BP

Corporate brand

British multinational integrated energy company operating across oil, gas, fuels, retail, trading, power and lower-carbon businesses.

Last updated November 3, 2026

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Overview

BP p.l.c. is a British multinational energy company headquartered in London. Historically one of the world's major integrated oil companies, BP operates across the energy value chain, including exploration and production, refining, fuel distribution, service stations, lubricants, petrochemicals, trading, power generation and selected lower-carbon activities. Its consumer-facing businesses include BP-branded service stations and electric-vehicle charging, Castrol lubricants and, in particular markets, the Amoco and Aral brands. The company's origins lie in the discovery of commercially significant oil at Masjed Soleyman in Persia in 1908. The Anglo-Persian Oil Company was incorporated in 1909 to develop the resource and constructed a major refinery on Abadan Island. The British government acquired a controlling interest during the First World War, reflecting the strategic importance of petroleum to the Royal Navy. The company expanded into refining, shipping, marketing and international exploration, while also becoming involved in Iraq, Kuwait, Australia, Canada, Libya and other producing regions. Its history is closely connected with the politics of the Middle East. Iranian oil assets were nationalised in 1951, and the company returned to Iran after the 1953 coup through an international consortium. In 1954, the Anglo-Iranian Oil Company adopted the name British Petroleum. Later decades brought further international expansion, including the acquisition of Standard Oil of Ohio, entry into Alaska and the North Sea, and the purchase of major brands and assets such as Sohio, ARCO, Burmah Castrol and Aral. The British government progressively privatised BP between 1979 and 1987, ending state control. BP became a modern global supermajor through its 1998 merger with Amoco. It subsequently acquired ARCO and Burmah Castrol and shortened its corporate name to BP p.l.c. in 2001. The company has used the initials BP as its principal brand while periodically changing its visual identity and public positioning. In 2000 it introduced the green-and-yellow Helios mark as part of a broader emphasis on environmental responsibility and a stated transition beyond conventional petroleum. BP remains heavily involved in oil and gas production and refining, but it has also developed businesses in bioenergy, convenience retail, renewable power, hydrogen, electric-vehicle charging and carbon management. Its transition strategy has been revised several times in response to energy prices, investor expectations, capital requirements and geopolitical conditions. The company announced a net-zero ambition for 2050 or sooner, while later strategy changes placed greater emphasis on maintaining oil and gas investment alongside lower-carbon growth. BP is also one of the most scrutinised companies in the energy sector. Major incidents associated with the company or its operations include the 1967 Torrey Canyon tanker disaster, the 2005 Texas City refinery explosion, the 2006 Prudhoe Bay pipeline spill and the 2010 Deepwater Horizon disaster. Deepwater Horizon caused the deaths of 11 workers and became the largest accidental marine oil spill in history. BP faced extensive cleanup costs, compensation, fines, criminal and civil settlements, asset sales and long-running reputational consequences. These events have shaped the company's safety governance, regulatory relationships and public debate over corporate responsibility and climate change.

History

BP traces its corporate lineage to the Anglo-Persian Oil Company, incorporated in 1909 after oil was discovered at Masjed Soleyman in southwestern Persia. The company's early development centred on Abadan, where it built a refinery that began operating in 1912. During the First World War, the British government acquired a controlling share because naval conversion from coal to oil made secure petroleum supplies strategically important. APOC consequently became both a commercial enterprise and an instrument of British energy policy. After the war, the company expanded its refining, shipping and marketing network. It developed facilities in Britain and overseas, participated in the Turkish Petroleum Company and later Iraq Petroleum Company, and formed partnerships in Kuwait, Australia and other markets. The company also entered chemicals and oil-shale production. In 1935, after Persia adopted the international name Iran, Anglo-Persian Oil Company became the Anglo-Iranian Oil Company. Conflict over the distribution of Iranian oil revenues intensified after the Second World War. Iran nationalised its petroleum industry in 1951 under Prime Minister Mohammad Mosaddegh. Britain organised an international embargo and challenged the nationalisation legally. In 1953, British and American intelligence services supported the coup that removed Mosaddegh. A new international operating consortium was established in 1954, and the company adopted the name British Petroleum. Although it returned to the Iranian market, its position was no longer that of an exclusive national concessionaire. From the 1950s through the 1970s, BP broadened its geographical and industrial base. It entered Canada and Alaska, participated in the discovery and development of North Sea oil, acquired refining and marketing assets in the United States, and built chemical operations. It also accumulated interests in major international petroleum ventures. At the same time, host-country nationalism led to the nationalisation of assets in Libya, Kuwait, Nigeria, Iraq and Iran. The 1973 oil crisis further demonstrated the risks of dependence on Middle Eastern production and encouraged diversification into coal, minerals, nutrition and other businesses, many of which were later sold. BP acquired control of Standard Oil of Ohio in 1978. The British government began privatising BP in 1979 and completed the process through further share sales in the 1980s. The company then pursued a more aggressive international acquisition strategy. In 1998 it merged with Amoco, creating BP Amoco, and subsequently acquired ARCO and Burmah Castrol. It also obtained control of Aral in Germany. In 2001, the corporate name was shortened to BP p.l.c., while the company promoted a new green-and-yellow identity and the phrase 'Beyond Petroleum' to signal a broader energy position. The company faced major safety and environmental controversies in the twenty-first century. The 2005 Texas City refinery explosion exposed deficiencies in process safety and management systems. A 2006 pipeline spill at Prudhoe Bay raised concerns about corrosion monitoring and maintenance. The 2010 Deepwater Horizon explosion in the Gulf of Mexico killed 11 workers and caused the largest accidental marine oil spill in history. BP paid substantial compensation, cleanup expenses, penalties and settlements, sold assets to strengthen its balance sheet, and reorganised its safety and operating systems. In the 2010s and 2020s, BP retained a large upstream and downstream business while investing in renewable power, bioenergy, hydrogen, electric-vehicle charging and convenience retail. Under Bernard Looney, it announced a net-zero ambition and a major transition programme in 2020. Under later leadership, the company moderated the speed of planned fossil-fuel reductions and emphasised returns, energy security and disciplined capital allocation. BP therefore remains a hybrid organisation: a conventional integrated oil and gas major with growing, but strategically adjusted, lower-carbon and mobility businesses.

2023
Transition strategy revised
[4]BP updates strategybp.com
BP revised the planned pace of fossil-fuel reductions and increased emphasis on oil and gas investment alongside transition businesses.
2020
Net-zero ambition announced
[3]BP launches new ambition for the companybp.com
BP announced an ambition to reach net zero by 2050 or sooner and to reshape its portfolio toward lower-carbon energy.
2010
Deepwater Horizon disaster
[5]Deepwater Horizon oil spillen.wikipedia.org
The Macondo blowout caused a fatal rig explosion and a massive Gulf of Mexico oil spill.
2001
Corporate name shortened to BP p.l.c.
[1]BPen.wikipedia.org
The company adopted BP p.l.c. as its corporate name while promoting its refreshed green-and-yellow brand.
1998
Merger with Amoco
[1]BPen.wikipedia.org
The merger created one of the world's largest integrated energy companies and expanded BP's North American operations.
1979
British government begins privatisation
[1]BPen.wikipedia.org
The government sold a first major block of BP shares as part of the United Kingdom's privatisation programme.
1978
Standard Oil of Ohio acquired
[1]BPen.wikipedia.org
BP acquired majority control of Sohio, strengthening its United States refining and marketing presence.
1954
British Petroleum name adopted
[1]BPen.wikipedia.org
The Anglo-Iranian Oil Company became the British Petroleum Company and returned to Iran through an international consortium.
1951
Iran nationalises its oil industry
[1]BPen.wikipedia.org
Nationalisation displaced the company's management in Iran and led to an international oil embargo.
1935
Name changed to Anglo-Iranian Oil Company
[1]BPen.wikipedia.org
The corporate name changed following Persia's adoption of Iran as its international name.
1912
Abadan refinery begins operations
[1]BPen.wikipedia.org
A refinery on Abadan Island became a central part of the company's early production and export system.
1909
Anglo-Persian Oil Company incorporated
[1]BPen.wikipedia.org
The company was incorporated to develop the major oil discovery at Masjed Soleyman in Persia.

Products and positioning

Integrated energy major combining conventional oil and gas scale with downstream consumer businesses and a stated, though revised, strategy for lower-carbon energy.

Retail fuels
BP fuels and service stations
BP-branded retail sites sell petrol, diesel and related mobility products, often combined with convenience stores and ancillary services. The network is complemented by Amoco in the United States and Aral in Germany.
Lubricants
Castrol
Castrol is BP's major lubricants brand, supplying engine oils, industrial lubricants and related products for passenger vehicles, commercial fleets, manufacturing and other technical applications.
Electric-vehicle charging
BP pulse
BP pulse is BP's electric-vehicle charging business, operating public and selected private charging infrastructure and supporting the company's mobility strategy beyond liquid fuels.
Upstream energy · 1909
Oil and gas production
BP explores for, develops and produces crude oil and natural gas through operated and non-operated assets in multiple producing regions. This remains a core source of energy supply and company revenue.
Low-carbon energy
Renewable power and lower-carbon energy
BP invests in and develops selected renewable-power, bioenergy, hydrogen, carbon-management and related transition activities, although the scale and pace of these businesses have changed with successive strategy updates.

Controversies

2026
BP and Louisiana announce settlement agreement
Louisiana and BP announced a two-part settlement agreement concerning economic harm from the 2010 Deepwater Horizon spill and separate coastal-damage litigation. Under the economic-damages agreement, BP's remaining payments of $373 million, originally due in installments over seven years, will instead be made in a single disbursement of around $350 million. The coastal-damages agreement's details were not released.
Source 1 Source 2 Source 3 Source 4 Source 5
2023
Leadership and governance controversy
Chief executive Bernard Looney resigned after the board concluded that his disclosures about past personal relationships with colleagues had not been sufficiently complete. The episode led to a leadership transition and renewed attention to governance standards.
Source
2023
Multnomah County sues ExxonMobil, Shell, BP, Chevron, NW Natural and others over climate damages
Multnomah County filed a lawsuit seeking nearly $52 billion from more than a dozen major oil and gas companies, including ExxonMobil, Shell, BP, Chevron, and NW Natural, as well as industry lobbyists and McKinsey & Company. The suit seeks to hold these parties responsible for climate change impacts affecting the county, including the 2021 Pacific Northwest heat dome.
Source
2022
Washington penalizes BP over pipeline gasoline spills
The Washington Department of Ecology penalized BP $100,000 over two gasoline spills associated with construction on the Olympic Pipeline in 2020. Ecology said the spills were caused by inadequately tightened fittings and leak checks.
Source
2021
New York City sues oil companies over alleged false advertising
New York City filed a lawsuit charging Exxon, Shell, BP and the American Petroleum Institute with systematically and intentionally deceiving New Yorkers about the dangers of their products. Mayor Bill de Blasio said the industry's advertising violated New York consumer-protection laws. The source reports allegations, not a court determination.
Source 1 Source 2 Source 3
2021
BP settles Whiting refinery soot emissions case
BP reached a legal settlement with federal authorities after environmental groups challenged illegal soot emissions from its Whiting refinery. Under the settlement, BP is required to pay the federal government more than $500,000 and to tighten operations. The article states that the wrongdoing detailed in the settlement is grounded in court documents endorsed by BP.
Source
2021
OGA fines BP for reporting failures
The Oil and Gas Authority fined BP £50,000 for failing to report the progress and results of two extended well tests in the North Sea. BP said it accepted the outcome and had put corrective measures in place.
Source 1 Source 2
2021
BP fined for licence breach in Scottish waters
The Oil and Gas Authority fined BP five figures for breaching licence conditions in Scottish waters.
Source
2020
BP entities settle Toledo Refinery lawsuit
A federal judge approved a settlement under which BP Products North America Inc. and BP-Husky Refining LLC were to pay $2.6 million to the U.S. government and the state of Ohio. The settlement addressed alleged violations of clean-air laws and hazardous-substance-reporting requirements at the Toledo Refinery. The approval resolved the matter as recorded in the source report.
Source
2020
Greenpeace fined £80,000 over BP rig protest
A Scottish court fined Greenpeace UK £80,000 for breaching an interdict obtained by BP rig operator Transocean in connection with Greenpeace’s protest blocking BP’s oil rig. Greenpeace said it would continue its campaign against the drilling.
Source

Marketing campaigns

2000Beyond Petroleum
Global
BP introduced a green-and-yellow visual identity and promoted the phrase 'Beyond Petroleum' to present itself as a broader energy company and to associate the brand with environmental responsibility and alternative energy.
Outcome. The campaign became one of the best-known examples of corporate environmental positioning, but later criticism argued that BP's conventional oil and gas activities remained dominant.
Source

Brand decisions

2023
Revision of transition strategyStrategy
Background
BP reassessed its transition plan amid energy-security concerns, changing market conditions and the need to deliver competitive shareholder returns.
Action taken
BP retained a larger oil and gas role than outlined in its 2020 plan while continuing investment in lower-carbon businesses.
Aftermath
The revision drew criticism from climate campaigners and some investors, while BP presented it as a balance between energy security, affordability and emissions reduction.
Source
2020
Net-zero transformation strategyStrategy
Background
BP faced increasing investor, regulatory and public pressure to address climate change while remaining a large oil and gas producer.
Action taken
The company announced an ambition to become net zero by 2050 or sooner and outlined interim emissions and portfolio goals.
Aftermath
BP increased its focus on renewable power, bioenergy, hydrogen, charging and other transition businesses, but subsequently moderated the planned pace of fossil-fuel reductions.
Source
1998
Merger with AmocoM&A
Background
BP sought greater scale and a stronger position in the United States and international integrated-energy markets.
Action taken
BP merged with Amoco to create BP Amoco p.l.c.
Aftermath
The transaction substantially expanded BP's upstream, refining and marketing portfolio and established the platform for further acquisitions.
Source

Recent events

2023
BP revises transition strategy and increases planned oil and gas investment[4]BP updates strategybp.com
Other
BP altered the pace and composition of its transition plan, retaining a larger role for oil and gas while continuing to invest in transition businesses.
2023
BP revises the balance of its transition strategy[27]伯纳德·鲁尼辞去首席执行官职务bp.com
Pricing
BP reduced the expected pace of oil-and-gas production declines in its transition plan while retaining investment in lower-carbon businesses.
2020
BP announces ambition to become net zero by 2050[3]BP launches new ambition for the companybp.com
Other
BP announced a long-term ambition covering its operations and the carbon in the energy it sells, together with interim aims for reducing emissions and increasing lower-carbon investment.
2020
BP agrees to sell its global petrochemicals business[28]BP 同意出售其全球石化业务bp.com
M&A
BP announced the sale of its petrochemicals business to INEOS as part of portfolio simplification and capital reallocation.
2020
BP announces a net-zero ambition[29]BP宣布净零排放目标bp.com
Other
BP announced a strategy to reach net zero by 2050 or sooner and to reduce the carbon intensity of its products and operations.

Sources101 sources

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