BP plc CEO Bernard Looney is juggling dozens of balls as the supermajor ramps up oil and natural gas projects worldwide, but the focus long term, he said Tuesday, is centered on ways to expand the opportunities toward a low carbon future.

BP earnings

Speaking from London during a webcast to discuss quarterly results, Looney said last year’s debacle for the energy industry did not deter BP from a plan to reinvent itself.

“I think it’s fair to say that we are reporting on a tough quarter at the end of a tough year for everyone in a year in many ways unlike any we’ve ever had,” he said. 

BP suffered from the sector-wide global contraction in oil and gas demand, and it reacted by sharply reducing capital expenditures (capex) and laying off thousands of people.

“But looking forward...