BP p.l.c. engages in the energy business worldwide. It operates through Gas & Low Carbon Energy, Oil Production & Operations, Customers & Products, and Rosneft segments. It produces and trades in natural gas; offers biofuels; operates onshore and offshore wind power, and solar power generating facilities; and provides de-carbonization solutions and services, such as hydrogen and carbon capture and storage. The company is also involved in the convenience and mobility business, which manages the sale of fuels to retail customers, convenience products, aviation fuels, and Castrol lubricants; and refining and trading of oil products, as well as operation of electric vehicle charging facilities. In addition, it produces and refines oil and gas; and invests in upstream, downstream, and alternative energy companies, as well as in advanced mobility, bio and low carbon products, carbon management, digital transformation, and power and storage areas. The company was founded in 1908 and is headquartered in London, the United Kingdom.
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Here are 1-3 brief analogies for BP:
- The ExxonMobil or Shell of global energy, known for its vast oil and gas operations.
- Like Ford for the auto industry, a legacy energy company transitioning to a greener future.
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- Crude Oil & Natural Gas: Exploration, development, and production of hydrocarbons from reservoirs globally.
- Refined Petroleum Products: Manufacturing and distribution of fuels like gasoline, diesel, and jet fuel, as well as lubricants and petrochemicals.
- Liquefied Natural Gas (LNG): Processing, trading, and shipping natural gas in its liquid form for global markets.
- Biofuels: Production and marketing of fuels derived from renewable biomass sources.
- Electric Vehicle Charging Solutions (Service: EV Charging Infrastructure): Providing charging infrastructure and related services for electric vehicles at homes, workplaces, and public locations.
- Renewable Power Generation (Service: Renewable Energy Generation): Development, construction, and operation of large-scale renewable energy assets, including wind and solar farms, for electricity generation.
- Convenience Retail (Service: Retail Sales & Fuel Distribution): Operation of retail sites offering fuels, food, beverages, and other convenience items to consumers.
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BP (British Petroleum) primarily sells its products and services to other companies (business-to-business or B2B), not directly to individual consumers, although consumers are the ultimate end-users for many of its refined products.
Due to the vast and diverse nature of BP's operations, spanning crude oil and natural gas production, refining, marketing, petrochemicals, and renewable energy, its customer base is highly fragmented across numerous industries and geographies. BP typically does not disclose specific major customers by name in its public filings. However, key categories of its business-to-business (B2B) customers include other energy companies, airlines, shipping companies, industrial manufacturers, and utility companies. Examples of major customer companies within these sectors include:
- Airlines: As a major global supplier of aviation fuel, BP serves numerous large airline carriers. Examples of such customers who purchase significant volumes of jet fuel include:
- American Airlines Group Inc. (AAL)
- Delta Air Lines, Inc. (DAL)
- United Airlines Holdings, Inc. (UAL)
- Shipping Companies: BP is a significant provider of marine fuels for the global shipping industry. An example of a major customer in this sector is:
- A.P. Møller - Mærsk A/S (MAERSK-B.CO)
- Industrial and Utility Companies: BP supplies natural gas, petrochemical feedstocks, and industrial lubricants to a wide array of industrial enterprises and power generators worldwide. An example of a major utility customer for natural gas could be:
While BP-branded service stations sell fuel and convenience store items directly to individuals, BP's direct commercial relationship for these products at a wholesale level is with the station owners, franchisees, or distributors, who are themselves businesses.
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BP's major suppliers include:
- Schlumberger (SLB)
- Halliburton (HAL)
- TechnipFMC (FTI)
- Wood (WG.L)
- Microsoft (MSFT)
- Worley (WOR.AX)
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Murray Auchincloss Chief Executive Officer
Murray Auchincloss was appointed CEO of BP in January 2024, having previously served as interim CEO since September 2023. He joined Amoco in 1992, which later merged with BP in 1998, and has held various senior finance and management roles, including chief of staff to the BP CEO from 2010 to 2013. Most recently, he was BP's chief financial officer and a member of the board. As CFO, he spearheaded a significant modernization initiative within BP finance. Auchincloss has extensive experience and knowledge of the energy sector. He is the fourth generation of his family to work in the energy industry.
Kate Thomson Chief Financial Officer
Kate Thomson was appointed BP's Chief Financial Officer in February 2024, after serving as interim CFO since September 2023. She joined BP in 2004 and has held several senior financial positions, including group treasurer, group head of tax, and senior vice president of finance for production and operations. Before joining BP, Thomson worked in professional services firms, including Ernst & Young, where she specialized in M&A tax, and also served as group head of tax for Charter plc. She has been a member of the board of Aker BP since 2016.
Emeka Emembolu EVP, Technology
Emeka Emembolu was appointed BP's Executive Vice President of Technology in Spring 2024. He has been with BP for over 25 years, starting his career as a production engineer in 1998. Prior to his current role, he served as Chief of Staff to the BP CEO for two years and successfully led BP's North Sea business as Senior Vice President. His background includes senior technical leadership positions across various regions, including the Gulf of America/Canada, North Africa, and Alaska.
William Lin EVP, Gas & Low Carbon Energy
William Lin serves as BP's Executive Vice President of Gas & Low Carbon Energy. He previously held the position of head of regions, corporates and solutions.
Gordon Birrell EVP, Production & Operations
Gordon Birrell is BP's Executive Vice President of Production & Operations. He leads one of BP's three main business units, responsible for production and operations.
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The accelerated global energy transition away from fossil fuels, primarily driven by the rapid adoption of electric vehicles and the widespread deployment of cost-competitive renewable energy sources such as solar and wind power, poses a clear emerging threat. This fundamental shift directly reduces demand for BP's core oil and gas products, challenging the profitability and long-term viability of its traditional business model.
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BP operates in several large addressable markets for its main products and services globally.
Oil and Natural Gas
The global oil and gas market was valued at approximately USD 7.97 trillion in 2024 and is projected to grow to USD 8.33 trillion in 2025. Additionally, the global oil and gas infrastructure market, which supports these operations, was valued at USD 761.1 billion in 2024 and is expected to reach USD 1.46 trillion by 2034.
Refined Petroleum Products
The global market for refined petroleum products was estimated at USD 1494.34 billion in 2024 and is projected to reach USD 1537.4 billion in 2025, with an anticipated growth to USD 2042.6 billion by 2035.
Lubricants
The global lubricants market size was valued at USD 147.42 billion in 2024 and is projected to reach USD 152.57 billion in 2025.
Renewable Energy
The overall global renewable energy market was estimated at USD 1.51 trillion in 2024 and is expected to reach USD 1.60 trillion in 2025. Within this sector, specific addressable markets for BP include:
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Biofuels: The global biofuels market is valued at USD 145.0 billion in 2025.
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EV Charging Infrastructure: The global electric vehicle charging infrastructure market size is calculated at USD 47.61 billion in 2025.
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BP is strategically positioning itself for future revenue growth over the next two to three years by focusing on several key drivers across its traditional and evolving energy businesses.
Here are 3-5 expected drivers of BP's future revenue growth:
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Growth in Oil and Gas Production and Exploration: BP continues to prioritize its core oil and gas business, with plans for increased production and new project developments expected to drive revenue. The company has brought all six major oil and gas projects slated for 2025 online, with four ahead of schedule. Notable discoveries, such as the Bumerangue field in Brazil, described as BP's largest find in 25 years, are anticipated to contribute significantly to future hydrocarbon volumes. Analysts also forecast that a re-energization of oil and gas exploration and development activities will contribute to strong earnings growth.
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Expansion of Customers & Products Segment (including Convenience and EV Charging): BP expects growth in its "Customers" segment, supported by structural cost reductions and strategic investments. The company's EV charging business has demonstrated substantial growth, with an 80% year-on-year increase and cumulatively hitting 1 terawatt-hour of electrons sold globally. Acquisitions such as bp bioenergy are projected to contribute approximately one-third of the operating cash flow growth in the Customers & Products segment by 2027. BP is also focusing on its most advantaged assets and improving margin capture in this segment.
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Refining Optimization and Reliability: Enhanced refining availability and stronger realized refining margins are identified as key contributors to improved profitability and, consequently, revenue. BP's refining availability was more than 96% for the third quarter of 2024, and 96.6% in Q3 2025, which is reported as the best in 20 years. The company is undertaking decisive actions to reshape its integrated portfolio and execute a clear set of actions to drive near-term performance in refining, including improving reliability and delivering structural cost reductions to lower its breakeven point.
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Structural Cost Reduction and Operational Efficiency: BP is actively pursuing structural cost reductions across its operations to enhance cash flow and returns. The company aims for $4 billion to $5 billion in cost reductions by 2027. This includes a structural cost reduction program in its Customers segment expected to deliver around $1.5 billion by 2027 relative to 2024. Improved operational efficiency, such as upstream plant reliability exceeding 96%, is also contributing to stronger underlying cash flow.
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Share Repurchases
- BP announced $11.25 billion of share buybacks from 2022 surplus cash flow.
- In 2023, BP committed to using 60% of surplus cash flow for share buybacks and executed $7.9 billion in share buybacks.
- For 2024, BP conducted share buyback programs totaling approximately $1.75 billion in July and another $1.75 billion authorized for a period up to February 2025. Additionally, a $0.3 billion buyback program was announced in July 2024 to offset dilution from employee share schemes. Total buybacks for 2024 amounted to $7.127 billion.
- For 2025, BP announced a share buyback program of approximately $750 million to run until February 2026. They also executed share buybacks of $0.75 billion related to Q1 results and $0.75 billion for Q2 results. Total share repurchases for 2025 to date are $4.179 billion.
Share Issuance
- Information on the dollar amount of shares issued by BP was not explicitly available in the provided search results. However, BP's shares outstanding have been declining, indicating a net effect of repurchases over issuances.
Outbound Investments
- In 2022, BP acquired biogas producer Archaea Energy, and formed Azule Energy with Eni in Angola.
- BP acquired TravelCenters of America and agreed to acquire Lightsource bp.
- BP plans to increase oil and gas investment to approximately $10 billion per annum and intends to start 10 major projects by 2027, focusing on core regions like Azerbaijan, Trinidad, and the Middle East.
Capital Expenditures
- BP's capital expenditure for the full year 2021 was $12.8 billion, increasing to $16.3 billion in 2022 and remaining at $16.3 billion in 2023.
- BP expects capital expenditure to be around $16 billion for 2024, and around $14.5 billion for 2025. The company has a capital frame of $13-15 billion for 2026 and 2027.
- The primary focus of capital expenditures has seen a strategic shift, with increased investment in oil and gas to approximately $10 billion annually, while investment in renewable energy is being reduced to between $1.5 billion and $2 billion per year through 2027.
