Dudley

BP plc reported better-than-expected results in the second quarter, in part on a strong showing in the Lower 48, with synergies from the BHP onshore acquisition ensuring a strengthening U.S. business, executives said Tuesday.

The global oil and gas industry is in better shape overall than it has been in some time, with big data proving transformational, but it has evolved beyond only producing fossil fuels and is embracing a low carbon future, BP CEO Bob Dudley said Tuesday night.

Natural gas had a “bumper” year in 2017, as consumption and production increased worldwide at their fastest clip in nearly a decade, BP plc reported Wednesday.

Natural gas and oil are expected to be central to the supermajors’ business strategy for decades to come, even as their investments in alternative energy escalate.

Buoyed by a raft of discoveries and improved efficiencies across operations, BP plc delivered better-than-expected results for the second quarter, despite continued outlay for the 2010 Macondo well blowout.

BP plc shareholders at the annual meeting on Wednesday approved an $11.6 million pay package for CEO Bob Dudley, while management laid out its priorities to capture more natural gas and increase its lower carbon options.

BP plc has increased its capital guidance for 2017 to $16-17 billion, a $1 billion hike from third quarter guidance, as it eyes potential “opportunities” within its rebalanced portfolio, CEO Bob Dudley said Tuesday.

BP plc has made a few select final investment decisions this year and it’s planning more in 2017, but it’s only going to be the cream of the crop as the industry gets back to work, CEO Bob Dudley said Tuesday. And the turn to natural gas will continue.

The oversupply that has gripped the energy complex may be moving into balance, but the massive transition by producers continues in the age of surplus oil and natural gas, which has forced all energy companies “to quickly adapt or perish,” BP plc Group CEO Bob Dudley said Thursday.