Barclays believes there is still "material upside" for BP to 1,000 pence per share.

In Denver, Colorado, BP will be delivering a capital markets update, the bank added. It said it will "take time to dig into" the substantial quantity of material that has been provided regarding the company's future.

In terms of initial impressions, Barclays noted that EBITDA goals for 2030 were raised.

"Whilst 2025 targets remained unchanged, BP lifted its 2030 group ambition for EBITDA by $2bn to $53-58bn driven entirely by an enhanced assessment of its hydrocarbon business which it now expects to deliver $41-44bn by 2030," it stated.

Additionally, it stated that the presentation's main focus was on oil and gas's endurance. According to BP, production can increase until 2025 and liquids until 2027, and both can be sustained until 2030 and well into the following decade.

Regarding resources, BP reported that it had 36 billion of upstream resources, of which 7 billion barrels of oil equivalent (boe) are proved and 18 billion boe are included in the plan.

"One of the most interesting highlights and one we hadn't thought about was the focus on the Paleogene in the US Gulf of Mexico through the Kaskida and Tiber prospects," said Barclays.

"We do not anticipate a change in rating from S&P this year, but 60% of a higher cashflow number should support buy-back levels," Barclays concluded the report. "By 2025 on the current financial frame, net debt could be in the ‘low tens’ which is broadly in line with our own projection given the higher assumed oil price we use for 2025 relative to BP."

(Sources: sharecast.co.uk, investing.com)