BP CEO Looney on Shareholder Returns, Gas Trading, Oil Prices

The transcript discusses the company's strong quarterly performance, highlighting a 3% increase in oil and gas production and a 9% cost reduction. It details the company's buyback strategy, aiming to return 60% of surplus cash to shareholders, and addresses valuation gaps with peers. The market outlook for oil and gas is positive, with resilient demand expected to continue. The company plans significant growth in biofuels and biogas production by 2025. Additionally, the transcript covers China's industrial demand and the company's renewable energy strategy, including a recent German offshore bid.

What was the percentage increase in the company's oil and gas production this quarter?

• 3%

• 10%

• 5%

• 2%

How much surplus cash does the company plan to return to shareholders through buybacks?

• 60%

• 50%

• 70%

• 80%

By what year does the company plan to deliver $10 to $12 billion from its growth engines?

• 2028

• 2025

• 2030

• 2023

What was the main reason for the exceptional gas trading performance in the second quarter?

• Higher market volatility

• Decreased demand

• Lower market volatility

• Increased production

What is the expected growth in oil demand this year?

• 2 million barrels a day

• 1 million barrels a day

• 3 million barrels a day

• 4 million barrels a day

What return percentage does the company expect from its renewables part of the business?

• 8-10%

• 10-12%

• 6-8%

• 4-6%

Why is the company investing in green electricity in Germany?

• To export it to other countries

• To sell it on the open market

• To reduce production costs

• To meet their own operational needs