- Business
- BP p.l.c. is an integrated energy company that explores for and produces oil and natural gas; refines, markets, and transports petroleum products including fuels, lubricants under the Castrol brand, and aviation fuels; trades natural gas and power; and develops low-carbon solutions such as hydrogen, carbon capture and storage, offshore and onshore wind, solar power, biofuels, and electric vehicle charging. The company operates through three main segments—Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products—serving industrial, commercial, retail, and aviation customers across approximately 70 countries worldwide, with key activities in Europe, North America, Asia, Africa, and South America. Founded in 1909 as the Anglo-Persian Oil Company and headquartered in London, United Kingdom, BP maintains significant operations including a U.S. headquarters in Houston, Texas, major refineries with around 1.6 million barrels per day throughput, and over 21,100 retail sites featuring bp and AmPm brands. In a strategic reset announced in February 2025, BP focuses on growing upstream oil and gas production, optimizing downstream refining and marketing, and investing with discipline in the energy transition; the company started three major projects, made six exploration discoveries, progressed divestments targeting $3-4 billion in proceeds for 2025, and plans capital expenditure of about $14.5 billion while aiming for a net debt target of $14-18 billion by end-2027. Recent developments include signing an agreement in October 2025 to divest its stake in UK North Sea licenses P111 and P2544, winning an arbitration case against Venture Global on a liquefied natural gas contract breach, and reporting $1.4 billion underlying RC profit with a $750 million share buyback in Q1 2025.