BP sees AK investment flexibility - July 31, 2016

Providing coverage of Alaska and northern Canada's oil and gas industryJuly 2016

Vol 21, No. 31

Week of July 31, 2016

BP sees AK investment flexibility

During a second quarter 2016 results earnings call on July 26, BP executives commented that the company sees Alaska as one of a number of regions where capital investment can be flexible in response to the changing oil price situation.

“In the Lower 48, Iraq, and Alaska, where we have vast resources, we have reduced our spend while retaining the flexibility to scale up activity should prices strengthen,” Group Chief Executive Bob Dudley told financial analysts.

Bernard Looney, chief executive officer upstream division, commented that onshore locations such as the Lower 48, Alaska and Iraq tend to provide the best opportunities for investment flexibility. And, with new ideas and solutions coming from the company and its suppliers enabling more cost effective operations, BP remains optimistic about continuing to drive capital productivity, Looney said.

- ALAN BAILEY

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