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Despite the fact that it plans to raise its oil production, BP will not be investing in new refineries, but will seek to revamp existing plants and grow its retail network of filling stations to increase free cash flow from downstream operations by $3 billion by 2021, Tufan Erginbilgic, chief executive Downstream at BP, told Reuters. BP generated $5.6 billion in free cash flow in refining, trading and marketing last year, a 25-percent increase compared to 2014, despite the low refining margins, Erginbilgic told Reuters.For 2016, the grouprsquo total underlying operating cash flow, excluding pre-tax Gulf of Mexico payments, was $17.8 <a href=https://www.af1.it>nike air force</a> billion, down from $20.3 billion in 2015, BPrsquo 2016 results show.BPrsquo recentstrategy update states that in the upstream business the group expects more than 1 million barrels per day of new oil equivalent production by 2021 from 2016.By <a href=https://www.af1.it>nike af</a> 2021, BP sees the downstream business d <a href=https://www.adidascampus.com.de>adidas campus 80s</a> elivering $9-10 billion of pre-tax free cash flow, with returns of around 20 percent in 2021.The UK supermajor is happy with its current refining operations portfolio, but it could sell one or two assets, making very good money today because the tide went up for these assets, the manager told Reuters.Last year, BP agreed to buy, rebrand and operate 527 fuel and convenience sites, as well as an additional 16 sites currently under construction, from Australian supermarket retailer Woolworths for US$1.3 billion.Related:Asiarsquo Top LNG Players Fo Fypw Thousands Of Mississippi Consumers May Not Be Offered Insurance Subsidies
Haley Barbour antes up in early statesMississippi Gov. Haley Barbours fundraising lags behind other Republican presidential aspirants, but hes putting his money where his mouth is if hes serious about a 2012 run. Barbours federal PAC gave $5,000 apiece to state GOP organizations in Iowa and New Hampshire, the critical first and second presidential voting states, respectively. Those donations were disclosed in campaign finance reports filed Thursday. Barbour, who just finished a term as chairman of the Republican Governors Association, also gave to 11 other state GOP committees, but those donations were all for $2,500 or less. Barbour spent $174,248 and raised $108,152 between Oct. 14 and Nov. 22, leaving his Haleys PAC with $389,518 still in the bank. Former Alaska Gov. Sarah Palin raised nearly $500,000 in that perio <a href=https://www.mizunos.de>mizuno handballschuh</a> d, while Minnesota Gov. Tim <a href=https://www.owalas.ca>owala ca</a> Pawlent <a href=https://www.owalas.uk>owala website</a> y raised $140,000. Former Massachusetts Gov. Mitt Romneys federal PAC reported $394,557 in contributions. POLITICO12/2/10 Share About the Author s Magnolia Tribune This article was produced by Magnolia Tribune staff.