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  "documentTitle": "BP plc (BP)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "presentationDate": "2023-10-04 00:00:00",
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  "notes": "The slide uses a 'villain' framing for the current management strategy, labeling it 'irrational' and 'anti-woke'.",
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      "text": "We respectfully ask BP's Board of Director to urgently review and revise the 2023-2030 plan, by implementing the following six corrective actions",
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      "text": "(i) remove its medium-term Scope 3 targets and qualify its 2050 target (Net-Zero) as a target to be reached ‘in line with Society’. (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.",
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      "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.",
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      "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). We respectfully ask BP’s Board of Director to urgently review and revise the 2023-2030 plan, by implementing the following six corrective actions (see § 5):",
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      "text": "This irrational strategy has, quite understandably, depressed the value of BP’s share price, leading to an approximate 40% discount vs. its best-in-class peers (ExxonMobil and Chevron).",
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      "text": "1 with oil at $ 60 per barrel 2 in a broader sense, this is the inverse of 'politically correct' meaning BP are wanting to be considered correct, and wanting everyone to know just how correct they are particularly when it comes to dealing with the environment, but in reality, they fall short.",
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