113 Facts About BP

BP plc is a British multinational oil and gas company headquartered in London, England.

BP is the fourth-largest investor-owned oil company in the world by 2021 revenues.

BP has been directly involved in several major environmental and safety incidents.

In 1969, BP entered the United States by acquiring the East Coast refining and marketing assets of Sinclair Oil Corporation.

In 1967, BP acquired chemical and plastics assets of The Distillers Company which were merged with British Hydrocarbon Chemicals to form BP Chemicals.

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BP was a manufacturer and installer of photovoltaic solar cells.

In 2003, BP invested $8 billion into a joint venture with Russian oligarch Mikhail Fridman's TNK.

Later that year, BP became an operator of the pipeline and increased its stake up to 62.

In 2002, BP acquired the majority of Veba Ol AG, a subsidiary of VEBA AG, and subsequently rebranded its existing stations in Germany to the Aral name.

In 2007, BP sold its corporate-owned convenience stores, typically known as "BP Connect", to local franchisees and jobbers.

In 2007, BP formed with AB Sugar and DuPont a joint venture Vivergo Fuels which opened a bioethanol plant in Saltend near Hull, United Kingdom in December 2012.

Together with DuPont, BP formed a biobutanol joint venture Butamax by acquiring biobutan technology company Biobutanol LLC in 2009.

In 2009, BP obtained a production contract to develop the supergiant Rumaila field with joint venture partner CNPC.

BP announced a divestment program to sell about $38 billion worth of non-core assets to compensate its liabilities related to the accident.

In July 2010, BP sold its natural gas activities in Alberta and British Columbia, Canada, to Apache Corporation.

In 2012, BP acquired an acreage in the Utica Shale but these developments plans were cancelled in 2014.

BP announced its departure from the solar energy market in December 2011 by closing its solar power business, BP Solar.

In 2012, BP shut down the BP Biofuels Highlands project which was developed since 2008 to make cellulosic ethanol from emerging energy crops like switchgrass and from biomass.

In 2015, BP decided to exit from other lignocellulosic ethanol businesses.

In June 2014, BP agreed to a deal worth around $20 billion to supply CNOOC with liquefied natural gas.

In 2016, BP sold its Decatur, Alabama, plant to Indorama Ventures, of Thailand.

In 2018, BP acquired Chargemaster, which operated the UK's largest electric vehicle charging network.

In September 2020, BP announced it will build out a rapid charging network in London for Uber.

In January 2019, BP discovered 1 billion barrels oil at its Thunder Horse location in the Gulf of Mexico.

Amidst the COVID-19 pandemic, BP claimed that it would "accelerate the transition to a lower carbon economy and energy system" after announcing that the company had to write down $17.

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On 30 June 2020, BP sold all its Alaska upstream operations and interests, including interests in Prudhoe Bay Oil Field, to Hilcorp Energy for $5.

In December 2020, BP acquired a majority stake in Finite Carbon, the largest forest carbon offsets developer in the United States.

BP's decision came after the British government expressed concern about BP's involvement in Russia.

BP operations are organized into three business segments, Upstream, Downstream, and renewables.

Since 1951, BP has annually published its Statistical Review of World Energy, which is considered an energy industry benchmark.

BP has three major research and development centres in the UK.

BP is the operator of the Clair oilfield, which has been appraised as the largest hydrocarbon resource in the UK.

Since 2018 BP operates the UK's largest electric vehicle charging network through its subsidiary BP Chargemaster.

In February 2020, BP announced a Joint Venture with EnBW to develop and operate 3GW off Offshore Wind capacity in the Crown Estate Leasing Round 4.

BP Energy Company, a Houston-based subsidiary, is a provider of natural gas, power, and risk management services to the industrial and utility sectors and a retail electric provider in Texas.

BP operates the Atlantis, Mad Dog, Na Kika, and Thunder Horse production platforms while holding interest in hubs operated by other companies.

BP operates Whiting Refinery in Indiana, Cherry Point Refinery in Washington, and the Toledo Refinery in Ohio, which is owned by BP and Husky Energy.

BP is active in offshore oil development in Angola, where it holds an interest in a total of nine oil exploration and production blocks covering more than 30, 000 square kilometres.

BP has a stake in exploration of two blocks of offshore deepwater assets in the South China Sea.

BP has major liquefied natural gas activities in Indonesia, where it operates the Tangguh LNG project, which began production in 2009 and has a capacity of 7.

BP operates in Iraq as part of the joint venture Rumaila Operating Organization in the Rumaila oil field, the world's fourth largest oilfield, where it produced over 1 million barrels per day of oil equivalent in 2011.

BP is a non-operating joint venture partner in the North West Shelf, which produces LNG, pipeline gas, condensate and oil.

BP is the largest oil and gas producer in Trinidad and Tobago, where it holds more than 1, 350 square kilometres of offshore assets and is the largest shareholder in Atlantic LNG, one of the largest LNG plants in Western Hemisphere.

In Brazil, BP holds stakes in offshore oil and gas exploration in the Barreirinhas, Ceara and Campos basins, in addition to onshore processing facilities.

BP operates biofuel production facilities in Brazil, including three cane sugar mills for ethanol production.

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BP Shipping provides the logistics to move BP's oil and gas cargoes to market, as well as marine structural assurance.

The BP-managed fleet consists of Very Large Crude Carriers, one North Sea shuttle tanker, medium size crude and product carriers, liquefied natural gas (LNG) carriers, liquefied petroleum gas (LPG) carriers, and coasters.

BP owns half of Kentucky-based convenience store company Thorntons LLC with ArcLight Capital Partners since 2019.

On 13 July 2021, BP announced it will take acquire ArcLight Capital Partners' share of Thorntons, and thus fully own the convenience store company.

BP was the first of supermajors to say that it would focus on energy sources other than fossil fuels.

BP announced plans to transform into an integrated energy company, with a renewed focus on investing away from oil and into low-carbon technologies.

BP Launchpad has invested in ONYX InSight, one of the leading providers of predictive analytic solutions serving the wind industry.

In Brazil, BP owns two ethanol producers—Companhia Nacional de Acucar e Alcool andTropical BioEnergia—with three ethanol mills.

BP has invested in an agricultural biotechnology company Chromatin, a company developing crops that can grow on marginal land and that are optimized to be used as feedstock for biofuel.

BP is a majority shareholder in carbon offset developer Finite Carbon, and acquired 9 GW of US solar projects in 2021.

BP stock is composed of original BP shares as well as shares acquired through mergers with Amoco in 1998 and the Atlantic Richfield Company in 2000.

BP's shares are primarily traded on the London Stock Exchange, but listed on the Frankfurt Stock Exchange in Germany.

BP introduced a new corporate slogan – "Beyond Petroleum" along with a $200M advertising and marketing campaign.

BP was criticised by environmentalists and marketing experts, who stated that the company's alternative energy activities were only a fraction of the company's business at the time.

BP attained a negative public image from the series of industrial accidents that occurred through the 2000s, and its public image was severely damaged after the Deepwater Horizon explosion and Gulf Oil spill.

The deal by BP is expected to provide substantial royalties to Frank Timis despite accusations of initially obtaining the exploration rights through corruption.

However, BP has not made public what was the basis of the valuation, and states that "the details of the deal are confidential".

BP argues that "the amount which would be paid separately by BP to Timis Corporation would be less than one percent of what the Republic of Senegal would receive".

In 2014, BP backed a global study researching challenges for lesbian, gay, bisexual and transgender employees and for ways that companies can be a "force for change" for LGBT workers around the world.

Also in 2017, BP added gender reassignment surgery to its list of benefits for U S employees.

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BP ranked No 51 on the list of Top 100 employers for lesbian, gay, bisexual and transgender staff on the 2017 Stonewall Workplace Equality Index.

Also in 2017, John Minge, chairman and president of BP America, signed a letter alongside other Houston oil executives denouncing the proposed "bathroom bill" in Texas.

BP was distinguished as the first multinational outside of the reinsurance industry to publicly support the scientific consensus on climate change, which Pew Center on Global Climate Change president Eileen Claussen then described as a transformative moment on the issue.

In 2015, BP was listed by the UK-based non-profit organisation Influence Map as the fiercest opponent of action on climate change in Europe.

In 2018, BP was the largest contributor to the campaign opposing carbon fee initiative 1631 in Washington State.

In February 2020, BP set a goal to cut its greenhouse gas emissions to net-zero by 2050.

BP is seeking net-zero carbon emissions across its operations and the fuels the company sells, including emissions from cars, homes, and factories.

BP said that it is restructuring its operations into four business groups to meet these goals: production and operations; customers and products; gas and low carbon; and innovation and engineering.

BP discontinued involvement with American Fuel and Petrochemical Manufacturers, Western States Petroleum Association, and Western Energy Alliance, involved in lobbying government within the United States, because of differences of position on the issue of methane and carbon policies, as a development of this new commitment.

However, an investigation conducted by Unearthed, an investigations unit of Greenpeace UK, and HuffPost unveiled eight anti-climate trade associations BP failed to disclose, including Alliance of Western Energy Consumers, Texas Oil and Gas Association, Australian Petroleum Production and Exploration Association, and the Business Council of Australia, among others.

In 2021, BP was ranked as the 5th most environmentally responsible company out of 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle in the Arctic Environmental Responsibility Index.

In January 2005, the agency filed a second suit against BP based on violations between August 2002 and October 2004.

The suit alleged that BP illegally released air pollutants by failing to adequately inspect, maintain, repair and properly operate thousands of pieces of equipment across the refinery as required by AQMD regulations.

In 2005, a settlement was reached under which BP agreed to pay $25 million in cash penalties and $6 million in past emissions fees, while spending $20 million on environmental improvements at the refinery and $30 million on community programs focused on asthma diagnosis and treatment.

BP had no comment and said it would address the suit in the court system.

In 2006, a group of Colombian farmers reached a multimillion-dollar out-of-court settlement with BP for alleged environmental damage caused by the Ocensa pipeline.

BP was accused of benefiting from a regime of terror carried out by Colombian government paramilitaries to protect the 450-mile Ocensa pipeline; BP said throughout that it has acted responsibly and that landowners were fairly compensated.

Since 2007, BP has been involved in oil sands projects, which Greenpeace has called a climate crime.

In 2010, BP pledged to use only in-situ technologies instead of open-pit mining.

BP was further fined for neglecting to develop shutdown procedures and designate responsibilities and to establish a system to promptly address and resolve recommendations made after an incident when a large feed pump failed three years prior to 2006.

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BP has one of the worst safety records of any major oil company that operates in the United States.

BP had 760 "egregious, willful" violations during that period, while Sunoco and Conoco-Phillips each had eight, Citgo two and Exxon had one.

The deputy assistant secretary of labour at OSHA, said "The only thing you can conclude is that BP has a serious, systemic safety problem in their company.

In November 2011, BP agreed to pay the state of Texas $50 million for violating state emissions standards at its Texas City refinery during and after the 2005 explosion at the refinery.

The state Attorney General said BP was responsible for 72 separate pollutant emissions that have been occurring every few months since March 2005.

BP has admitted that malfunctioning equipment led to the release of over 530, 000 pounds of chemicals into the air of Texas City and surrounding areas from 6 April to 16 May 2010.

Rather than shut down associated units while compressor repairs were made, BP chose to keep operating those other units, which led to unlawful release of contaminants for almost 40 days.

In June 2012, over 50, 000 Texas City residents joined a class-action suit against BP, alleging they became sick in 2010 as a result of the emissions release from the refinery.

In October 2013, a trial designed as a test for a larger suit that includes 45, 000 people found that BP was negligent in the case, but due to the lack of substantial evidence linking illness to the emissions, decided the company would be absolved of any wrongdoing.

BP admitted that cost-cutting measures had resulted in a lapse in monitoring and maintenance of the pipeline and the consequent leak.

BP completed the clean-up of the spill by May 2006, including removal of contaminated gravel and vegetation, which was replaced with new material from the Arctic tundra.

When BP XA did not fully comply with the terms of the corrective action, a complaint was filed in March 2009 alleging violations of the Clean Water Act, the Clean Air Act and the Pipeline Safety Act.

BP said the report was "inconclusive as to any causation associated with the spill.

BP disputed the study, which was conducted as part of the federal Natural Resource Damage Assessment process required by the Oil Pollution Act.

BP responded that the concentrations of oil in the study were a level rarely seen in the Gulf, but The New York Times reported that the BP statement was contradicted by the study.

Susan Shaw, of the Deepwater Horizon oil spill Strategic Sciences Working Group, says "BP told the public that Corexit was 'as harmless as Dawn dishwashing liquid'.

BP disputed its methodology and said other studies supported its position that dispersants did not create a danger to health.

BP paid $525 million to settle civil charges by the Securities and Exchange Commission that it misled investors about the flow rate of oil from the well.

Judge Barbier ruled in the first phase of the case that BP had committed gross negligence and that "its employees took risks that led to the largest environmental disaster in U S history.

Barbier ruled that BP was "reckless" and had acted with "conscious disregard of known risks.

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BP set aside $100 million to compensate oil workers who lost their jobs because of the spill.

BP lobbied the British government to conclude a prisoner-transfer agreement which the Libyan government had wanted to secure the release of Abdelbaset al-Megrahi, the only person convicted for the 1988 Lockerbie bombing over Scotland, which killed 270 people.

In 2011, BP spent a total of $8, 430, 000 on lobbying and had 47 registered lobbyists.

In 2007, BP paid $303 million in restitution and fines as part of an agreement to defer prosecution.

BP was charged with cornering and manipulating the price of TET propane in 2003 and 2004.

BP paid a $125 million civil monetary penalty to the CFTC, established a compliance and ethics program, and installed a monitor to oversee BP's trading activities in the commodities markets.

BP paid $53 million into a restitution fund for victims, a $100 million criminal penalty, plus $25 million into a consumer fraud fund, as well as other payments.

BP denied that it engaged in "any inappropriate or unlawful activity.