Save for later Print Download Share LinkedIn Twitter BP’s ambitions to become an integrated energy company will not come cheap -- or easily. All European majors diversifying into low-carbon energy are expected to scale back their oil and gas businesses over time, but BP’s already stretched balance sheet requires a far more aggressive pivot this decade. Even after cutting its dividend in half, deleveraging is an immediate priority. Divestments and continued pullbacks in upstream spending are also needed, causing its global output to shrink 40% by 2030. BP promises it can deliver earnings and returns growth in the meantime. But investors are skeptical it can spin so many plates at once. BP’s Key Financial Targets: 2021-25 Deleverage: Reduce net debt to $35 billion, from $40.9 billion at the end of the second quarter. Capex: $13 billion-$15 billion until delivered; $14 billion-$16 billion thereafter. Upstream capex to average $9 billion. Low-carbon spending rises. Energy Transition Scale: More than 20% of capital employed linked to low-carbon investments by 2025. Cash Cost Savings: $3 billion-$4 billion by 2023. ROACE: Improve to 12%-14% by 2025, from 6.9% 2015-19. Ebitda: Grow per-share by 7%-9% at a compound annual rate through 2025.