BP's ambitions to become an integrated energy company will not come cheap-or easily. All European majors diversifying into low-carbon energy are expected to scale back their oil and gas businesses over time, but BP's already stretched balance sheet requires a far more aggressive pivot this decade. Even after cutting its dividend in hall, deleveraging is an immediate priority. Divestments and contin-ued pullbacks in upstream spending are also needed, causing its global output to shrink 40% by 2030. BP promises it can deliver earnings and returns growth in the meantime. But investors are skeptical it can spin so many plates at once.
展开▼
