- BP (BP -0.8%) will move forward with at least three more new projects this year, CEO Bob Dudley says, despite reporting a 45% Y/Y drop in Q2 earnings that missed expectations.
- Dudley says BP could make another three final investment decisions this year - a gas project in India, the second phase of the Mad Dog deepwater oil field in the Gulf of Mexico, and a Trinidad project - after already signing off on the expansion of its Tangguh liquefied natural gas plant in Indonesia and the Atoll offshore gas project in Egypt.
- Dudley says BP continues to reduce costs and now expects FY 2016 capex to come in below the previous $17B target and 2017 investments could drop to as low as $15B if crude prices remain weak.
- “It’s the most exciting time in the past six years. Instead of lawsuits, we’ve got new projects coming," Dudley exults.