BP shareholders will be looking for answers about its planned transition away from fossil fuels when it reports first quarter results on Tuesday.
The energy giant earlier this year scaled back plans to cut oil and gas production by 40 per cent by 2030, indicating that it is targeting a 25 per cent reduction.
Shareholders ‘continue to wrestle with BP’s strategy for how it best positions itself for the global move away from hydrocarbons and towards renewables’, they added.
The stock has been on a ‘rollercoaster ride’ over the past year, analysts at broker AJ Bell said – amid oil price volatility and the resignation of disgraced former chief executive Bernard Looney over his relationship with colleagues.
Looney first set out BP’s radical net zero plans in 2020, since when its shares have lagged behind those of its peers.
That subdued valuation could mean that it will face questions about re-listing in New York – something that rival Shell has openly flirted with recently – according to analyst Biraj Borkhataria at bank RBC.
Analysts expect underlying replacement cost profits at BP to fall to £2.3billion for the first quarter, down from £4billion a year ago. They pointed to lower earnings at the refining and petrol stations business.
Shares fell 1.1 per cent to 510.4p.
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