{ "docId": "019dd923-622b-71dc-a6dc-d7c9fce4ff84", "docSlug": "2bee745d494a", "documentTitle": "BP plc (BP)", "authorId": "23_Bluebell_Capital", "authorName": "Giuseppe Bivona and Marco Taricco", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2023-10-04 00:00:00", "orientation": "portrait", "aspectRatio": 0.7070707, "pageNumber": 4, "pageCount": 30, "prevPage": 3, "nextPage": 5, "slideType": "demand_list", "function": "state_demand", "density": "dense", "nDataPoints": 12, "notes": "The slide contains a list of demands (iv-vi) and a section critiquing BP's strategy, supported by extensive footnotes containing quantitative data.", "elementsJson": [ "numbered_list", "paragraph", "footnote" ], "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6dc-d7c9fce4ff84/4", "deckHref": "/decks/019dd923-622b-71dc-a6dc-d7c9fce4ff84", "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-d7c9fce4ff84.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-d7c9fce4ff84#slide-4", "components": [ { "bbox": null, "kind": "callout", "text": "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, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-f5d0-745c-bea8-496c36cb2ed3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.15, "y": 0.1 }, "kind": "list", "text": "(iv) increase cash to be returned to shareholders by a cumulative ~$16bn (~$2.0bn p.a., 2023-2030) to be sure it is better deployed also in support of the energy transition. (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, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ac4d84fd-3180-4317-ad2b-2b3a87088ea5", "frameworkName": null, "frameworkSlug": 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). The plan sets forth significant medium-term goals for", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "792b6b0c-6d62-41f8-b0c5-ccba4ac6c2e9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.15, "y": 0.72 }, "kind": "source-note", "text": "3 which included a tenfold increase in annual low carbon investment from $ 500 million in 2019 to $ 5.0 bn by 2030; a reduction of oil and gas production by over 40% from ~2.6 mmboed in 2019 to ~1.5 mmboed in 2030; a 20-fold increase on the 2.5GW developed renewable energy generation capacity to 50 GW; increase of production of bioenergy from the equivalent of 22,000 barrel of oil per day to 100,000; capturing 10% share in core hydrogen markets compared with supplying small volumes to BP's own operations; an increase in EV charging point from 7,500 to 70,000; a cut operational emissions (Scope 1 and 2) by 30-35% by 2030 and; a reduction of emissions associated with the carbon in upstream oil and gas production by 35-40% by 2030. 4 which include a $1bn of additional annual investment for the eight-year period 2023-2030 on both the so called five 'transitions engines' (Bioenergy, Convenience, EV Charging, Hydrogen, Renewables & Power) and oil and gas; a new target of oil and gas production of ~2 mmboed in 2030 (~20% reduction from 2019 level instead of a ~40% reduction as announced in 2020)", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a6260c9b-5053-4833-90f0-3a0b13185585", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.15, "y": 0.42 }, "kind": "title", "text": "2. The flawed assumptions underpinning BP's oil and gas strategy.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "85e041e5-02ee-4f3b-a61c-505f504f2da5", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 9, "from": 4, "beatId": "833148c7-b13a-4f4b-aeb4-8536c5cc31bd", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem & Complication", "beatSlug": "consultants-gambit-problem-complication", "evidence": "The document presents a clear problem and complication", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" }, { "to": 14, "from": 4, "beatId": "c02f659b-5eea-4a8c-b892-a11f455c4a3a", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Interest", "beatSlug": "aida-interest", "evidence": "The document generates interest by presenting a clear critique of BP's strategy", "position": 3, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }