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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

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bp : and Microsoft form strategic partnership to drive digital energy innovation and advance net zero goals

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09/16/2020 | 10:17am EDT

London - bp and Microsoft Corp. today announced that they have agreed to collaborate as strategic partners to further digital transformation in energy systems and advance the net zero carbon goals of both companies.

This includes a co-innovation effort focused on digital solutions, the continued use of Microsoft Azure as a cloud-based solution for bp infrastructure and bp supplying renewable energy to help Microsoft meet its 2025 renewable energy goals.

'bp is determined to get to net zero and to help the world do the same. No one can do it alone - partnerships with leading companies like Microsoft, with aligned ambitions, are going to be key to achieving this,' said William Lin, bp executive vice president for regions, cities & solutions. 'By bringing our complementary skills and experience together, we are not only helping each other achieve our decarbonization ambitions but also creating opportunities to support others on their journey towards reducing carbon emissions.'

'bp shares our vision for a net zero carbon future, and we are committed to working together to drive reductions in carbon emissions and fulfil demand with new renewable energy sources,' said Judson Althoff, executive vice president of Microsoft's Worldwide Commercial Business. 'A strategic partnership such as this enables each organization to bring its unique expertise for industry-leading change and the potential to positively impact billions of lives around the world.'

Earlier this year, bp announced its ambition to become a net zero emissions company by 2050 or sooner, and to help the world reach net zero. By the end of the decade, it aims to have developed around 50 gigawatts of net renewable generating capacity - a 20-fold increase on what it has previously developed, increased annual low carbon investment 10-fold to around $5 billion and cut oil and gas production by 40%. In January 2020, Microsoft announced its goal to be carbon negative by 2030 and remove more carbon from the environment than it has emitted since its founding by 2050.

About Microsoft

Microsoft (Nasdaq 'MSFT' @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

About bp

bp's purpose is to reimagine energy for people and our planet. It has set out an ambition to be a net zero company by 2050, or sooner, and help the world get to net zero, and recently announced its strategy for delivering on that ambition.

Contact:

Tel: +44 (0)20 7496 4076

Email: bppress@bp.com

Cautionary statement

In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA'), bp is providing the following cautionary statement. This press release contains certain forward-looking statements - that is, statements related to future, not past events and circumstances - which may relate to one or more of the financial conditions, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as 'will', 'expects', 'is expected to', 'aims', 'should', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. In particular, the following, among other statements, are all forward-looking statements: statements relating to bp's net zero carbon goals including its ambition to be a net zero company by 2050 or sooner and to help the world reach net zero; statements relating to bp's 2030 aims including to have developed around 50 gigawatts of net renewable generating capacity, to have increased annual low carbon investment 10-fold to around $5 billion and to cut oil and gas production by 40%; statements regarding the scope, expectations and outcomes of collaboration between bp and Microsoft and statements regarding the framework agreement including expectations and aims for the provision and supply of renewable energy. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under 'Risk factors' and in any of our more recent public reports.

(C) 2020 Electronic News Publishing, source ENP Newswire


Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 2.04% 205.5 Delayed Quote.-56.42%
MICROSOFT CORPORATION 0.62% 216.23 Delayed Quote.37.11%
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Financials (USD)
Sales 2020 183 B - -
Net income 2020 -22 271 M - -
Net Debt 2020 45 062 M - -
P/E ratio 2020 -2,40x
Yield 2020 10,0%
Capitalization 54 309 M 54 337 M -
EV / Sales 2020 0,54x
EV / Sales 2021 0,43x
Nbr of Employees 67 600
Free-Float 93,2%
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Average target price 4,43 $
Last Close Price 2,68 $
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Spread / Average Target 65,5%
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Bernard Looney Chief Executive Officer & Director
Helge Lund Chairman
Andy Hopwood COO & Executive VP-Upstream Strategy
Murray Auchincloss Chief Financial Officer
Angela Rosemary Emily Strank Chief Scientist & Head-Downstream Technology
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