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| BP (oil company) | |
|---|---|
| Name | BP plc |
| Type | Public limited company |
| Founded | 1908 (as Anglo-Persian Oil Company) |
| Headquarters | London, United Kingdom |
| Key people | Helge Lund (Chair), Murray Auchincloss (CEO) |
| Industry | Oil and gas |
| Products | Crude oil, natural gas, petrochemicals, lubricants, renewable energy |
| Revenue | £– (see Financial Performance) |
BP (oil company) is a multinational energy company headquartered in London with integrated operations across exploration, production, refining, distribution, trading, and low-carbon energy. Founded in 1908 as the Anglo-Persian Oil Company, it grew through mergers and international expansion to become one of the world's largest publicly traded oil and gas companies, operating in regions such as the North Sea, Gulf of Mexico, Azerbaijan, Russia, Iraq, Angola, and United States.
BP traces its origins to the 1901 discovery of oil in Masjed Soleyman and the creation of the Anglo-Persian Oil Company in 1908 to develop Anglo-Iranian Oil Company assets supporting the Royal Navy. Post‑World War II nationalizations and the 1950s restructuring led to the British Petroleum identity. Major corporate milestones include the 1975 restructuring after the Yom Kippur War energy crises, the 1987 privatization under the Margaret Thatcher government, and the 1998 merger with Amoco that integrated assets from the Standard Oil of Indiana lineage. Subsequent acquisitions, such as the 2000 purchase of Arco’s interests, expanded its footprint in Alaska and the United States, while joint ventures like the Azerbaijan International Operating Company linked BP to the Baku–Tbilisi–Ceyhan pipeline. The company rebranded publicly as BP and adopted the Helios logo amid the 2000s. High-profile events include the 2010 Deepwater Horizon oil spill in the Gulf of Mexico and strategic shifts toward renewables after the Paris Agreement and evolving EU energy policy.
BP's operations are organized into upstream, downstream, gas and low carbon energy, and trading functions. Upstream activities cover exploration and production in basins such as the North Sea, Gulf of Mexico, West Africa, and Caspian Sea, involving projects with partners like Rosneft and national oil companies such as Petroleo Brasileiro (Petrobras), National Iranian Oil Company, and Petroleum Development Oman. Downstream includes refining at complexes in Rambertoft and fuel retail networks using brands historically associated with Aral and other retail chains in Germany and Spain. The gas and low carbon energy segment encompasses liquefied natural gas (LNG) projects, hydrogen initiatives linked to H2 Green Steel-type partnerships, offshore wind investments similar to projects in Dogger Bank, and biofuel ventures connected to aviation fuel trials with carriers like British Airways. BP's trading arm participates in global commodity markets at hubs such as North Sea Brent and Henry Hub.
BP is a public limited company listed on the London Stock Exchange and the New York Stock Exchange. The board of directors includes non‑executive and executive members accountable to shareholders and subject to corporate governance codes like the UK Corporate Governance Code. Executive management oversees divisions led by chief officers for upstream, downstream, trading, and low‑carbon energy, with shareholder engagement involving institutional investors such as BlackRock, Vanguard Group, and sovereign wealth funds like the Norwegian Government Pension Fund Global. Regulatory oversight involves authorities including the U.S. Securities and Exchange Commission, Financial Conduct Authority, and national regulators in operating countries such as the Norwegian Petroleum Directorate and U.S. Bureau of Ocean Energy Management.
BP reports consolidated revenues, operating income, and net earnings influenced by global Brent crude and Henry Hub price cycles, refining margins like the Rotterdam gasoline crack, and trading results. Financial metrics reflect capital expenditures on projects such as deepwater developments and low‑carbon investments, with balance sheet considerations including asset impairment charges, dividends, and share buybacks. Notable financial events have included large liability provisions following the Deepwater Horizon oil spill, commodity price shocks during the 2008 financial crisis and the 2020 oil price crash, and periodic adjustments tied to tax regimes in countries like United Kingdom and United States.
BP's environmental footprint includes emissions of greenhouse gases linked to fossil fuel production and incidents with acute impacts. The 2010 Deepwater Horizon oil spill was one of the largest marine oil spills, prompting cleanup operations, wildlife rehabilitation efforts coordinated with organizations such as the National Oceanic and Atmospheric Administration and extensive litigation. Other incidents include platform accidents in regions like the North Sea and operational flaring controversies in countries such as Algeria and Nigeria. BP has reported greenhouse gas inventories aligned with protocols from bodies like the Intergovernmental Panel on Climate Change and participates in emissions reporting frameworks under the Task Force on Climate-related Financial Disclosures.
BP has faced legal challenges including environmental liability claims, criminal and civil settlements related to major incidents, antitrust inquiries, and disputes with host governments over resource contracts. High‑profile settlements tied to Deepwater Horizon involved the U.S. Department of Justice and large compensation schemes administered under federal court oversight. Antitrust and competition issues have arisen in merger reviews handled by authorities such as the European Commission and the U.S. Department of Justice Antitrust Division. Litigation over historical contracts has involved national entities like Iran National Oil Company and companies such as ExxonMobil and Chevron in competitive contexts.
BP has articulated strategies to transition its portfolio toward lower‑carbon energy through targets aligned with international accords like the Paris Agreement and engagement with initiatives such as the Oil and Gas Climate Initiative. Investments include offshore wind partnerships similar to those seen with Equinor and bioenergy projects tied to aviation trials with carriers like Iberia. The company publishes sustainability reports referencing frameworks from the Task Force on Climate-related Financial Disclosures and collaborates with academic institutions including Imperial College London and University of Oxford on research into carbon capture and storage and hydrogen. Community programs and philanthropy have involved organizations such as the Prince's Trust and disaster relief partnerships with agencies like the Red Cross.
Category:Energy companies of the United Kingdom Category:Multinational companies headquartered in the United Kingdom