Key Facts
Key Information
About
BP p.l.c., commonly known as BP, is a British multinational oil and gas company founded in 1909 as the Anglo-Persian Oil Company. It has evolved through various name changes, including Anglo-Iranian Oil Company and British Petroleum, before adopting its current name in 2001. Headquartered in London, BP operates globally in exploration, production, refining, and distribution of petroleum products, as well as increasingly in renewable energy sources like solar and wind. As one of the world's seven oil supermajors, it reported revenues exceeding $400 billion in recent years and employs over 60,000 people worldwide. BP has been involved in international policy discussions on energy security and climate change, including memberships in organizations like the Council on Foreign Relations, which has raised questions about foreign influence in global energy policy.
BP's history is marked by significant controversies, including the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, which caused extensive environmental damage and resulted in BP paying over $65 billion in fines, settlements, and cleanup costs. The company has faced numerous lawsuits and investigations, such as SEC probes into its accounting practices and allegations of human rights violations in operations abroad, including in Azerbaijan and Colombia. BP has been criticized for greenwashing, with accusations that its shift toward renewables is insufficient to offset its continued fossil fuel investments. Financially, BP's net worth is estimated in the hundreds of billions, with major holdings in assets like the Baku-Tbilisi-Ceyhan pipeline and stakes in joint ventures such as Castrol, which it partially sold in 2024.
In terms of influence networks, BP maintains close ties with governments and think tanks, donating to political causes and lobbying on energy regulations. Its executives have held positions in policy advisory roles, and the company has been accused of influencing climate policy to favor fossil fuels. Personal details on leadership, such as CEO Murray Auchincloss, include his long tenure at BP since 1998, with no major public scandals noted. BP's operations span over 70 countries, making it a key player in global energy geopolitics.