentationDate": "2023-10-04 00:00:00", "ingestedAt": "2026-04-22 18:03:23+00", "status": "ready", "pageCount": 30, "orientation": "portrait", "aspectRatio": 0.7070707, "targetCompany": "BP plc", "targetTicker": "BP", "metadata": { "local_root": "/tmp/legacy-images/2bee745d494a", "activist_firm": "Bluebell Capital Partners", "origin_corpus": "contrarian", "extraction_seconds": 151.07837915420532 } }, "coverage": { "pageCount": 30, "pagesIndexed": 30, "pagesWithImages": 30, "pagesWithMetadata": 30, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 189, "chartCount": 0, "metricSlides": 0, "toolMatches": 5, "documentToolMatches": 2, "frameworkMatches": 21, "arcMatches": 1, "beatMatches": 5, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "04ad8e80-6309-4875-8ea3-8f1174a57a20", "evidence": "The document follows a clear problem-agitate-solution structure", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:56:33.685351+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 4, "name": "Problem & Complication", "beatId": "833148c7-b13a-4f4b-aeb4-8536c5cc31bd", "matchId": "04ad8e80-6309-4875-8ea3-8f1174a57a20", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents a clear problem and complication", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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BP trades at a 44% P/E discount and 46% EV/EBITDA discount to ExxonMobil and Chevron, who pursue more disciplined capital allocation. Bluebell demands six corrective actions: scrap medium-term Scope 3 targets, raise the 2030 oil & gas production target to ~2.5 mmboed, increase oil & gas capex by ~$1.5bn p.a. while cutting Bioenergy/Hydrogen/Renewables investment by ~60%, return an additional ~$16bn cumulative cash to shareholders, enhance disclosure on non-core businesses, and strengthen the Board including removal of BlackRock-affiliated director Pamela Daley.", "primaryDemands": [ "Remove medium-term Scope 3 targets and qualify 2050 Net-Zero target as 'in line with Society'", "Raise 2030 oil & gas production target to ~2.5 mmboed (vs current 2.0 mmboed)", "Increase oil & gas investment by ~$1.5bn p.a. 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(ii) realign supply to demand revising upward BP’s oil and gas production target, to ~2.5 mmboed by 2030 (versus current target of 2.0 mmboed) (iii) increase investment in oil and gas by ~$1.5 bn p.a. (2023-2030) and reduce cumulative investment in Bioenergy, Hydrogen and Renewables & Power by ~60% (2023-2030), the majority of which will be financed by halting investment in Renewables & Power.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:25.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ef7fc10-8a51-46ba-8ec0-ba9fbb3a2be1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.1 }, "kind": "paragraph", "text": "At the same time, instead of returning the cash-flow generated from a business that Mr. Looney intended to manage in run-off to shareholders, BP has started to diversify into sectors where BP has targeted returns well below BP’s hurdle rate in oil and gas (15-20%)1, and where BP has neither the experience, the track record, nor any competitive advantages to succeed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:25.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019a4e9f-5ba5-4ede-9f99-0167cfa13e37", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.35 }, "kind": "paragraph", "text": "In addition, contrary to probable superficial appearances, we believe BP is pursuing an 'anti-woke' strategy2, the effect of which is not only to destroy shareholder value, but also to jeopardize BP’s contribution to an orderly energy transition, hindering social development and putting at risk global energy security (see § 4). 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(v) enhance disclosure on businesses outside core oil and gas (Convenience and EV Charging, Hydrogen) and more broadly on investment hurdles. (vi) strengthen the Board of Directors, adding the necessary capabilities to oversee large capital deployment in areas which are not BP's core business and have BlackRock's non independent director Pamela Daley removed from BP's Board.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:21.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac4d84fd-3180-4317-ad2b-2b3a87088ea5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.15, "y": 0.46 }, "kind": "paragraph", "text": "The strategy announced by Mr. Looney, in August 2020, was conceived to prepare BP's operation for its participation in a substantially decarbonized world by 2050, with the use of fossil fuels falling from almost 80% of total energy supply today to less than 20%. According to the plan which was partially revised in February 2023, BP is preparing to become a Net-Zero company by 2050, which encompasses a sharp contraction of the core business (oil and gas), accompanied by the development of new businesses with zero (or low) CO2 impact (Bioenergy, Hydrogen, Renewables & Power, Convenience, EV Charging). 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The simple reason is that it is sufficiently clear that by 2050, we are highly unlikely to be ready for total, or even significant, decarbonization - the goal will be missed by a very large margin: BP is preparing to operate in a world that BP should know will not exist.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a5dfc90-1d92-4324-9da2-cb5756e60b67", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.16, "y": 0.1 }, "kind": "paragraph", "text": "reducing oil and gas production by 2030 (-40% subsequently halved in February 2023 to -20%), as evidenced further, by reduction targets in Scope 3 emissions (10-15% by 2025 and 20-30% by 2030).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e7c4014-9972-4e54-b28c-eafcb2da49f5", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.16, "y": 0.58 }, "kind": "paragraph", "text": "In an article published in May 2022, by the Yale School of the Environment, the renowned scholar Prof. Vaclav Smil wrote that “complete decarbonization of the global economy by 2050 is now conceivable only at the cost of unthinkable global economic retreat, or as a result of extraordinarily rapid transformations relying on near-miraculous technical advances” (Prof. Vaclav Smil, May 2022).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7465c35-f718-4da2-acb1-6b223feeefe9", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.16, "y": 0.34 }, "kind": "paragraph", "text": "In a recently issued update on the Net-Zero Roadmap, the International Energy Agency (IEA) stated that the “pathway to net zero emission by 2050 is very narrow”, pointing out that almost 35% of the emissions savings needed by 2050, to reach net-zero emissions, rely on technologies which are not yet commercially viable, nor available (IEA, September 2023).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e51298ed-1191-435f-b5d5-0f1ddd85b8bf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"pathway to net zero emission by 2050 is very narrow\" — IEA; 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To limit global warming to 1.5°C above preindustrial levels, we must ramp up renewables and other low-carbon solutions at warp speed. These energy sources must match the maximum shares held by coal (55%) and oil (41%) roughly three times as fast as those commodities did and ultimately should account for most primary energy by 2050-up to 70% in IEA’s Net Zero Emissions scenario. 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In the September 2023, IAE did not provide a granular update of those figures other than to say that “despite the progress in recent years, national commitments to reduce emissions collectively fall short of what is required by 2030 to bring global emissions down to a level in line with achieving net zero emissions by 2050. In addition, the various commitments are not yet underpinned by sufficiently strong and comprehensive policies to give confidence that they will be successfully delivered” (IAE, September 2023)10.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:22.972+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fcb24609-0caa-457e-a506-754b7640e5ac", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"the adoption of coal occurred over roughly five decades, and the shift from coal to oil took more than three decades. To limit global warming to 1.5°C above preindustrial levels, we must ramp up renewables and other low-carbon solutions at warp speed. These energy sources must match the maximum shares held by coal (55%) and oil (41%) roughly three times as fast as those commodities did and ultimately should account for most primary energy by 2050-up to 70% in IEA's Net Zero Emissions scenario. This rapid transition remains a massive challenge and appears increasingly unlikely\" — BCG, A blueprint for the energy transition (September 2023). \"despite the progress in recent years, national commitments to reduce emissions collectively fall short of what is required by 2030 to bring global emissions down to a level in line with achieving net zero emissions by 2050. In addition, the various commitments are not yet underpinned by sufficiently strong and comprehensive policies to give confidence that they will be successfully delivered\" — IEA, Net-Zero Roadmap - A global pathway to keep the 1.5° C goal in reach (September 2023).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bea8-f03568706b80", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.15, "y": 0.83 }, "kind": "source-note", "text": "7 BCG, “A blueprint for the energy transition” (September 2023)\n8 source: IEA (2022)\n9 IEA, “World Energy Outlook 2022” (November 2022).\n10 IEA, “Net-Zero Roadmap - A global pathway to keep the 1.5° C goal in reach” (September 2023).", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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particularly as \"the facts change\" - with the objective being to \"put the long-term interests\" of stakeholders ahead of \"the short-term\" interest of BP's leadership to please the \"others who argue with an ideological zeal\": BP's decision to cut its oil and gas production by around 15% by 2030 vs.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bea8-a58964e740c7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.676, "x": 0.162, "y": 0.62 }, "kind": "paragraph", "text": "We believe that BP also needs to have a “more honest debate” - particularly as “the facts change” - with the objective being to “put the long-term interests” of stakeholders (including the interest of society in relation to the environment) ahead of “the short-term” interest of BP’s leadership to please the “others who argue with an ideological zeal”: BP’s decision to cut its oil and gas production by around 15% by 2030 vs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:27.735+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24ecaf72-1366-4f13-a36e-8fde92fa6080", "parentComponentId": null }, { "bbox": { "h": 0.24, "w": 0.676, "x": 0.162, "y": 0.1 }, "kind": "paragraph", "text": "Despite this undisputable evidence, no government has to date underwritten the political cost (i.e. being voted out of power) of officially declaring that Net-Zero by 2050 is unattainable and to propose a more realistic and attainable target of at least 2075, while simultaneously identifying a credible, and deliverable, milestone for 2050 (e.g., a 40-50% reduction from 2022).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:27.735+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62719b8b-0d68-4052-9fad-3b88e419cf62", "parentComponentId": null }, { "bbox": { "h": 0.36, "w": 0.676, "x": 0.162, "y": 0.25 }, "kind": "paragraph", "text": "In this regard, we noted that for the first time, a G7 leader commented at a recent press conference, to announce a challenging measure (i.e. the push back on the ban on the sale of new petrol and diesel cars, rolling the target from 2030 to 2035), saying that “too often motivated by short-term thinking, politicians have taken the easy way out, telling people the bits they want to hear, and not necessarily always the bits they need to hear”, asking “can we be honest when the facts change, even if it’s awkward? and can we put the long-term interests of our country before the short-term political needs of the moment, even if it means being controversial?” and finally urging for a “more honest debate about how we secure the country’s long-term interest” (UK Prime Minister Rishi Sunak, 20th of September 2023). The UK remains today to be one of the most committed European countries to decarbonization, thus making the above comments particularly relevant, when considered in that context.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:27.735+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8424118c-bd70-4859-8eb0-df285d64bf3c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"too often motivated by short-term thinking, politicians have taken the easy way out, telling people the bits they want to hear, and not necessarily always the bits they need to hear\", \"can we be honest when the facts change, even if it's awkward? and can we put the long-term interests of our country before the short-term political needs of the moment, even if it means being controversial?\" and finally urging for a \"more honest debate about how we secure the country's long-term interest\" — UK Prime Minister Rishi Sunak, 20th of September 2023", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bea8-a8b31f957620", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.23, "x": 0.385, "y": 0.895 }, "kind": "source-note", "text": "Bluebell Capital Partners Limited 2 Eaton Gate, London SW1W 9BJ Tel: +44 20 3826 0100", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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for the International Energy Agency (IEA).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:26.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7860e367-d654-459f-a998-c13c35956b38", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.16, "y": 0.1 }, "kind": "paragraph", "text": "2022 appears misplaced, because it is driven by unrealistic assumptions on the drop in oil and gas demand. BP's forecasts for growth in oil and gas demand, between 2022 and 2030, stand at the low end of other international oil and gas companies and agencies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:26.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6bbb8e7-0188-4508-9908-e2e055e09b02", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.68, "x": 0.16, "y": 0.52 }, "kind": "paragraph", "text": "3. BP's diversification into sectors where it has no right to win and where it aims to achieve single digit return.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:26.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2127de7-b420-428b-bcfd-93cf4b7e5a11", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.16, "y": 0.31 }, "kind": "paragraph", "text": "We note that these scenarios are below the long-term trend of oil and gas demand growth (+0.9% growth per annum for oil and +1.7% for gas in the last ten tears, +1.1% growth per annum for oil and +2.3% for gas in the last twenty years).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:26.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f76cb5ad-336d-40b3-8dfb-61fbe84621c5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.68, "x": 0.16, "y": 0.78 }, "kind": "source-note", "text": "Source: BP FY22 results presentation... IEA world energy outlook 2022... BP Statistical Review of the World Energy Data 2022.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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When risk free rates or the cost of capital increase significantly, not changing the IRR target range is likely to lead to projects achieving returns below WACC, and hence risking the destruction of shareholder value.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "433e8af0-8612-460e-99f4-964e9b8faf8b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.68, "x": 0.16, "y": 0.66 }, "kind": "list", "text": "(iii) BP's targeted return in Renewables and Power is well below peers like RWE (plus 100 bps to plus 300 bps above WACC), Orsted (plus 150 bps to plus 300 bps above WACC) and EDPR (plus 200bps above WACC).", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5635d58e-61bf-44b8-a5c0-1b791331dcb4", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.16, "y": 0.52 }, "kind": "list", "text": "(ii) BP target of 6-8% return its investment in Renewables & Power implies returns between minus 100 bps and plus 100 bps against its WACC, considering BP's WACC at 7.0%: we find it incredible that BP is consciously planning to invest in project which could return WACC minus 100 bps, which appears as a decision deliberately intended to destroy shareholder value.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a79da628-7da3-4b9f-9d7c-4131d0e3eb64", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "IRR: 6-8%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bea8-bd4b0e826cca", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.16, "y": 0.1 }, "kind": "paragraph", "text": "These figures are dwarfed by the 15-20% IRR in its core business of hydrocarbon production (at $60/bbl). 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BP paid an average of €1.70 million/MW to secure the sites... in stark contrast to the close to 1 GW awarded in September 2021 for no fee.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1503c0a7-a521-41a0-a3e8-91d1ee04349b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.68, "x": 0.16, "y": 0.25 }, "kind": "list", "text": "in the UK, the Offshore Wind Leasing Round 4... BP agreed to pay option fees per annum amounting to 65% above the next best bidder and 84% above the average... extra cost to BP/EnBW vs. the average is €410,000/MW, around 15% of capex.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acfb603b-545b-4b07-8432-9ffe9c97722b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.68, "x": 0.16, "y": 0.1 }, "kind": "paragraph", "text": "In the offshore wind space, where BP is investing a significant portion of its capital dedicated to Renewables & Power, data from the UK, Germany, and the US clearly indicate that BP lacks financial discipline and appears more concerned with gaining scale, as opposed to creating value:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f40290e6-dc41-4c40-969f-ebd08d609bfa", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.68, "x": 0.16, "y": 0.72 }, "kind": "source-note", "text": "Footnotes 18-23 detailing sources for auction data and exchange rates.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Despite the very high uncertainty surrounding the prospective returns of the projects, BP took the decision to invest $1.1bn to acquire a stake in these projects, which it now threatens to fail to develop. This $1.1bn investment represents a potentially significant sunken costs for BP and once again demonstrates the lack of discipline around targeted returns in offshore wind.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.198+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb9d812a-b3f7-40b8-a066-708b0fbb5b03", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.55, "x": 0.28, "y": 0.1 }, "kind": "paragraph", "text": "for another 1.8 GW awarded in August 2023 for no fee. Whilst not explicitly mentioning BP (or any other organisation for that matter), in its Q2 conference call, RWE CEO Markus Krebber commented: \"what we have seen in the German an auction [sic] which is the equivalent of EUR 25 per megawatt hour for the full lifetime of the project being the lease payment alone, I think that is not sustainable\";", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.198+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa3d8d81-2758-42a1-a01a-2ba62bcdc544", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"what we have seen in the German an auction [sic] which is the equivalent of EUR 25 per megawatt hour for the full lifetime of the project being the lease payment alone, I think that is not sustainable\" — RWE CEO Markus Krebber", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bea9-3781c5c510e5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.67, "x": 0.16, "y": 0.62 }, "kind": "source-note", "text": "24, 25, 26: Detailed citations and context regarding German auctions and US offshore wind project history.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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I mean, if I today am willing to sell the power to the same guys for lower prices than it costs them to build the assets, why building the assets?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.06+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af97ba54-67b4-4f79-ba69-9c4911531882", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I don't understand the story to be honest that you need to power internally. 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true }, { "page": 14, "type": "tension", "title": "This slide continues a numbered list of arguments (vii and viii) and includes detailed footnotes regarding valuation data and board member qualifications.", "function": "expose_contradiction", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 8, "textChars": 1986, "nDataPoints": 3, "notes": "This slide continues a numbered list of arguments (vii and viii) and includes detailed footnotes regarding valuation data and 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"paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "100e9ea3-1aa4-4291-916d-79f462f5a691", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.638, "x": 0.218, "y": 0.101 }, "kind": "paragraph", "text": "infrastructure (i.e., EV Charging), introduces a clear source of share price underperformance, provided that the market values a diversified group of businesses and assets at less than the sum of its parts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "814101c3-fc42-490e-881e-c7582cb9212f", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.638, "x": 0.218, "y": 0.445 }, "kind": "paragraph", "text": "We really struggle to see which Director has the professional capability to oversee these complex investment decisions. Without taking any view on the quality of any individual Director, it is difficult to ascertain what skills the six new Directors, who joined the Board at the last three AGMs, bring to oversee the radical change of capital allocation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4f97616-d838-475d-a692-4fee6e03a6cf", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.638, "x": 0.218, "y": 0.592 }, "kind": "paragraph", "text": "We very much doubt that knowledge/capabilities in insurance, software/IT, consumer staples, banking, oil and gas or utilities networks are going to be more valuable to the Board of BP, than knowledge/capabilities in renewable power or hydrogen, when it comes to overseeing the execution of the updated capital allocation of BP.30", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f003da5f-0960-489d-a4e8-22184baf40f3", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.695, "x": 0.161, "y": 0.348 }, "kind": "paragraph", "text": "(viii) BP embarked on a massive life-time transformational capital deployment into new sectors ($45bn of capital to be invested in Renewables & Power, Hydrogen and Bioenergy over the 2023-2030) without adjusting the composition of its Board, to properly oversee it.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8900a97-b0b9-4910-b5ca-850010f50578", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.695, "x": 0.161, "y": 0.771 }, "kind": "source-note", "text": "29 Source Bloomberg data as of 03/10/2023. Listed pure play renewable power generation EDPR and Orsted trade at an average 10x EV/Ebitda 12m fwd.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:23.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d819431-a51b-4884-ab1b-e2a8621f37dd", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.695, "x": 0.161, "y": 0.808 }, "kind": "source-note", "text": "30 We appreciate Mr Teyssen has been CEO of the German utility E.ON but renewable power generation was a small part of E.ON business... 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The number of completed wells has also fallen, from 88,000 in 2014 to 59,000 this year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:24.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "beb7e728-89b9-44b7-ab9f-d4570e43e6e3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.16, "y": 0.57 }, "kind": "paragraph", "text": "Reducing investments for future oil and gas production, given the likelihood of the delay in the ecological transition, means that BP is contributing to reducing energy security and to increasing geopolitical instability.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:24.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d740930d-5947-4ea1-9b8f-4c821c1b8252", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.68, "x": 0.16, "y": 0.46 }, "kind": "paragraph", "text": "Whilst the drop in investment may have been partially compensated by gains in productivity, the sector faces gross underinvestment, greatly encouraged by pressure from governments, activists and investors, in the pursuit of the energy transition.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:24.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff9b9216-4b15-4682-a350-c44cba2644e0", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.68, "x": 0.16, "y": 0.83 }, "kind": "source-note", "text": "45 BP hit highest capex on upstream and downstream segments and inorganic acquisitions in 2013 at ~$29bn, of which the vast majority related to carbon intensive assets or products (essentially oil, gas, refining and fuels) 46 RystadEnergy (6 July 2023)", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We respectfully ask BP’s Board of Directors to consider the following six actions:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:28.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38a4292d-222e-419b-8450-14793d7dcefb", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.68, "x": 0.16, "y": 0.36 }, "kind": "paragraph", "text": "In the medium-term (2025, 2030), BP should maintain the flexibility to adjust Scope 3, to maximise shareholder value and to serve the changing needs of the energy transition responsibly best. ExxonMobil and Chevron do not have a Scope 3 target, Shell has a Net-Zero Scope 3 target by 2050 with no intermediate milestones. Total Energies has a Net-Zero target by 2050 with milestones in 2025 and 2030 which simply cap the potential increase in Scope 3 emissions and 2050 Net-Zero is correctly qualified as an objective “in line with Society”. This leaves BP competitors largely unconstrained in how they run their business, with the enhanced benefit of an ability to adjust their plans to support the energy transition, whose speed will ultimately depend on the dynamic pace of change in government policies, consumer behaviors and corresponding demand. 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We kindly ask you to share this letter with the Board of Directors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:25.871+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "733ee9b2-0557-4a69-8265-59fbffed418b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.16, "y": 0.44 }, "kind": "paragraph", "text": "Yours sincerely, Giuseppe Bivona, Partner and CIO; Marco Taricco, Partner and CIO", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:25.871+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77cf0950-bc7d-4c27-b8d2-457ca8fa4312", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.68, "x": 0.16, "y": 0.66 }, "kind": "paragraph", "text": "CC: Nicolas Ceron, Portfolio Manager", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", 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"019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 24, "name": "Solution & Approach", "beatId": "59feeeec-b3a4-47b2-8ad1-d61aedba53ce", "matchId": "04ad8e80-6309-4875-8ea3-8f1174a57a20", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document proposes a solution", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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