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BP Says Oil Consumption May Never Return to Pre-Coronavirus Mark
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BP plc (BP - Free Report) said that the era of relentless growth in crude demand is over in its latest energy outlook. This makes the British energy giant the first to announce that oil demand has reached its peak, while other players still expect oil demand growth to last for another 10 years or more.
The company expects consumption of crude oil to never return to the level seen before the pandemic. With the gradual shifting from fossil fuel to renewables across the world, the integrated energy firm expects oil demand to at the most remain flat over the next 20 years. BP added that the pace of decline in oil demand in the next three decades will depend on how quickly electric cars take over the transportation sector.
This justifies BP’s plan to lower oil and gas output by 40% over the next 10 years while investing as much as $5 billion a year in renewables. Importantly, British energy giant BP targets to become a net zero emissions company by 2050.
Royal Dutch Shell plc is another key energy firm planning to become a net zero emission energy firm by 2050. Importantly, the company intends to slash the carbon intensity of its products by roughly 30% by 2035. By 2050, the company plans to lower the carbon footprint by 65%.
Pioneer Natural has seen upward earnings estimate revisions for 2020 in the past 30 days.
Concho is likely to see earnings growth of 21.6% in 2020.
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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BP Says Oil Consumption May Never Return to Pre-Coronavirus Mark
BP plc (BP - Free Report) said that the era of relentless growth in crude demand is over in its latest energy outlook. This makes the British energy giant the first to announce that oil demand has reached its peak, while other players still expect oil demand growth to last for another 10 years or more.
The company expects consumption of crude oil to never return to the level seen before the pandemic. With the gradual shifting from fossil fuel to renewables across the world, the integrated energy firm expects oil demand to at the most remain flat over the next 20 years. BP added that the pace of decline in oil demand in the next three decades will depend on how quickly electric cars take over the transportation sector.
BP p.l.c. Price
BP p.l.c. price | BP p.l.c. Quote
This justifies BP’s plan to lower oil and gas output by 40% over the next 10 years while investing as much as $5 billion a year in renewables. Importantly, British energy giant BP targets to become a net zero emissions company by 2050.
Royal Dutch Shell plc is another key energy firm planning to become a net zero emission energy firm by 2050. Importantly, the company intends to slash the carbon intensity of its products by roughly 30% by 2035. By 2050, the company plans to lower the carbon footprint by 65%.
BP currently carries a a Zacks Rank #4 (Sell). Meanwhile, a few better-ranked players in the energy space are Pioneer Natural Resources Company (PXD - Free Report) and Concho Resources Inc. , each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Pioneer Natural has seen upward earnings estimate revisions for 2020 in the past 30 days.
Concho is likely to see earnings growth of 21.6% in 2020.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>