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| BP (British multinational) | |
|---|---|
| Name | BP plc |
| Type | Public limited company |
| Founded | 1909 (as Anglo-Persian Oil Company) |
| Headquarters | London, United Kingdom |
| Area served | Global |
| Key people | Helge Lund, Murray Auchincloss |
| Industry | Oil and gas, Energy |
| Products | Petroleum, natural gas, lubricants, petrochemicals, low-carbon energy |
| Revenue | £ |
BP (British multinational) is a global energy company headquartered in London, originally formed as the Anglo-Persian Oil Company and later known by names including British Petroleum and BP. It is active across upstream exploration and production, downstream refining and marketing, and low-carbon energy investments, conducting operations in regions such as the North Sea, the Gulf of Mexico, Azerbaijan, and Angola. BP has been involved in major corporate events, joint ventures, and legal disputes that intersect with entities like Shell plc, ExxonMobil, Chevron Corporation, TotalEnergies SE, and international institutions such as the International Energy Agency.
BP traces its origin to the 1908 discovery at Masjed Soleyman and the formation of the Anglo-Persian Oil Company in 1909, acquiring concessions under figures such as William Knox D'Arcy and engaging with states including Persia and later the Iranian Revolution. The company expanded via mergers and acquisitions including the takeover of Burmah Oil interests, wartime roles involving the Royal Navy, and restructuring after nationalizations like the formation of National Iranian Oil Company. In 1954 BP merged with Shell-Mex and BP marketing assets, and in 1987 it rebranded from British Petroleum to BP, pursuing international projects in regions like Alaska and Kazakhstan including partnerships with British Gas and Rosneft-adjacent ventures. Major 21st-century milestones include the 2000s acquisitions and alliances with Amoco, Arco, and Castrol, and strategic responses to crises such as the Deepwater Horizon oil spill and subsequent settlements with bodies including the United States Department of Justice.
BP operates upstream exploration and production assets in basins like the North Sea, the Permian Basin, and fields in Azerbaijan alongside partners such as Chevron Corporation and Shell plc. Its downstream activities include refining at complexes such as those in Coryton and retail networks branded historically alongside Castrol and modern partnerships with retailers like Tesco. BP’s trading and shipping divisions participate in global commodity markets centered on exchanges such as the Intercontinental Exchange and engage counterparties including Glencore and Vitol. The company’s alternative energy and low-carbon businesses invest in solar projects near Gulf Cooperation Council markets, offshore wind projects with firms like Equinor, and biofuels partnerships with companies such as Neste.
BP is listed on the London Stock Exchange and the New York Stock Exchange and is a constituent of indices like the FTSE 100 Index and the S&P 500. Its board composition and executive appointments have included figures from institutions such as KPMG, Goldman Sachs, and Harvard Business School alumni, with audit oversight interacting with firms like PricewaterhouseCoopers and Ernst & Young. Major shareholders have included sovereign wealth funds such as the Norwegian Government Pension Fund Global and asset managers like BlackRock and Vanguard Group. BP’s corporate governance has evolved under regulatory frameworks from authorities including the Financial Conduct Authority and the U.S. Securities and Exchange Commission.
BP’s environmental and safety history includes incidents such as the Deepwater Horizon oil spill in the Gulf of Mexico and earlier refinery fires and leaks at facilities linked to locales like Texas City, drawing scrutiny from agencies such as the Environmental Protection Agency and international NGOs like Greenpeace and Friends of the Earth. The company has undertaken remediation programs coordinated with bodies including the National Oceanic and Atmospheric Administration and entered settlement agreements under laws like the Clean Water Act. BP has also reported greenhouse gas emissions subject to reporting frameworks like the Carbon Disclosure Project and engaged with initiatives promoted by the Green Climate Fund and the Task Force on Climate-related Financial Disclosures.
BP’s financial results reflect revenues and earnings influenced by commodity prices set on markets like the New York Mercantile Exchange and policy shifts from organizations such as the International Monetary Fund. The company’s capital allocation has involved dividends to shareholders registered with services like Euroclear and buybacks announced to markets monitored by the London Stock Exchange. BP’s balance sheet and credit ratings have been evaluated by agencies including Moody's Investors Service, Standard & Poor's, and Fitch Ratings. Major financial events have included payouts related to the Deepwater Horizon oil spill and impairment charges tied to asset write-downs in portfolios spanning regions like Venezuela and Iraq.
BP has faced litigation and regulatory actions involving entities such as the United States Department of Justice, state attorneys general, and international tribunals like the Permanent Court of Arbitration. Notable controversies encompass contract disputes in regions like Azerbaijan and allegations related to corruption probed by authorities including the Serious Fraud Office and the U.S. Securities and Exchange Commission. The company has negotiated settlements with stakeholders including the National Wildlife Federation and municipal claimants, and has contended with shareholder activism led by investors associated with CalPERS and Engine No. 1.
BP invests in research and development through collaborations with institutions such as Imperial College London, Massachusetts Institute of Technology, and national labs like Lawrence Berkeley National Laboratory. Its technology centers work on carbon capture and storage projects linked to initiatives in Scotland and partnerships with firms like Equinor and Schlumberger on hydrogen and CCUS deployments. BP participates in industry consortia involving International Energy Agency programs, university spin-outs from Cambridge University, and venture investments in start-ups incubated by BP Ventures to scale technologies including battery storage, electric vehicle charging networks with companies like ChargePoint, and bioenergy solutions with producers such as POET.
Category:Energy companies of the United Kingdom Category:Multinational companies headquartered in the United Kingdom