UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to
Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the period ended 30 June 2020
Commission File Number 1-06262
BP p.l.c.
(Translation of registrant’s name into English)
1 ST JAMES’S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or
Form 40-F:
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Form 20-F
x
Form 40-F
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Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
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Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):
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THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY
REFERENCE IN THE PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT
ON FORM F-3 (FILE NOS. 333-226485, 333-226485-01 AND 333-226485-02)
OF BP p.l.c., BP CAPITAL MARKETS p.l.c. AND BP CAPITAL MARKETS
AMERICA INC.; THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO.
333-67206) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8
(FILE NO. 333-79399) OF BP p.l.c., THE REGISTRATION STATEMENT ON
FORM S-8 (FILE NO. 333-103924) OF BP p.l.c., THE REGISTRATION
STATEMENT ON FORM S-8 (FILE NO. 333-123482) OF BP p.l.c., THE
REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-123483) OF BP
p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO.
333-131583) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8
(FILE NO. 333-131584) OF BP p.l.c., THE REGISTRATION STATEMENT ON
FORM S-8 (FILE NO. 333-132619) OF BP p.l.c., THE REGISTRATION
STATEMENT ON FORM S-8 (FILE NO. 333-146868) OF BP p.l.c., THE
REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146870) OF BP
p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO.
333-146873) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8
(FILE NO. 333-173136) OF BP p.l.c., THE REGISTRATION STATEMENT ON
FORM S-8 (FILE NO. 333-177423) OF BP p.l.c., THE REGISTRATION
STATEMENT ON FORM S-8 (FILE NO. 333-179406) OF BP p.l.c., THE
REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-186462) OF BP
p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO.
333-186463) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8
(FILE NO. 333-199015) OF BP p.l.c., THE REGISTRATION STATEMENT ON
FORM S-8 (FILE NO. 333-200794) OF BP p.l.c., THE REGISTRATION
STATEMENT ON FORM S-8 (FILE NO. 333-200795) OF BP p.l.c., THE
REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-207188) OF BP
p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO.
333-207189) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8
(FILE NO. 333-210316) OF BP p.l.c., THE REGISTRATION STATEMENT ON
FORM S-8 (FILE NO. 333-210318) OF BP p.l.c., AND TO BE A PART
THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE
EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR
FURNISHED.
press release
4 August 2020
From International Oil Company to Integrated Energy
Company:
bp sets out strategy for decade of delivery
towards net zero ambition
New strategy sees bp:
Pivoting to low carbon energy and customer focus
-- 10-fold increase in low carbon investment by 2030,
with
up to 8-fold increase by 2025
-- partnering with 10-15 cities and 3 core industries in
decarbonization efforts
and doubling customer interactions to 20 million per day, all by
2030
Focusing resilient hydrocarbon business on value:
-- capital intensity decreasing as major project wave completes,
combined with
continued efficiency focus, to drive earnings and ROACE
growth
-- production declines by 40% by 2030 through active portfolio
management
-- no exploration in new countries
Delivering on net zero ambition
-- emissions from bp’s operations 30-35% lower by 2030
-- emissions associated with carbon in upstream oil and gas
production
35-40% lower by 2030
-- carbon intensity of products bp sells lower by more than 15% by
2030
Delivering long term value for shareholders
-- reset resilient dividend of 5.25c/share per quarter, with
commitment to
return at least 60% of surplus cash as share buybacks
-- profitable growth with 7-9% annual growth in Underlying EBIDA
per share to 2025
-- sustainable value with increasing investment in low carbon and
non-oil and gas
bp today introduces a new strategy that will reshape its business
as it pivots from being an international oil company focused on
producing resources to an integrated energy company focused on
delivering solutions for customers.
Within 10 years, bp aims to have increased its annual low carbon
investment 10-fold to around $5 billion a year, building out an
integrated portfolio of low carbon technologies, including
renewables, bioenergy and early positions in hydrogen and CCUS. By
2030, bp aims to have developed around 50GW of net renewable
generating capacity – a 20-fold increase from 2019 – and to have
doubled its consumer interactions to 20 million a day.
Over the same period, bp’s oil and gas production is expected to
reduce by at least one million barrels of oil equivalent a day, or
40%, from 2019 levels. Its remaining hydrocarbon portfolio is
expected to be more cost and carbon resilient.
By 2030, bp aims for emissions from its operations and those
associated with the carbon in its upstream oil and gas production
(addressed by Aim 1 and Aim 2 of bp’s net zero ambition) to be
lower by 30-35% and 35-40% respectively.
bp also today sets out a new financial frame to support a
fundamental shift in how it allocates capital, towards low carbon
and other energy transition activities. The combination of strategy
and financial frame is designed to provide a coherent and
compelling investor proposition – introducing a balance between
committed distributions, profitable growth and sustainable value –
and create long-term value for bp’s stakeholders.
As part of the investor proposition, bp’s board has introduced a
new distribution policy, with two elements:
•the
dividend reset to a resilient level of 5.25 cents per share per
quarter, and intended to remain fixed at this level, subject to the
board’s decision each quarter, supplemented by
•a
commitment to return at least 60% of surplus cash to shareholders
through share buybacks, once bp’s balance sheet has been
deleveraged and subject to maintaining a strong investment grade
credit rating.
“Energy markets are fundamentally changing, shifting towards low
carbon, driven by societal expectations, technology and changes in
consumer preferences. And in these transforming markets, bp can
compete and create value, based on our skills, experience and
relationships. We are confident that the decisions we have taken
and the strategy we are setting out today are right for bp, for our
shareholders, and for wider society.”
Helge Lund, chairman
New strategy
Earlier this year bp announced its new purpose, net zero ambition
and aims, and its determination to reimagine energy and reinvent
bp. Building on the purpose, together with bp’s beliefs about the
future of energy systems and changing customer demands, the
strategy sets out how bp expects to deliver its
ambition.
“bp has been an international oil company for over a century -
defined by two core commodities produced by two core businesses.
Now we are pivoting to become an integrated energy company - from
IOC to IEC. From a company driven by the production of resources to
one that that’s focused on delivering energy solutions for
customers.
“We believe our new strategy provides a comprehensive and coherent
approach to turn our net zero ambition into action. This coming
decade is critical for the world in the fight against climate
change, and to drive the necessary change in global energy systems
will require action from everyone.
“So, in the years ahead, bp is going to significantly scale-up our
low-carbon energy business and transform our mobility and
convenience offers. We will focus, and reduce, our oil, gas and
refining portfolio. And, as we drive down emissions on our route to
net zero, we are committed to continuing to deliver long-term value
for our stakeholders.
“We bring with us over 100 years of experience steeped in the world
of energy. We understand energy markets deeply, and have developed
unique capabilities in trading, marketing, technology and
innovation. And we are not starting from scratch in this new world.
From our Lightsource bp joint venture – now in 13 countries – to
our electric vehicle charging partnership with DiDi in China, and
our industry-leading convenience partnerships with M&S in the
UK and REWE in Germany – we are already building scale and
capability.”
Bernard Looney, chief executive officer
The strategy is built around three focus areas of activity and
three distinctive sources of differentiation, underpinned by a new
sustainability frame and advocacy for policies that support net
zero.
The focus areas are:
•Low
carbon electricity and energy:
building scale in renewables and bioenergy, seeking early positions
in hydrogen and CCUS, and building out a customer gas portfolio to
complement these low carbon energies.
•Convenience
and mobility:
putting customers at the heart of what bp does, helping accelerate
the global revolution in mobility, redefining the experience of
convenience retail, and scaling bp’s presence and fuel sales in
growth markets.
•Resilient
and focused hydrocarbons:
maintaining an absolute focus on safety and operational
reliability, bp intends to drive capital and cost productivity up
and emissions down. bp intends to complete the ongoing wave of
major projects, decreasing capital intensity, and to continue to
high-grade the portfolio, resulting in significantly lower and more
competitive production and refining throughput. bp will not seek to
explore in countries where it does not already have upstream
activities. Rosneft is a fundamental part of bp’s broader portfolio
and provides bp with a strong position in Russia.
The three sources of differentiation to amplify value
are:
•Integrated
energy systems:
along and across value chains, pulling together all bp’s
capabilities to optimise energy systems and create comprehensive
offers for customers.
•Partnering
with countries, cities, and industries:
as they shape their own paths to net zero.
•Digital
and innovation:
to enable new ways to engage with customers, create efficiencies,
and support new businesses.
Delivering the strategy will see bp become a very different company
by 2030. By then, bp aims for:
•investment
in low carbon energy
to have increased from around $500 million to around $5 billion a
year;
•developed
renewable generating capacity
to have grown from 2.5GW in 2019 to around 50GW;
•bioenergy
production to have risen from 22,000 b/d to more than 100,000
b/d;
•hydrogen
business to have grown to have 10% share of core
markets;
•global
customer interactions
to have risen from 10 million to 20 million a day;
•electric
vehicle charging points
to have increased from 7,500 to over 70,000; and
•energy
partnerships
with 10-15 major cities around the world and three core
industries.
Over the same time:
•Upstream
oil and gas production
is expected to reduce from 2.6 million barrels of oil equivalent a
day (mmboe/d) in 2019 to around 1.5mmboe/d; and
•refining
throughput
is expected to fall from 1.7 million barrels a day (mmb/d) in 2019
to around 1.2mmb/d.
Through this change, bp will continue its commitment to performing
as it transforms – maintaining its focus on safety, operational
excellence and financial discipline.
Delivering bp’s net zero ambition
The introduction of the new strategy and transformation of bp are
expected to deliver material progress towards its ambition to
become net zero by 2050 or sooner and its supporting aims. By 2030,
bp aims to have delivered significant progress against its first
five Aims:
•Aim
1
– emissions from operations, 30-35% lower than in
2019;
•Aim
2
– emissions associated with the carbon in bp’s upstream oil and gas
production,
35-40% lower than in 2019;
•Aim
3
– carbon intensity of marketed products, more than 15% lower than
in 2019;
•Aim
4
–
measurement of methane in place by 2023, and progress underway to
halve its
intensity;
•Aim
5
– investment in low carbon increased from $0.5 billion to around $5
billion a year –
and to $3-4 billion by 2025.
New financial frame, investor proposition and distribution
policy
bp also today introduces a new financial frame that will support
this transformation and delivery of the strategy. It sets out bp’s
clearly defined priorities for capital allocation:
•supporting
a resilient dividend;
•deleveraging
and maintaining a strong investment grade credit
rating;
•investing
at scale into the energy transition;
•investing
in bp’s resilient hydrocarbons assets to maximise value and cash
flow; and
•returning
cash to shareholders through buybacks.
bp intends to maintain its financial discipline with a rigorous
business plan, including strengthening its balance sheet,
maintaining strict discipline on capital spending and deleveraging
to reduce net debt to $35 billion.
bp intends to maintain annual capital expenditure -- including
inorganic investment — in a range of $14-16 billion to 2025;
keeping within the lower end of the $13-15 billion range until net
debt has been reduced to $35bn. As it high-grades its portfolio, bp
is also targeting $25 billion of divestment proceeds between the
second half of 2020 and 2025.
Based on expected growth in profitability, and its focus on
disciplined investment allocation, bp aims to deliver strong and
growing returns, with ROACE rising to 12-14% in
2025(1).
It also expects to rebalance its sources and uses of cash, on
average over 2021-25, to a balance point of around $40/bbl Brent,
assuming an average bp refining marker margin around $11/bbl and
Henry Hub at $3/mmBtu in 2020 real terms.
bp is committed to delivering attractive returns to shareholders.
Therefore, as part of the financial frame, bp’s board has put in
place a new distribution policy, comprising two
elements:
•a
resilient dividend of 5.25 cents per share per quarter, with an
intention that this level will remain fixed, subject to the board’s
decision each quarter; and
•a
commitment to return at least 60% of surplus cash flow to
shareholders via share buybacks
once net debt is reduced to $35 billion and subject to maintaining
a strong investment grade credit rating(2).
The board believes setting a dividend at this level takes into
account the current uncertainty regarding the economic consequences
of the COVID pandemic, supports bp’s balance sheet and also
provides the flexibility required to invest into the energy
transition at scale. The commitment to return surplus cash as
buybacks offers investors benefits from potential cash flow upside,
while also reinforcing bp’s commitment to investment
discipline.
The combination of this frame and the new strategy creates bp’s new
investor proposition:
•Committed
distributions:
a resilient dividend, supplemented by a commitment to distribute
surplus cash through share buybacks.
•Profitable
growth:
underlying business performance expected to drive growth in
Underlying EBIDA per share at an average compounded annual growth
rate of 7-9% to 2025(3),
supported by the share buyback commitment.
•Sustainable
value:
with increasing investment in non-oil and gas, by 2025 more than
20% of bp’s capital is expected to be employed in transition
businesses, including low carbon. This is expected to diversify and
improve the resilience of bp’s cash flow.
“We believe that what we are setting out today offers a compelling
and attractive long-term proposition for all investors -- a reset
and resilient dividend with a commitment to share buybacks;
profitable growth; and the opportunity to invest in the energy
transition.
“I want to acknowledge the impact the reset dividend will have on
many – whether individual retail investors or large holders.
However, it is a decision that we wholeheartedly believe is in the
long-term interest of our stakeholders.”
Bernard Looney
bp will give more detail on its strategy, business plans and
investor proposition in its capital markets day presentations on
14-16 September.
Notes:
This announcement includes inside information as defined in Article
7 of the Market Abuse Regulation No. 596/2014. The person
responsible for arranging the release of this announcement on
behalf of BP p.l.c. is Ben Mathews, Company Secretary.
(1)This
ROACE figure is based on $50-60/bbl (2020 real).
(2)Following
the end of the first quarter in which net debt is reduced to $35
billion, and subject to having surplus cash flow, the board will
announce the quantum of share buybacks, returning at least 60% of
the surplus cash flow arising in such quarter. Thereafter, and
subject to maintaining a strong investment grade credit rating, the
amount to be allocated to buybacks will be calculated on a
cumulative basis, including surplus cash flow and the quantum of
buybacks in previous quarters. Once a full four quarters have been
reached, the calculation will be limited to the preceding four
quarters, on a rolling basis.
(3)This
Underlying EBIDA figure is based on $50-60/bbl (2020
real).
Other:
•bp’s
net zero ambition and aims are set out in
BP Annual Report and Form 20-F 2019,
pages 6 and 7; further information on Aims 1, 2 and 3 is provided
in
BP Annual Report and Form 20-F 2019,
page 40.
•For
the purpose of this announcement, the terminology below has the
meaning given to it on the specified page in
BP Annual Report and Form 20-F 2019:
Carbon intensity of products bp sells; carbon intensity of marketed
products:
pages 40 and 338 (“Average
emissions intensity of marketed energy products”)
Emissions from bp’s operations; emissions from operations:
page 40.
Emissions associated with carbon in bp’s upstream oil and gas
production:
page 38 (“emissions
from the carbon in our Upstream oil and gas
production”)
Methane intensity:
page 34.
Net zero:
page 338.
•For
the purpose of this announcement, the terminology below has the
following meanings:
Low carbon energy; low carbon technologies:
Low carbon (renewable) electricity; bio-energy; electrification;
future mobility solutions; carbon capture, use and storage (CCUS);
“blue” or “green” hydrogen; and trading in low carbon
products.
Note that, while there is some overlap, these terms do not mean the
same as bp’s strategic focus area of “low carbon electricity and
energy”, as described in this announcement.
Low carbon investment; investment in low carbon energy; investment
in low carbon:
Capital expenditure on low carbon energy or
technologies.
Low carbon and other energy transition activities:
Low carbon energy / technologies as described above, together with
convenience; integrated gas and power; bp Ventures and
Launchpad.
Developed net renewable generating capacity; developed renewable
generating capacity:
the aggregate quantity, net to bp, of renewable generating capacity
that has been developed, whether before or after the date of this
announcement, to the point of Final Investment Decision.
This figure is calculated irrespective of any subsequent sell-down;
it represents the quantity developed up to the relevant date (e.g.,
2030) rather than the quantity held at that date.
Bioenergy production:
production of bioenergy on an ethanol equivalent production basis
for sugarcane ethanol and biopower production as well as refining
bio co-processing production; net to bp.
surplus cash flow
- refers to surplus of sources of cash including operating cash
flow, JV loan repayments and divestment proceeds, over uses,
including leases, Gulf of Mexico oil spill payments, hybrid
servicing costs, dividend payments and cash capital
expenditure.
ROACE
- return on average capital employed as defined in
BP Annual Report and Form 20-F 2019
(page 342). We are unable to present forward-looking information of
the nearest GAAP measures of the numerator and denominator for
ROACE, because without unreasonable efforts, we are unable to
forecast accurately certain adjusting items required to calculate a
meaningful comparable GAAP forward-looking financial measure. These
items include inventory holding gains or losses and interest net of
tax, that are difficult to predict in advance in order to include
in a GAAP estimate.
Underlying EBIDA
- underlying replacement cost profit before interest and tax, add
back depreciation, depletion and amortization and exploration
expenditure written-off (net of non-operating items), less taxation
on an underlying replacement cost basis.
BP believes it is helpful to disclose Underlying EBIDA because it
reflects how BP measures underlying business delivery.
We are unable to present forward-looking information of the nearest
GAAP measures of the numerator and denominator for Underlying
EBIDA, because without unreasonable efforts, we are unable to
forecast accurately certain adjusting items required to calculate a
meaningful comparable GAAP forward-looking financial measure. These
items include inventory holding gains or losses and interest net of
tax, that are difficult to predict in advance in order to include
in a GAAP estimate.
Underlying EBIDA per share
– share buybacks are modelled across a range of share prices in
this calculation and Underlying EBIDA is after impact of planned
divestments.
Further information:
bp press office, London:
bppress@bp.com,
+44(0)7831 095541
Cautionary statement:
In order to utilize the ‘safe harbor’ provisions of the United
States Private Securities Litigation Reform Act of 1995 (the
‘PSLRA’) and the general doctrine of cautionary statements, BP is
providing the following cautionary statement: The discussion in
this results announcement contains certain forecasts, projections
and forward-looking statements - that is, statements related to
future, not past events and circumstances - with respect to the
financial condition, results of operations and businesses of BP and
certain of the plans and objectives of BP with respect to these
items. These statements may generally, but not always, be
identified by the use of words such as ‘will’, ‘expects’, ‘is
expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’,
‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’, ‘focus on’
or similar expressions.
In particular, the following, among other statements, are all
forward looking in nature: BP’s new strategy to focus on low-carbon
electricity and energy, convenience and mobility, cost and carbon
resilient and focused hydrocarbons, including statements regarding
its aims to increase low-carbon investment 10-fold by 2030 and up
to 8-fold by 2025, decrease capital intensity as major project wave
completes, lower oil and gas production 40% from current levels by
2030 through active portfolio management, develop around 50GW of
net renewable generating capacity by 2030, scale BP’s presence and
fuel sales in growth markets, maintain focus on safety and
operational reliability, drive capital and cost productivity up,
increase bioenergy production to 100,00 b/d, increase hydrogen
business to 10% share of core markets, begin no exploration in new
countries, build partnerships with countries, cities and industries
in decarbonisation efforts and double customer interactions to 20
million per day by 2030 and increase electric vehicle charging
points to over 70,000 and to amplify value through digital and
innovation; plans and expectations to reduce Upstream oil and gas
production to around 1.5mmboe/d and refining throughput to 1.2mmb/d
by 2030; BP's new ambition to be a net zero company by 2050 or
sooner including statements regarding its aims by 2030 for
emissions reductions across operations, the carbon content of its
oil and gas production, a 50% cut in the carbon intensity of
products BP sells, methane measurement at major oil and gas
processing sites by 2023 and subsequent reduction of methane
intensity of operations, and aims to increase the proportion and
amount of investment into non-oil and gas businesses over time;
BP’s expectations regarding shifts in energy markets; and BP’s new
financial frame to support a shift in allocating capital towards
low carbon and other energy transition activities and for the
combination of strategy and financial frame to provide a coherent
and compelling investor proposition and create long-term value for
BP’s shareholders, including statements regarding BP’s disciplined
priorities for capital allocation, maintaining financial discipline
with a rigorous business plan, strengthening the balance sheet,
maintaining strict discipline on capital spending in a range of
$14-16 billion to 2025 and within the lower end of the $13-15
billion range until net debt has been reduced to $35 billion,
targeting $25 billion of divestment proceeds between the second
half of 2020 and 2025, delivering strong and growing returns, with
ROACE rising to 12-14% in 2025, rebalancing sources and uses of
cash, on average over 2021-2025 to a balance point of around
$40/bbl Brent, assuming an average bp refining marker margin around
$11/bbl and Henry Hub at $3/mmBtu in 2020 real terms, resetting to
a resilient level of dividend per quarter subject to the board’s
decision each quarter, a commitment to return at least 60% of
surplus cash through share buybacks once net debt is reduced to $35
billion and subject to maintaining a strong investment grade credit
rating, deleveraging and maintaining a strong investment grade
credit rating, investing at scale into the energy transition as
well as in BP’s resilient hydrocarbons assets to maximize value and
cash flow; and to drive growth in Underlying EBIDA per share at an
average compounded annual growth rate of 7-9% to 2025 supported by
the share buyback commitment and that by 2025 more than 20% of its
capital is expected to be employed in transition businesses,
including low carbon.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on
circumstances that will or may occur in the future and are outside
the control of BP. Actual results may differ materially from those
expressed in such statements, depending on a variety of factors,
including: the extent and duration of the
impact of current market conditions including the significant drop
in the oil price, the impact of COVID-19, overall global economic
and business conditions impacting our business and demand for our
products as well as the specific factors identified in the
discussions accompanying such forward-looking statements; changes
in consumer preferences and societal expectations; the pace of
development and adoption of alternative energy solutions; the
receipt of relevant third party and/or regulatory approvals; the
timing and level of maintenance and/or turnaround activity; the
timing and volume of refinery additions and outages; the timing of
bringing new fields onstream; the timing, quantum and nature of
certain acquisitions and divestments; future levels of industry
product supply, demand and pricing, including supply growth in
North America; OPEC quota restrictions; PSA and TSC effects;
operational and safety problems; potential lapses in product
quality; economic and financial market conditions generally or in
various countries and regions; political stability and economic
growth in relevant areas of the world; changes in laws and
governmental regulations; regulatory or legal actions including the
types of enforcement action pursued and the nature of remedies
sought or imposed; the actions of prosecutors, regulatory
authorities and courts; delays in the processes for resolving
claims; amounts ultimately payable and timing of payments relating
to the Gulf of Mexico oil spill; exchange rate fluctuations;
development and use of new technology; recruitment and retention of
a skilled workforce; the success or otherwise of partnering; the
actions of competitors, trading partners, contractors,
subcontractors, creditors, rating agencies and others; our access
to future credit resources; business disruption and crisis
management; the impact on our reputation of ethical misconduct and
non-compliance with regulatory obligations; trading losses; major
uninsured losses; decisions by Rosneft’s management and board of
directors; the actions of contractors; natural disasters and
adverse weather conditions; changes in public expectations and
other changes to business conditions; wars and acts of terrorism;
cyber-attacks or sabotage; and other factors discussed elsewhere in
this report, and under “Risk factors” in BP Annual Report and Form
20-F 2019 as filed with the US Securities and Exchange
Commission.
Signatures
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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BP p.l.c.
(Registrant)
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Dated: 4 August 2020 |
/s/ Ben Mathews |
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Ben Mathews |
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Company Secretary |
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