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  "documentTitle": "BP plc (BP)",
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  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "presentationDate": "2023-10-04 00:00:00",
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  "notes": "The slide serves as a concluding summary of the activist investor's thesis regarding BP's underinvestment in oil and gas.",
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      "kind": "callout",
      "text": "In our considered view, optimal conditions are being created for the realization of the worst energy crisis the world has ever seen.",
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      "text": "In conclusion, the failure to get to Net-Zero by 2050, whilst cutting supply of conventional source of energy, will eventually affect access for the poorest nations to energy, will impede economic development, will cause serious harm to health and will act as a barrier to progress on gender equality and education, amongst other social targets.",
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      "kind": "paragraph",
      "text": "BP is inadvertently giving its own generous contribution to this flawed path. Finally, the war in Ukraine and high global energy prices have shown the growing importance of energy security.",
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      "text": "Investments in the upstream sector have tumbled, since spending peaked at $887 billion in 2014, with about $580 billion expected to be invested in 2023. The number of completed wells has also fallen, from 88,000 in 2014 to 59,000 this year.",
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      "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.",
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      "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.",
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      "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)",
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