BP’s Beyond Petroleum rolls back climate ambitions, sends shares soaring
trade at five to seven times their expected 2023 earnings. The U.S. oil giants trade at about 11 times.
Going back to petroleum was recognition that oil production is too rich to trade away, but also that oil companies are not equipped to compete in the renewable energy world. The primary job of an oil or mining company CEO is not to reinvent a business that does not need reinventing. He or she does not even have to take much exploration risk, since the producing reserves are for the most part already in place. The goal is to keep costs under control so the company’s return on capital is respectable and not mess up a good thing by getting reckless or inattentive.
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