What is BP?
BP (formerly known as British Petroleum) is a world-known, multinational oil and gas company. It operates in all areas of the oil and gas industry, from exploration and production to refining and distribution. Today, the company provides fuel for the transportation industry, energy for heat and light, lubricants for engines, and other petrochemical products.
What does the company do?
The company operates in two main segments: Upstream and Downstream. The Upstream is responsible for the exploration of natural gas and oil, further processing and transportation, while Downstream specialises in the global manufacturing of fuels and petrochemicals. BP works in 72 countries of the world, producing over 3.6 million barrels of oil equivalent per day. Operating over 18,000 service stations worldwide, the company’s largest division is BP America in the US.
A bit of BP’s history
Founded in 1908 with the discovery of a large amount of oil in Persia, BP’s story has always been about transformations: from coal to oil, from oil to gas, from onshore to deep water. Now it’s about a new mixture of energy sources, because the world is rapidly moving towards a lower carbon future.
The company was the first to obtain permission to explore oil in the Middle East. This event changed the history of the whole region.
Who founded BP?
The company was founded by William Knox D’Arcy. He formed the first Exploration Company in 1903 with a capital of £60,000. George Reinolds, was an explorer, who led D’Arcy’s exploration team in Persia. After several years of unsuccessful attempts to find oil, they finally made it. A year later, the Anglo-Persian Oil Company, that one day became BP, came into business. William D’Arcy, who had lost almost everything during the years of unsuccessful exploration, soon became richer than ever before.
Current size, team and locations
Headquartered in London, UK, BP operates in 70 countries of the world, running approximately 18,300 retail sites. The company’s proved reserves constitutes 18,441 million barrels of oil equivalent. BP produces 3.6 million barrels of oil equivalent daily. The team of BP consists of 74,000 employees, working worldwide.
Quick facts about BP
- In 1959, BP broadened its business beyond the Middle East to Alaska and became one of the first companies to extract oil in the North Sea.
- BP was directly connected to several big environmental incidents:
- Texas City Refinery explosion in 2005
- Prudhoe Bay oil spill in 2006
- Deepwater Horizon oil spill in 2010. The greatest accidental spill of oil into the sea in history. It caused harsh environmental, economic and health consequences and serious legal effects for BP. In order to correct the situation and clean up the water, 1.8 million gallons of Corexit oil dispersant was used.
BP current business model
The company delivers energy services and products to people around the world. BP provides clients with energy for light and heat, fuel for transport, lubricants for engines and various petrochemicals used for everyday items, such as clothes, packages and paints. The company has a diverse portfolio of businesses besides oil and gas, including trading and transporting, marketing and manufacturing of fuels, generating renewable energy.
How to learn the BP share price?
BP is primarily listed on the London Stock Exchange (LSE)and is a constituent of the FTSE 100 Index. Secondary, the company is listed on the New York Stock Exchange and Frankfurt Stock Exchange. Join Capital.com to trade CFDs on the BPshare pricefluctuations and follow the BP chartin real-time.