BP has published its 2017 Annual Report & Accounts (ARA) today. Carl-Henric Svanberg, BP Chairman, said: “2017 was a year which saw delivery and growth across all our businesses. This was an impressive performance from Bob Dudley and his great team, now fully into their stride. The company is in a great position to grow and has a clear strategy for the energy transition.”
Tufan Erginbilgic, Downstream Chief Executive stated “The execution of our strategy is delivering results and building a business that is fit for now and the future. In 2017, we had our best year ever, with a replacement cost profit of $7.2 billion.
The BP ARA stated that RETAIL is the most material part of our fuels marketing business and a significant source of earnings growth through our strong market positions, brands and distinctive customer offers. This is underpinned by the strength of our retail convenience partnerships, technology such as our most advanced premium fuels and our use of digital technology, as well as our customer relationships. This differentiation enables our growth in existing markets and supports our plans to expand our footprint in new material markets such as Mexico, India, Indonesia and China. In Mexico we became one of the first international oil company to open a branded network since deregulation of the fuel market, and we announced new retail joint ventures in Indonesia and, most recently, China in February 2018.
We have a clear strategic frame to develop new customer offers in mobility and to transition our business to a lower carbon future over the longer term, building on our capabilities, retail assets and brand strengths. We are actively developing new offers and business models centred around digital and advanced mobility trends, for example we have invested in FreeWire Technologies Inc., a manufacturer of mobile electric vehicle rapid charging systems, and we have plans to roll out FreeWire’s Mobi Charger units at selected BP retail sites in Europe in 2018. Our acquisition of Clean Energy Fuel Corporation’s biomethane production assets in 2017 means we are now the largest supplier of renewable natural gas to the US transport sector.
PetrolWorld will have a special feature on BP Downstream in our next edition of the quarterly PetrolWorld Magazine in print and online. PW290318 Editors Note: BP has 18,300 fuel retails sites.