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BP Reveals Plans to Invest 1B Pounds in UK's EV Charging
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BP plc (BP - Free Report) announced that it plans to invest £1 billion in electric vehicle (EV) charging in the U.K. in the next ten years, marking its largest-ever expansion into EV charging.
The move is part of BP’s plan to address the country’s rising demand for clean energy sources. The investment would help triple the number of public charging points in the U.K. by 2030. Beside this, it is expected to support hundreds of new jobs in the country.
The electrification of transportation is a crucial approach to reduce emissions, which have increased immensely in recent years due to the rising number of fossil fuel-powered vehicles on the road. BP is among the companies pledging to increase the number of EV charge points.
BP intends to reduce its operational emissions by 50% by 2030 as it aims to reach its net-zero emission targets by 2050. The company seeks to transition away from fossil fuels, and broaden its activities in power markets and EVs. It mentioned that its fast EV chargers are close to becoming more profitable than filling up a petrol car.
The latest investment will make it easier for drivers along the country to go electric. It will accelerate the roll-out of advanced 300 kilowatts (KW) and 150 KW ultra-fast charging points. This is capable of delivering 100 miles of range on 10 minutes of charging, based on the model.
The £1-billion investment is necessary to provide the EV charging infrastructure needed for the country. It will enable the deployment of more rapid and ultra-fast chargers in important locations.
Company Profile & Price Performance
Headquartered in London, the U.K., BP is a fully integrated energy company with a strong focus on renewable energy.
Shares of the company have underperformed the industry in the past six months. The stock has gained 17% compared with the industry's 38.5% growth.
Headquartered in Houston, TX, EOG Resources Inc. (EOG - Free Report) is primarily involved in exploring and producing oil and natural gas. At 2021-end, the company reported net proved reserves of 1,948 million barrels of oil equivalent (MMBoe), representing an improvement from 1,649 MMBoe a year ago.
EOG Resources' earnings for 2022 are expected to increase 46.2% year over year. EOG Resources declared a special dividend of $1 per share. The special dividend is likely to be paid out on Mar 29 to stockholders of record as of Mar 15.
Occidental Petroleum (OXY - Free Report) is an integrated oil and gas company with significant exploration and production exposure. At 2021-end, OXY’s preliminary worldwide proved reserves totaled 3.51 billion BOE compared with 2.91 billion BOE at the end of 2020.
Occidental’s earnings for 2021 are expected to surge 106.7% year over year. As of Dec 31, 2021, OXY had cash and cash equivalents of $2,764 million compared with $2,008 million in the corresponding period of 2020. On Feb 10, 2022, the company’s board of directors authorized a share repurchase program with a maximum limit of $3 billion and no set term limits, which supersedes the previously authorized share repurchase program.
Calgary-based Imperial Oil Limited (IMO - Free Report) is one of the largest integrated oil companies in Canada. Its debt-to-capitalization of 19.3% is quite conservative versus 32.7% for the sub-industry to which it belongs. Apart from low leverage for its industry, Imperial Oil has ample liquidity, with cash and cash equivalents of C$1.5 billion.
Imperial Oil is expected to see earnings growth of 95% in 2022. IMO remains strongly committed to returning money to investors via dividends. The company's board of directors recently approved a hike in the quarterly dividend payment. The new payout of 34 Canadian cents is 26% above the prior dividend. Further, adhering to the company's long-standing obligation to its shareholders, Imperial Oil revised its existing share purchase policy to buy up to 4% of outstanding common shares.
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BP Reveals Plans to Invest 1B Pounds in UK's EV Charging
BP plc (BP - Free Report) announced that it plans to invest £1 billion in electric vehicle (EV) charging in the U.K. in the next ten years, marking its largest-ever expansion into EV charging.
The move is part of BP’s plan to address the country’s rising demand for clean energy sources. The investment would help triple the number of public charging points in the U.K. by 2030. Beside this, it is expected to support hundreds of new jobs in the country.
The electrification of transportation is a crucial approach to reduce emissions, which have increased immensely in recent years due to the rising number of fossil fuel-powered vehicles on the road. BP is among the companies pledging to increase the number of EV charge points.
BP intends to reduce its operational emissions by 50% by 2030 as it aims to reach its net-zero emission targets by 2050. The company seeks to transition away from fossil fuels, and broaden its activities in power markets and EVs. It mentioned that its fast EV chargers are close to becoming more profitable than filling up a petrol car.
The latest investment will make it easier for drivers along the country to go electric. It will accelerate the roll-out of advanced 300 kilowatts (KW) and 150 KW ultra-fast charging points. This is capable of delivering 100 miles of range on 10 minutes of charging, based on the model.
The £1-billion investment is necessary to provide the EV charging infrastructure needed for the country. It will enable the deployment of more rapid and ultra-fast chargers in important locations.
Company Profile & Price Performance
Headquartered in London, the U.K., BP is a fully integrated energy company with a strong focus on renewable energy.
Shares of the company have underperformed the industry in the past six months. The stock has gained 17% compared with the industry's 38.5% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
BP currently has a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Headquartered in Houston, TX, EOG Resources Inc. (EOG - Free Report) is primarily involved in exploring and producing oil and natural gas. At 2021-end, the company reported net proved reserves of 1,948 million barrels of oil equivalent (MMBoe), representing an improvement from 1,649 MMBoe a year ago.
EOG Resources' earnings for 2022 are expected to increase 46.2% year over year. EOG Resources declared a special dividend of $1 per share. The special dividend is likely to be paid out on Mar 29 to stockholders of record as of Mar 15.
Occidental Petroleum (OXY - Free Report) is an integrated oil and gas company with significant exploration and production exposure. At 2021-end, OXY’s preliminary worldwide proved reserves totaled 3.51 billion BOE compared with 2.91 billion BOE at the end of 2020.
Occidental’s earnings for 2021 are expected to surge 106.7% year over year. As of Dec 31, 2021, OXY had cash and cash equivalents of $2,764 million compared with $2,008 million in the corresponding period of 2020. On Feb 10, 2022, the company’s board of directors authorized a share repurchase program with a maximum limit of $3 billion and no set term limits, which supersedes the previously authorized share repurchase program.
Calgary-based Imperial Oil Limited (IMO - Free Report) is one of the largest integrated oil companies in Canada. Its debt-to-capitalization of 19.3% is quite conservative versus 32.7% for the sub-industry to which it belongs. Apart from low leverage for its industry, Imperial Oil has ample liquidity, with cash and cash equivalents of C$1.5 billion.
Imperial Oil is expected to see earnings growth of 95% in 2022. IMO remains strongly committed to returning money to investors via dividends. The company's board of directors recently approved a hike in the quarterly dividend payment. The new payout of 34 Canadian cents is 26% above the prior dividend. Further, adhering to the company's long-standing obligation to its shareholders, Imperial Oil revised its existing share purchase policy to buy up to 4% of outstanding common shares.