BP is preparing to build wind turbines off the UK coast for the first time as the oil behemoth pushes ahead with a bid to slash its reliance on fossil fuels under new boss Bernard Looney.
Finance chief Murray Auchincloss said BP intends to bid in the next round of offshore wind auctions next year, having just entered the US market through a tie-up with refining firm Equinor.
He said: "We continue to build our longstanding relationship with the UK, so let's see. I don't know if we will win, but we will pursue it."
The FTSE 100 company reported a return to quarterly profitability on Tuesday after oil prices rose following a plunge when Covid hit, and fuel sales bounced back as drivers returned to the roads.
BP reported an $86m (£66m) underlying replacement cost profit, its preferred measure of profitability, following a dire second quarter in which a the crude price crash drove the firm to a record $6.7bn loss.
The result beat analysts' expectations of a $120m loss, but remain a long way from its quarterly profit this time last year of almost $2.3bn. On a reported basis, BP swung to a $644m loss after taking a hit from restructuring and impairment costs.
Shares rose in morning trading before falling more than 1pc - dropping under £2 for the first time since 1994.
Mr Looney is leading a push to move BP away from its reliance on fossil fuels, but faces scepticism from some investors. In August, BP cut its dividend for the first time in a decade in a blow to legions of retail investors.
He said the priority is now executing the strategy he has outlined, which includes building 50 gigawatts of renewable power capacity by 2030, as well as cutting debt.
Mr Looney said: "Despite a challenging environment, we are doing just that - performing while transforming.
"Major projects are coming online, our consumer-facing businesses are really delivering and we remain firmly focused on cost and capital discipline. Importantly, net debt continues to fall.
"We are firmly committed to our updated financial frame, including the dividend - the first call on our funds."
BP said there had been a recovery in demand led by Asian economies, but the trading environment is still "volatile and challenging".
It added: "There have been some early signs of global economic recovery as countries move to more regional or localised restrictions on movement and governments continue to offer monetary and fiscal policy stimulus.
"However, the shape and pace of the recovery is uncertain, as it depends on the further spread of the pandemic."
BP will pay a 5.25 cent dividend, down from the 10.25 cent payment last year.
Mr Auchincloss said further cuts are unlikely.
He said: "Given how difficult the environment is now - $40 oil, hurricanes, plagues, pestilence, you name it - and we are still able to generate more cash, I feel very comfortable about our financial framework."