BP Plc will stick to its “disciplined” investment plan regardless of what happens to oil prices, said Chief Executive Officer Bernard Looney.
(Bloomberg) — BP Plc will stick to its “disciplined” investment plan regardless of what happens to oil prices, said Chief Executive Officer Bernard Looney.
If the London-based company finds itself with any surplus cash because oil and gas prices rise, it will be used to pay off debt or boost returns to investors through higher dividends or share buybacks, Looney said in an interview with Bloomberg TV in New York.
BP plans to invest between $14 billion to $18 billion a year on a mixture of traditional oil and gas, plus lower-carbon energy such as renewables and biogas, Looney said. It’s important for companies like BP to keep investing in fossil fuels right now because oil inventories are low, spare production capacity is tight and the world is fundamentally short of liquefied natural gas, he said.
–With assistance from William Mathis.
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