BAKU, Azerbaijan, Aug.10. bp’s upstream business will garner less of overall capex, Trend reports with reference to Fitch Solutions.
“bp continues to execute its strategy of managed transition to an Integrated energy company while keeping a keen focus on investor returns by offering a mix of dividends and share buybacks with 60 percent of surplus cash flow. In the latest Q122 quarterly results, the company expects nearly USD4.0bn in share buy backs annually through 2025. bp’s transition to an integrated energy company continue with resilient hydrocarbons business remaining a foundational support for investments in the energy transition,” reads the latest report from Fitch Solutions.
The report reveals that the pivot will see the upstream business garner less of the overall capital expenditure with greater than 20 percent of capital employed focused on the energy transition by 2025.
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