Overview
BP p.l.c. is an integrated energy company operating across the oil, gas and broader energy value chain. Its activities are organized into three main segments: gas & low carbon energy, which includes upstream gas, gas marketing and trading, and businesses such as solar, wind and hydrogen; oil production & operations, which is focused on upstream crude oil production; and customers & products, which includes convenience and retail fuels, EV charging, Castrol lubricants, aviation, refining, oil trading and bioenergy. BP states that its purpose is “to deliver energy to the world, today and tomorrow.” [1][2][3][4][5][6]
The company has a broad international footprint spanning Europe, North and South America, Australasia, Asia and Africa, and it reported operations in 61 countries. In 2024, BP reported total sales and other operating revenues of $189.2 billion and employed about 100,500 people at year-end, underscoring its scale as one of the world’s large energy companies.[7][8][9][10][11] [1][2][3][4][5][6][7][8][9][10][11]
Products & services
BP’s product and service offering is centered in its customers & products segment, which includes convenience and retail fuels, EV charging, Castrol, aviation, B2B and midstream, as well as refining, oil trading and bioenergy. In 2024, this segment accounted for about $155.1 billion of third-party sales and other operating revenues, or roughly 82% of BP’s group total, making it the company’s main revenue-generating product platform.[12][13]
Among BP’s branded products, bp Ultimate Unleaded with ACTIVE technology is marketed as a premium petrol fuel designed to clean critical engine parts such as fuel injectors and intake valves and to help prevent dirt from binding to clean metal surfaces. BP also sells Castrol lubricants, including engine oils and transmission fluids for fleet and other vehicle applications. In EV-specific fluids, Castrol ON EV Transmission Fluid is described by BP as helping extend drivetrain life and enabling electric vehicles to go further on a single charge.[14][15][16][17]
BP’s service offerings include Air bp, which supplies aviation fuels, sustainable aviation fuel and technical services; those technical services include designing, building and operating aviation infrastructure such as terminals, pipelines, depots, hydrants, vehicles and related equipment. In EV charging, bp pulse operates rapid and ultra-fast charging networks; BP says it has more than 3,500 rapid and ultra-fast charge points in the UK, and its US hubs include chargers rated up to 400kW with both CCS and NACS connectors. BP also sells lower-carbon fuel products through bioenergy, including biofuels and biogas made from feedstocks such as used cooking oil, sugarcane and landfill gas, and in marine markets it supplies marine fuels, lubricants and technical services, including lower-sulphur fuel options.[18][19][20][21][22][23][24][25]
In convenience retail, BP’s site network supports food, drink and consumer packaged goods alongside fuel. In the US, its private-label epic goods range had expanded to more than 50 SKUs by the end of 2024, including nuts, juices and bottled water, and was sold across ampm, TravelCenters of America, Thorntons and certain franchised locations.[26] [12][13][26][14][15][16][17][18][19][20][21][22][23][24][25]
Geographic presence
BP describes its operating footprint as spanning Europe, North and South America, Australasia, Asia and Africa, and it reported operations in 61 countries with 100,500 employees in 2024.[7][27][8] Its worldwide headquarters and registered office are in London, and the report also references a North American headquarters in Houston and an office in Pune, India.[28][29][30]
For 2024, BP reported third-party sales and other operating revenues of $58.8 billion in the US and $130.4 billion outside the US, implying roughly 31.1% of this revenue came from the US and 68.9% from non-US geographies.[31] BP states that sales to external customers by region are assigned based on the location of the group subsidiary making the sale, and that the UK region includes the UK-based international activities of customers & products.[32] Its non-current assets were $63.4 billion in the US and $81.9 billion in non-US locations, with the non-US figure including $24.6 billion in the UK.[31][33]
BP’s country-level production disclosures show an upstream footprint that includes the UK; the US Lower 48 onshore and Gulf of America deepwater; Trinidad and Tobago; Egypt, Algeria and Angola; Abu Dhabi, Azerbaijan, Iraq, India and Oman; and Australia and Eastern Indonesia.[34][35][36][37] In 2024, net natural gas production was 1,690 mmcf/d in North America, 1,655 mmcf/d in Asia, 1,145 mmcf/d in South America, 904 mmcf/d in Africa, 882 mmcf/d in Australasia and 197 mmcf/d in Europe; crude oil production was 376 kb/d in North America, 297 kb/d in Asia, 70 kb/d in Europe, 19 kb/d in Africa, 9 kb/d in Australasia and 4 kb/d in South America.[37][35] [7][27][8][28][29][30][31][32][33][34][35][36][37]
Business segments
BP reports three official reportable segments: Gas & low carbon energy, Oil production & operations, and Customers & products. It also discloses Other businesses & corporate separately as a reconciliation category rather than a reportable segment.[38][39]
Gas & low carbon energy includes gas-focused upstream regions, integrated gas and power, gas trading, and low-carbon activities such as solar, offshore and onshore wind, hydrogen, carbon capture and storage, and power trading. Oil production & operations comprises upstream regions that predominantly produce crude oil, including bpx energy. Customers & products covers convenience and retail fuels, EV charging, Castrol, aviation, B2B and midstream, refining and oil trading, and bioenergy. Other businesses & corporate includes technology, bp ventures, corporate functions, shipping and treasury, and residual Gulf of America oil spill costs.[3][4][5][39]
By BP’s 2024 segment revenue mix, Customers & products was the largest contributor at about 82% of segment revenue, followed by Gas & low carbon energy at about 16%, Oil production & operations at about 1%, and Other businesses & corporate at about 0.3%.[13] By 2024 underlying replacement cost profit before interest and tax, the mix was much more upstream-weighted: Oil production & operations contributed about 58%, Gas & low carbon energy about 33%, Customers & products about 12%, and Other businesses & corporate was negative at about -3%.[40][41][42][43] [38][39][3][4][5][13][40][41][42][43]
Company history
BP’s roots go back to 1901, when William Knox D’Arcy obtained a concession to explore for oil in Persia; after oil was discovered there in 1908, the company that became BP was incorporated in England and Wales in 1909 as the Anglo-Persian Oil Company.[44][45][46][47] It later changed its name to the Anglo-Iranian Oil Company in 1935 and to the British Petroleum Company in 1954, reflecting its development beyond its original Persian concession.[44][48]
BP’s modern history was reshaped by large-scale consolidation at the end of the 20th century. It merged with Amoco in 1998, then completed the ARCO combination and added Burmah Castrol in 2000, broadening its international operations and portfolio of heritage brands.[49][50][51] In 2010, the Deepwater Horizon accident in the Gulf of Mexico became one of the most consequential events in BP’s history, leading to extensive investigations and long-lasting financial and operational effects.[52][53] [46][49][44][45][47][48][50][51][52][53]
Sources
- BP — Full financial report (2024 Y)
- www.bp.com[14]
- www.bp.com[15]
- www.bp.com[16]
- www.bp.com[17]
- www.bp.com[18]
- www.bp.com[19]
- www.bp.com[20]
- www.bp.com[21]
- on.bp.com[22]
- www.bp.com[23]
- www.bp.com[24]
- www.bp.com[25]
- BP — Full financial report (2023 Y)[28]
- www.bp.com[44]
- www.bp.com[45]
- www.bp.com[47]
- www.bp.com[48]
- www.bp.com[50]
- www.bp.com[51]
- www.bp.com[52]
- www.bp.com[53]
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