CITY AM – Pumped Up – BP eyes value over volume as new chief sets out his ambitions

CITY AM SAYS BP’s boss has said the oil supermajor will focus on extracting maximum cash from its investments going forward as the company resets its long-term goals.

Speaking to analysts today as the company revealed its second-highest profits in a decade, continuing the trend set by US petrogiants Chevron and Exxon last week, chief executive Murray Auchincloss said the company had established its priorities.

“I’m not going to be focused on volume, I’m going to be super focused on returns,” Auchincloss told analysts on Tuesday.

“We will be relentlessly value and returns focused with our investments and focused on growing value and returns from our oil and gas portfolio.”

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