Another bull market data point. BP executiveSentiment changing drastically.
BP Chief Executive $75 oil likely to continue for years to come
Great for Oil and BTE. Very strong comments
LONDON, June 22 (Reuters) - BP(BP.L)will continue producing hydrocarbons for decades to come and will benefit from rising oil prices even as it reduces output as part of its shift to low-carbon energy, Chief Executive Bernard Looney told Reuters on Tuesday.
The recent rally in crude prices, which climbed on Tuesday to a more than two-year high above $75 a barrel, is likely to continue, Looney said in an interview at the Reuters Events: Global Energy Transition conference.
"There's a very strong possibility that these prices will sustain over the coming years, and if they do, that's very good for our strategy."
Higher oil prices mean BP will be able to raise more cash from selling assets that will go towards building its renewables and low-carbon business, as well as returning money to shareholders via share buybacks, he said
Reference: https://www.reuters.com/business/energy/reuters-events-bp-says-strong-oil-prices-are-good-asset-sales-2021-06-22/