BP plc

BP plc
Name	BP plc
Type	Public limited company
Industry	Oil and gas, Energy
Founded	1909 (as Anglo-Persian Oil Company)
Headquarters	London, United Kingdom
Area served	Worldwide
Key people	Helge Lund, Murray Auchincloss, Bernard Looney
Products	Petroleum, natural gas, petrochemicals, lubricants, biofuels, electricity
Revenue	See Financial performance
Num employees	~60,000 (varies)

BP plc

BP plc is a multinational energy company headquartered in London, with roots in the 1909 founding of the Anglo-Persian Oil Company and operations spanning exploration, production, refining, petrochemicals, retail, and low‑carbon investments. The company has been a major player in global oil and gas markets alongside firms such as Royal Dutch Shell, ExxonMobil, Chevron, and Saudi Aramco, and has engaged with governments and institutions including the UK government, the United States Department of the Interior, and the Norwegian Petroleum Directorate on licensing and regulation. BP’s corporate evolution involves mergers and rebranding episodes linked to entities like the Anglo-Iranian Oil Company and the British Petroleum Company.

History

BP’s origins lie in the concession obtained by William Knox D'Arcy in Iran and the subsequent creation of the Anglo-Persian Oil Company, which supplied fuel to the Royal Navy under agreements mediated by the Lloyd George administration. During the interwar and postwar periods, BP engaged in upstream development in regions including Iraq, Kuwait, Algeria, Nigeria, and the North Sea under frameworks like the Treaty of Ankara and various concession agreements. The company’s 1950s–1970s history intersected with nationalizations and crises such as the Suez Crisis and the Iranian Revolution, affecting holdings tied to the Anglo-Iranian Oil Company. In the 1990s and 2000s BP pursued consolidation with transactions involving Amoco, Arco, and asset swaps with PetroFina and Castrol, creating a global footprint comparable to TotalEnergies and Eni. The 2010s saw strategic shifts toward renewable energy paralleling activity by Iberdrola and Ørsted, while governance and leadership changes followed major incidents involving relationships with regulators like the U.S. Environmental Protection Agency and legal proceedings in jurisdictions including United States District Court for the Eastern District of Louisiana.

Operations and business segments

BP’s upstream activities encompass exploration and production in basins such as the Gulf of Mexico, the Caspian Sea, the North Sea, the Persian Gulf, and offshore fields near Angola and Azerbaijan, with partnerships involving firms like Rosneft (historically), Lundin Energy, and TNK-BP (historical). Midstream operations include pipelines and terminals interacting with organizations such as Enbridge and commodity trading counterparts like Vitol and Glencore. The downstream business operates refineries, chemicals plants, and retail networks operating brands alongside former competitors such as Tesco in fuel retail collaborations; petrochemical joint ventures have involved companies like INEOS and Sasol. BP’s alternative energy investments include wind projects co-developed with Equinor and solar and biofuels initiatives linked to Neste-style technologies and partnerships with research institutions such as Imperial College London and Massachusetts Institute of Technology. The company’s lubricant and aviation fuel divisions supply customers including British Airways, Delta Air Lines, and military programs like those of the Ministry of Defence (United Kingdom).

Corporate affairs and governance

BP is listed on the London Stock Exchange and the New York Stock Exchange and is a constituent of indices such as the FTSE 100 and the S&P 500 (historically for ADRs), with major shareholders ranging from sovereign funds like the Qatar Investment Authority to institutional investors including BlackRock and Vanguard Group. The board of directors and executive team have included figures who previously held posts at corporations such as Royal Dutch Shell and GlaxoSmithKline, and non-executive directors drawn from bodies like the International Energy Agency and academia (e.g., representatives from Stanford University and Harvard University). BP’s governance frameworks reference reporting standards from organizations including the International Financial Reporting Standards Foundation and engage with stewardship codes such as the UK Stewardship Code. The company’s investor relations and annual general meetings interact with bodies such as the Institutional Shareholder Services and regulatory filings with the U.S. Securities and Exchange Commission.

Environmental and safety record

BP’s environmental profile has involved engagement with regulators like the Environmental Protection Agency (United States) and litigation in venues such as the United States District Court for the Eastern District of Louisiana following incidents that prompted scrutiny by entities including the National Transportation Safety Board and environmental NGOs like Greenpeace and the World Wildlife Fund. BP has invested in carbon capture and storage initiatives with partners such as Equinor and Santander, and renewable projects comparable to those pursued by Ørsted and Vattenfall; research collaborations have included University of Cambridge and University of Oxford. Safety management reforms referenced best practices promoted by organizations such as the International Association of Oil & Gas Producers and standards bodies like ISO. BP’s commitments to emissions reductions have been reported in line with frameworks from the Task Force on Climate-related Financial Disclosures and disclosed to investors including CDP.

Financial performance

BP reports financials under accounting standards overseen by bodies such as the Financial Reporting Council (UK) and files statements with the U.S. Securities and Exchange Commission. Revenue and profitability have been influenced by global benchmarks including Brent Crude and collaborations with commodity traders such as Trafigura; capital allocation decisions involve dividends and share buybacks evaluated against peers like Shell plc and Equinor. Major capital expenditures have funded projects in the Gulf of Mexico, the North Sea, and liquefied natural gas ventures competing with suppliers such as QatarEnergy and Petronas. Credit ratings have been issued by agencies including Moody's Investors Service, Standard & Poor's, and Fitch Ratings.

Controversies and legal issues

BP’s high-profile legal exposures include liabilities arising from the Deepwater Horizon oil spill litigation and settlements adjudicated in forums including the United States District Court for the Eastern District of Louisiana and negotiated with agencies such as the Department of Justice (United States). Historic disputes involved nationalizations connected to the Iranian Revolution and disputes over concessions with states like Venezuela and Iraq. Corporate prosecutions and consent decrees referenced regulators such as the U.S. Environmental Protection Agency and the U.S. Department of the Interior, while shareholder litigation and activist campaigns have involved investors such as Engine No. 1 and proxy advisers like Institutional Shareholder Services. Allegations over joint ventures prompted scrutiny involving entities like Rosneft, and competition matters have been reviewed by authorities such as the European Commission and the Competition and Markets Authority.

Category:Oil companies of the United Kingdom Category:Multinational companies headquartered in the United Kingdom