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BP Looks Forward to Growth in US Under Trump

Nov 25, 2024 - financialpost.com
BP Plc, the British multinational oil and gas company, is expecting strong growth in the US under the upcoming presidency of Donald Trump. The company's CEO, Murray Auchincloss, expressed optimism about the potential for regulatory reform and faster permitting in the oil and gas industry. Despite being based in London, more than half of BP's assets and cash flows are in the US, and the company is bullish about its output in the country through 2030.

Auchincloss also highlighted the increasing global oil demand and expects strong growth in global consumption in the next five to ten years. BP is also seeing opportunities to partner with energy-hungry AI firms and is utilizing AI in its own operations. The company is also exploring areas such as solar and wind power, biofuels, electric vehicles, and hydrogen, with a new hydrogen site in the UK expected to be approved soon.

Key takeaways:

  • BP Plc anticipates strong growth in the US as President-Elect Donald Trump improves regulations on the oil and gas industry just as artificial intelligence boosts energy demand.
  • BP Chief Executive Officer Murray Auchincloss expressed optimism about the company’s output in the US through 2030, due to Trump's plans to accelerate the growth of oil and gas output and curb regulations.
  • BP expects North American natural gas demand to expand by 20% to 30% this decade and sees opportunities to partner with energy-hungry AI firms known as hyperscalers.
  • BP is venturing further into areas such as solar and wind power, and sees opportunities across biofuels, electric vehicles and hydrogen.
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