Our strategy

We’re working hard around the world to help countries and millions of customers every day with their energy needs.

Our strategy is to grow the upstream, focus the downstream and invest with discipline in the transition, always putting safety first.

Growing the upstream

We are growing our upstream, aiming to strengthen our portfolio.

We are starting up projects that provide cash flow and returns today, while paving the way to grow our business in the future. To do this, we are investing around $10 billion a year in our upstream oil and gas business through 2027.

In action this means new major projects, including seven that came online in 2025. Another three are planned by the end of 2027, and a further eight to 10 by the end of 2030. It also means accessing discovered resources and refreshing our exploration pipeline of projects.

Focusing the downstream

We want to be a leader in mobility and the first choice for our customers. We are reshaping our portfolio, reallocating capital to drive growth and performance improvements across the business.

In refining, we are consistently working to maintain availability above 96% so we can get more products to customers that need them.

We plan to invest around $3 billion by the end of 2027 and we are targeting returns of more than 15%, while also delivering around $2.0 billion structural cost reductions across our downstream portfolio.

In action this means plans like our agreements to sell a 65% shareholding in Castrol as well as our Gelsenkirchen refinery in Germany, subject to conditions including regulatory and governmental approvals. In addition, our trading and supply teams give us opportunity to create more integrated value across the downstream.

Disciplined investment in the transition

We are investing with discipline, with selective investment in biogas, biofuels and EV charging, where we see strong demand growth; adopting innovative capital-light partnerships in renewables; and focusing investment on hydrogen and carbon capture projects to support us in decarbonizing our operations and position us for growth through the next decade.

All while continuing to drive value through our strengths in trading, technology and partnerships.