In the chair with bp’s Craig Marshall: From Brazil’s biggest find in 25 years to value creation

In this interview, Craig Marshall, head of investor relations at bp, provides investors with a comprehensive update on the company’s strategic transformation and operational momentum. Following bp’s February 2025 strategy update, Craig addresses the disciplined capital reallocation, with oil and gas investment up 20% and transition spending down 70%. He also outlines management’s ambitious targets including $4–5bn in structural cost reductions and 20% CAGR in free cash flow through 2027.

Craig highlights exceptional upstream performance, with plant reliability exceeding 96%, six major project start-ups (four ahead of schedule) and an unprecedented 12 exploration discoveries this year. The standout is Bumerangue in Brazil, which is bp’s most significant discovery in 25 years, a 100%-owned pre-salt find spanning over 300km2 with a kilometre-high hydrocarbon column. Craig also discusses downstream improvements, including 97% refining availability (the best in 20 years), the strategic review of Castrol and how bp is leveraging AI and partnerships with Palantir, NVIDIA and Anthropic to drive efficiency across operations.

With new chairman Albert Manifold driving a portfolio review and clear targets for returns above 16% and at least 4% annual dividend growth, Craig makes the case for why bp is positioned to deliver sustained value for shareholders.