3 ms·

They'll invest the huge profits into EV battery factories, EV charging stations, renewable energy startups, etc. BT, Shell, etc. have already given up on oil a

They'll invest the huge profits into EV battery factories, EV charging stations, renewable energy startups, etc. BT, Shell, etc. have already given up on oil and gas. They don't invest in new refineries, pipelines, drilling rigs.

blitzar 4y ago
Just checking the wires ... BP unveils fourth share buyback of 2022 ... nahh that was last year ... ahh there it is ... BP profits surge to record $27bn, unveils extra $2.75bn share buyback and a 10% increase in the dividend. I guess if your shareholders are buying a Tesla that is, indirectly, investing in EV battery factories, EV charging stations.
- defrost 4y ago
  They are investing low billions in renewables and moving out of fossil fuels, but it's planned over decades. The losses are not slowing Looney's spending on renewable energy. He aims to boost annual investment to $5 billion by 2030, a 10-fold increase over 2019. The current proportions are illustrated in a graphic here: https://www.reuters.com/graphics/BP-SPENDING/myvmnmjobpr/index.html https://www.reuters.com/graphics/BP-SPENDING/myvmnmjobpr/ind... Special Report: BP gambles big on fast transition from oil to renewables (late 2021) ( overstated headline (IMHO)) https://www.reuters.com/business/sustainable-business/bp-gambles-big-fast-transition-oil-renewables-2021-09-20/ https://www.reuters.com/business/sustainable-business/bp-gam...
  - blitzar 4y ago
    > investing in renewables and moving out of fossil fuels I would say diversifying into renewables, I see little sign that BP (or Shell or Saudi Arabia) are looking to not be in the fossil fuel industries. Looking at these results, I am somewhat surprised that BP didn't get involved with buying out BritishVolt (although there was more than a hit of fraud / scamming there).
    - secretsatan 4y ago
      I would say they see legislation is on it's way, but now they can say, but if you hurt us, you'll hurt development in renewables! There is no way we should trust an industry tht's been lying to us for decades to sell us the solution while still being the problem.

blitzar 4y ago

Just checking the wires ... BP unveils fourth share buyback of 2022 ... nahh that was last year ... ahh there it is ... BP profits surge to record $27bn, unveils extra $2.75bn share buyback and a 10% increase in the dividend. I guess if your shareholders are buying a Tesla that is, indirectly, investing in EV battery factories, EV charging stations.

defrost 4y ago
They are investing low billions in renewables and moving out of fossil fuels, but it's planned over decades. The losses are not slowing Looney's spending on renewable energy. He aims to boost annual investment to $5 billion by 2030, a 10-fold increase over 2019. The current proportions are illustrated in a graphic here: https://www.reuters.com/graphics/BP-SPENDING/myvmnmjobpr/index.html https://www.reuters.com/graphics/BP-SPENDING/myvmnmjobpr/ind... Special Report: BP gambles big on fast transition from oil to renewables (late 2021) ( overstated headline (IMHO)) https://www.reuters.com/business/sustainable-business/bp-gambles-big-fast-transition-oil-renewables-2021-09-20/ https://www.reuters.com/business/sustainable-business/bp-gam...
- blitzar 4y ago
  > investing in renewables and moving out of fossil fuels I would say diversifying into renewables, I see little sign that BP (or Shell or Saudi Arabia) are looking to not be in the fossil fuel industries. Looking at these results, I am somewhat surprised that BP didn't get involved with buying out BritishVolt (although there was more than a hit of fraud / scamming there).
  - secretsatan 4y ago
    I would say they see legislation is on it's way, but now they can say, but if you hurt us, you'll hurt development in renewables! There is no way we should trust an industry tht's been lying to us for decades to sell us the solution while still being the problem.