- Business
- BP p.l.c. is a British multinational integrated energy company engaged in oil and gas exploration, production, refining, distribution, and marketing, as well as low carbon energy solutions. The company produces and sells crude oil, natural gas, petrochemicals, lubricants, fuels, and renewable energy products through segments including Gas & Low Carbon Energy, Oil Production & Operations, and Customer & Products, serving markets globally. BP also develops and operates renewable energy assets such as solar, wind, biofuels, and battery storage technologies. Founded in 1909 and headquartered in London, England, BP operates worldwide with significant presence in the Americas, Europe, Asia, and Africa.
Recent strategic developments include the full acquisition of Lightsource bp, expanding BP’s renewable solar and battery storage portfolio with a 62 GW pipeline across 19 markets, and the 2024 purchase of Bunge Bioenergia to increase ethanol production to 50,000 barrels per day. The company launched the private label brand "Epic Goods" for U.S. convenience retail, providing over 50 exclusive products. In upstream operations, BP began production at the Cypre gas project in Trinidad and Tobago and announced a $7 billion carbon capture and gas field development plan in Indonesia targeting production commencement by 2028. BP is divesting certain North Sea assets, including a stake in the Culzean field, as part of a $20 billion asset sales plan by 2027 to reshape its portfolio. In 2025, BP shifted investment priorities by cutting renewable energy spending while increasing oil and gas development funding to around $10 billion annually. The company also plans workforce reductions exceeding 5% to optimize operations under its recent strategic reset. BP is pursuing integrated energy company transformation with a focus on balancing fossil fuel production growth and lower carbon technologies to meet evolving energy demands.