Energy company BP has vowed to focus more on its traditional oil and gas business as it moves away from renewable energy. BP‘s new strategy aims to improve profits for the company in an attempt to appease shareholders who have been watching the company falter in terms of financials intermittently since the COVID pandemic.
“bp can and will do better for its investors,” said CEO Murray Auchincloss in an earnings press release.
The company’s underlying RC profits for the second quarter were $2.35 billion, coupled with an operating cash flow of $6.27 billion and an adjusted EBITDA of $9.972 billion.
BP uncovers significant oil and gas reserve
The company’s Q2 results come alongside a significant discovery of oil and gas at the Bumeranque prospect located in a deep-water offshore area in Brazil, BP’s largest discovery in 25 years and its tenth largest discovery to date.
In February, it said it would cut its investments in renewable energy to grow its downstream and upstream operations, the core part of its business.
“We are reducing and reallocating capital expenditure to our highest-returning businesses to drive growth, and relentlessly pursuing performance improvements and cost efficiency. This is all in service of sustainably growing cash flow and returns,” said Auchincloss at the time.
Source: Google Finance
Other oil companies that have put out their earnings results recently include ADNOC Drilling.