BP, plc, once known as British Petroleum, is one of the world’s 7 oil & gas supermajors with operations spanning the globe. In terms of revenue, it ranks 4th on the list and the company is vertically integrated as well with operations in all segments of the oil and gas sector. Operations are currently underway in 80 countries around the world, the company can produce 3.7 million barrels of oil equivalents per day, and it lays claim to nearly 20 billion barrels in proven reserves. On the retail end of the business, the company operates more than 18,700 fuel stations and its largest segment is in the US.
The company was founded in 1908 with the purpose of exploring for and producing oil in the middle east. The company expanded into Alaska in 1959 and then accelerated its expansion when it merged with Amoco in 1998. Another merger with Burhman Castrol in 2000 created the company that is traded today.
BP, plc rebranded itself in 2000 giving new meaning to its name. The once British Petroleum is now “Beyond Petroleum” and focused on a major shift in its business. The company is working hard to move away from non-renewable carbon-based energy and into biofuels, solar, and wind. The company hopes to be net-zero in regard to carbon emissions and production by 2050 or earlier and is well on the way to doing so. Among the many avenues of advance are the build-out of solar and wind farms as well as the expansion of a major EV charging network. The network totaled more than 9,000 stations around the middle of 2022 and expansion was ramping in order to meet the goal of 100,000 EV stations before 2050.
BP p.l.c. currently operates through 4 segments including Gas & Low Carbon Energy, Oil Production & Operations, Customers & Products, and Rosneft segments. The company produces and trades in natural gas and oil liquids, offers biofuels, and operates wind and solar power generating facilities. The company also provides de-carbonization solutions and services, such as hydrogen and carbon capture and storage, as part of its green agenda.
In addition, it produces and refines oil and gas for its downstream operations as well as invests in upstream, downstream, and alternative energy companies including advanced mobility. Advanced mobility is the future of transportation and includes technologies like EV, hybrid, and hydrogen fuel cells. To that end, the company is building 7 hydrogen production and storage hubs in key locations around the world. The company aims to produce blue and green hydrogen for the global transportation industry with production beginning in 2027. Blue hydrogen is hydrogen captured from the company’s natural gas deposits using a process that captures the waste carbon.