Shares on the London Stock Exchange fell 2.6% after the company reported revenue.
Under new CEO Mike Henry, BHP seeks to increase its copper and nickel extraction companies while spreading “ripe” oil and gas assets, a sign that the company is preparing for a future in which the energy mix looks very different.
Henry also concentrates BHP’s coal portfolio on higher quality coal mines.
“In a decarbonizing world, we see that it’s upside to those assets,” Henry told analysts.
The coronavirus pandemic hammered out the demand for oil, gas and coal when factories were shut down, planes were grounded and people were ordered to stay at home. Some analysts think that many people never fully recover, and encourage companies to accelerate green energy plans.
The company, which sells its petrochemicals unit, said the demand for fossil fuels could fall by as much as 75% over the next 30 years if the increase in world temperature is limited to 1.5 degrees Celsius.
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