bp aims to be a net zero company by 2050 or sooner. While it has retired some of its previous net zero aims, it is focusing on two areas: net zero operations and net zero sales, according to its 2024 annual report.
By the end of 2025 against the 2019 baseline, bp’s interim target is a 20% reduction in Scope 1 and 2 operational emissions—direct emissions from owned or controlled sources and indirect emissions from the generation of purchased energy.
Its current outlook for the end of 2030 is a reduction of around 45% against the baseline.
bp is No. 7 on CSP’s 2024 Top 202 ranking of U.S. convenience-store chains by total number of company-owned stores.
2024 Stats
bp ended 2024 with 2,950 strategic convenience sites, which is 100 more than in 2023, according to its 2024 annual report.
It also rounded out the year with more than 39,000 electric vehicle (EV) charge points compared to less than 29,000 in 2023.
The company had 100,500 employees in 2024 compared to 87,800 in 2023; however, in January, CEO Murray Auchincloss said that bp will cut more than 5% of its global employees, which amounts to 4,700 employees and 3,000 contractor positions. The layoffs will help reduce costs for the convenience retailer and oil company by at least $2 billion by the end of 2026 and address investor concerns over the company’s strategy to transition to a low-carbon economy, he said.
bp’s earnings before interest, taxes, depreciation and amortization (EBITDA) for convenience and mobility customers was $4.72 billion in 2024. It was $4.38 billion in 2023.
Goals
The company plans to increase investment to grow production while also growing cash flow, in addition to expansion of biogas. It is also reshaping the portfolio to focus on markets and businesses where it has advantaged and integrated positions. bp aims to drive action by addressing costs in the customers business and improving operations in refining.
bp plans to invest in biogas, biofuels and EV charging by high grading projects, leveraging existing infrastructure and focusing on fewer key markets.
It is also focused on adopting partnerships in renewables and an investment on hydrogen and carbon.
The company’s goals include achieving $14-18 billion of net debt by end of 2027.
“Today we have fundamentally reset bp’s strategy,” said Murray Auchincloss, CEO of bp. “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.”
Global energy company bp, which has U.S. headquarters in Chicago, owns TravelCenters of America and convenience-store brands ampm and Thorntons in the United States.
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