Speaking on the main stage at the recent CERAWeek conference in Houston, bp CEO Murray Auchincloss discussed the company’s recent strategy shift and its plans to grow value in the coming years.
bp posted a short of overview of the discussion on its website.
In an interview with Dan Yergin, chairman of CERAWeek and vice chairman of S&P Global, Auchincloss explained the rationale for bp’s renewed focus on increasing oil and gas production, disciplined investments in the energy transition and driving efficiency across businesses globally. “I’m absolutely thrilled about what’s possible and look forward to growing our cash flows and growing our businesses,” Auchincloss said.
Auchincloss explained that a series of global changes since 2020 influenced bp’s strategy shift. “It became clear that the two priorities in all countries where we operate is affordable energy and reliable energy,” he said. “In each and every nation, they’re talking about more oil and gas. Yes, lower-carbon – but they need oil and gas. So that was the first thing we started to do, was strengthen the upstream portfolio, and we’ve taken great strides in that.”
Auchincloss noted that bp has “gone back to the Middle East with vigor,” including by reaching an agreement in February 2025 with the Iraqi government to invest in the rehabilitation and redevelopment of several giant oil fields in Kirkuk.
Auchincloss also pointed to bp’s significant investments in America. In fact, the company has about 30,000 employees in the US – more than anywhere else in the world. During the interview, Auchincloss noted the company’s investments to boost oil and gas production in the Gulf of America, and onshore through its bpx business. “We see great growth out of the United States,” Auchincloss said.
In discussing bp’s low-carbon energy plans, Auchincloss said the company is using a “capital-light approach” to growing value, including forming joint ventures to keep investments in those businesses off bp’s balance sheet. “You still get the electron flow for your trading business,” he said. “So we're happy, and it enables you to scale these businesses much faster than you otherwise would have inside a constrained environment of a company like bp.” Auchincloss also noted that bp is focusing its capital investments for biogas and electric vehicle charging in places where the returns can compete with upstream.
Answering a question about the challenges involved with carrying out bp’s new strategy, Auchincloss emphasized that process safety remains top of mind for the company. “We always have to keep an eye on that as we drive change and scale up construction,” he said. “That’s the number one thing.”
