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BP Intends to Spend $1 Billion Nationwide on EV Charging
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BP PLC (BP - Free Report) recently took another step toward realizing its transition into an integrated energy corporation by announcing plans to invest $1 billion in electric vehicle (EV) charging stations across the United States by 2030. Hertz and BP announced their plan to install fast-charging infrastructure at Hertz locations in significant cities, including Atlanta, Austin, Boston, Chicago, Denver, Houston, Miami, New York City, Orlando, Phoenix, San Francisco, and Washington, DC.
Many of the fast-charging installations will include gigahubs locations. These are substantial rapid charging facilities, similar to the one at the Los Angeles International Airport that BP and Hertz recently disclosed (LAX). The hubs will provide service to taxi and rideshare drivers, automobile rental clients and the general public at high-demand areas like airports. The connected vehicle fleet of Hertz will provide telemetry data to help with the buildout.
According to Dave Lawler, chairman and CEO of BP America, the goal is to offer additional, fast-charging options to more Americans for accelerating EV adoption. EV charging is one of BP’s five strategic transition growth engines, wherein the company expects to grow investment over the next 10 years. Some of the main transition growth engines are bioenergy, hydrogen, convenience, and renewable energy and electricity. Although the percentage can be different in the United States, BP wants 50% of its annual global investment to go into these businesses by 2030.
By increasing EV charging stations and strategically located convenience stores, BP hopes to improve its capacity to provide consumers with lower carbon transportation options. BP currently offers 22,000 EV charge points worldwide and aims for more than 100,000 by 2030, with 90% of those being quick or ultra-fast. This agreement expands on Hertz and BP's 2022 memorandum of understanding, which aimed to build a network of EV charging stations across Hertz's national footprint, driven by BP Pulse —the British energy giant’s worldwide electrification and charging solution brand.
Hertz is creating a broad fleet of EVs at a range of pricing points through large-scale purchases from Tesla, Polestar, and GM. Tens of thousands of EVs are available for rent at over 750 Hertz outlets in 38 states. Hertz's goal is to have one-quarter of its fleet electrified by the end of 2024. Hertz Electrifies, a public-private collaboration, is helping to accelerate the mainstream adoption of EVs. Hertz is bringing its EV fleet to communities across the country in collaboration with cities. It is also supporting the development of charging infrastructure, creating educational and training opportunities for high-quality jobs in a new era of mobility, and collaborating with local organizations to extend the benefits of electrification to underserved areas.
Some better-ranked stocks for investors interested in the energy space include Murphy USA Inc. (MUSA - Free Report) , sporting a Zacks Rank #1, and Halliburton Company (HAL - Free Report) and PBF Energy Inc. (PBF - Free Report) , both carrying a Zacks Rank #2 (Buy).
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company in getting a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps to control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
Halliburton Company, one of the major oilfield service companies in the world, provides a range of construction, engineering, and maintenance services to the energy, industrial, and government sectors. Over the past 30 days, HAL has witnessed upward earnings estimate revisions.
PBF Energy is a leading crude refiner and offers end products that include heating oil, transportation fuels, lubricants, and many other related items through five oil refineries and accompanying infrastructure throughout the United States. Over the past 30 days, PBF has seen an upward revision in earnings estimates for 2023.
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BP Intends to Spend $1 Billion Nationwide on EV Charging
BP PLC (BP - Free Report) recently took another step toward realizing its transition into an integrated energy corporation by announcing plans to invest $1 billion in electric vehicle (EV) charging stations across the United States by 2030. Hertz and BP announced their plan to install fast-charging infrastructure at Hertz locations in significant cities, including Atlanta, Austin, Boston, Chicago, Denver, Houston, Miami, New York City, Orlando, Phoenix, San Francisco, and Washington, DC.
Many of the fast-charging installations will include gigahubs locations. These are substantial rapid charging facilities, similar to the one at the Los Angeles International Airport that BP and Hertz recently disclosed (LAX). The hubs will provide service to taxi and rideshare drivers, automobile rental clients and the general public at high-demand areas like airports. The connected vehicle fleet of Hertz will provide telemetry data to help with the buildout.
According to Dave Lawler, chairman and CEO of BP America, the goal is to offer additional, fast-charging options to more Americans for accelerating EV adoption. EV charging is one of BP’s five strategic transition growth engines, wherein the company expects to grow investment over the next 10 years. Some of the main transition growth engines are bioenergy, hydrogen, convenience, and renewable energy and electricity. Although the percentage can be different in the United States, BP wants 50% of its annual global investment to go into these businesses by 2030.
By increasing EV charging stations and strategically located convenience stores, BP hopes to improve its capacity to provide consumers with lower carbon transportation options. BP currently offers 22,000 EV charge points worldwide and aims for more than 100,000 by 2030, with 90% of those being quick or ultra-fast. This agreement expands on Hertz and BP's 2022 memorandum of understanding, which aimed to build a network of EV charging stations across Hertz's national footprint, driven by BP Pulse —the British energy giant’s worldwide electrification and charging solution brand.
Hertz is creating a broad fleet of EVs at a range of pricing points through large-scale purchases from Tesla, Polestar, and GM. Tens of thousands of EVs are available for rent at over 750 Hertz outlets in 38 states. Hertz's goal is to have one-quarter of its fleet electrified by the end of 2024. Hertz Electrifies, a public-private collaboration, is helping to accelerate the mainstream adoption of EVs. Hertz is bringing its EV fleet to communities across the country in collaboration with cities. It is also supporting the development of charging infrastructure, creating educational and training opportunities for high-quality jobs in a new era of mobility, and collaborating with local organizations to extend the benefits of electrification to underserved areas.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors interested in the energy space include Murphy USA Inc. (MUSA - Free Report) , sporting a Zacks Rank #1, and Halliburton Company (HAL - Free Report) and PBF Energy Inc. (PBF - Free Report) , both carrying a Zacks Rank #2 (Buy).
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company in getting a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps to control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
Halliburton Company, one of the major oilfield service companies in the world, provides a range of construction, engineering, and maintenance services to the energy, industrial, and government sectors. Over the past 30 days, HAL has witnessed upward earnings estimate revisions.
PBF Energy is a leading crude refiner and offers end products that include heating oil, transportation fuels, lubricants, and many other related items through five oil refineries and accompanying infrastructure throughout the United States. Over the past 30 days, PBF has seen an upward revision in earnings estimates for 2023.