The Return of “Beyond Petroleum”: All Talk and No Strategy?
BP even changed the logo.
“Oil and gas companies are becoming energy companies,” according to Bob Dudley. He heads the giant British oil company, BP, and stated this in a National Public Radio interview. Interestingly, his company under legendary CEO Lord Browne changed its name from British Petroleum to the far more ambiguous BP.
Browne informed the public that BP (now) stood for “beyond petroleum.” He changed the corporate logo to a green and yellow sunburst design and built up a renewable energy portfolio well ahead of other major energy companies.
But after Browne left, BP’s new senior management team refocused its commitment away from renewables (except for the environmentally-sensitive appearing) green logo and returned to their corporate roots, oil drilling.
Mr. Dudley’s proclamation comes shortly after two of the giant oil majors, Exxon and Chevron (upon retirement of long serving CEOs), decided to join the Oil and Gas Climate Initiative. This is a petroleum industry group established in 2015 that supported greenhouse gas emission curbs including the Paris Climate Accord.
Meanwhile, the drip-drip-drip of news about business accommodation to climate change continues. Transportation usage accounts for about 70% of the oil consumed in the United States. Running just cars on electricity (apart from trucks, planes and ships) would make an appreciable dent in demand for oil.
Tesla has led the way. Elon Musk and company captured the imagination of the public while raising billions from investors. Tesla’s finances as well as recent run-ins with the SEC and possibly the DoJ make many nervous for clear and good reason. But that is beside the point. Every major auto manufacturer now offers electric vehicles as an option.
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