12 Best Battery Stocks to Buy According to Billionaires

8. BP p.l.c. (NYSE:BP)

Number of Billionaire Investors: 11

BP p.l.c. (NYSE:BP) operates as a global energy company working across oil, gas, renewables, and low-carbon solutions. The company runs through three main segments: Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products. It focuses on crude oil and natural gas production, refining, trading, EV charging, bioenergy, and carbon capture technology.

BP p.l.c. (NYSE:BP) reported $27.3 billion in operating cash flow and $38.0 billion in adjusted EBITDA for 2024. Yet Q4 which ended December 31, 2024, saw underlying replacement cost profit (RC) drop to $1.2 billion from $2.3 billion in Q3, hurt by weaker refining margins and higher seasonal costs. The quarter ended with a $2.0 billion net loss, mainly from impairment charges and lower prices. Regardless, BP was able to cut its net debt down to $23.0 billion, helped by $2.8 billion from divestments.

Despite incurring losses, the company observed strong performance in convenience stores and retail fuels, with growth in EV charging offsetting the losses. With the help of this, BP generated $5.8 billion in operating cash flow, which supported shareholder payouts. Furthermore BP p.l.c. (NYSE:BP) enhanced its portfolio by joining hands with JERA in a joint venture for offshore wind. Furthermore, it divested its non-core assets, cutting costs by $0.8 billion in 2024.

The company didn’t stop there as it approved ten major projects, including the Tangguh UCC project in Indonesia. BP also launched the Azeri Central East (ACE) platform in the Caspian Sea and formed Arcius Energy, a gas joint venture with XRG. Furthermore, BP p.l.c. (NYSE:BP) is focusing on growing its hydrogen business as it announced plans for the 100MW Lingen Green Hydrogen project in December 2024. As BP’s largest industrial green hydrogen plant and first fully owned facility, it could produce up to 11,000 tons of green hydrogen annually. With such developments in place, BP is among the best battery stocks to buy.