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  "documentTitle": "BP plc (BP)",
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  "authorName": "Giuseppe Bivona and Marco Taricco",
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      "text": "In the face of a growing wall of tangible and qualified evidence, BP's Board of Directors, as a fiduciary of BP shareholders, cannot continue to close its eyes and follow a strategic plan based on assumptions which are simply unrealistic.",
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      "text": "The second pillar of Mr. Looney's plan consisted of a capital allocation which involves massive investments in new businesses for BP (i.e., Bioenergy, Hydrogen, Renewables & Power), where BP has limited capability to generate attractive returns and no right to win.",
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      "text": "In the face of a growing wall of tangible and qualified evidence, BP's Board of Directors, as a fiduciary of BP shareholders, cannot continue to close its eyes and follow a strategic plan based on assumptions which are simply unrealistic.",
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      "text": "During that 2022-2030 period, BP expects oil and gas demand to increase by a cumulative 2%, compared to a forecasted 7% growth by Shell, 6% forecasted growth by ExxonMobil and 5% forecasted growth for the International Energy Agency (IEA).",
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      "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.",
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      "text": "3. BP's diversification into sectors where it has no right to win and where it aims to achieve single digit return.",
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      "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).",
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      "kind": "source-note",
      "text": "Source: BP FY22 results presentation... IEA world energy outlook 2022... BP Statistical Review of the World Energy Data 2022.",
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