BP

BP PLC (NYSE: BP) is a British multinational oil and gas company that delivers energy-related solutions, products, and services. Its operations include the upstream, midstream, and downstream sectors within the oil and gas industry. Headquartered in London, UK, the group operates in Europe, North and South America, Australasia, Asia and Africa. Globally, BP was the seventh-largest oil and gas production company by revenue as of 2023. The group generated total net revenue of USD 210.1 billion in 2023. 

BP operates its business under three main segments: Oil Production and Operations (predominantly production of crude oil), Gas and Low Carbon Energy, and Customer and Products. The Gas and Low Carbon Energy segment includes upstream activities such as the production of natural gas, integrated gas and power, and gas and power trading. The Customer and Products segment, which includes midstream and downstream operations, was the largest, contributing to more than half of total revenue in 2023. 

BP also accounted for 1.4% of global crude oil production and 1.8% of global natural gas production in 2022. Asia was BP’s largest market, accounting for ~32% of revenue from BP’s oil and natural gas exploration and production activities, while North America accounted for ~30%. 

BP expects to generate USD 51 billion–56 billion in EBITDA by 2030 through investments across its core oil and gas business, as well as in its five Transition Growth Engines (TGEs): Bioenergy, Convenience (branded retail sites and convenience stores), EV Charging, Renewables, and Hydrogen—TGEs are expected to receive 50% of BP’s capex by 2030. BP aims to reach net zero emissions by 2050 and decarbonize its portfolio to transform from an International Oil Company (IOC) to an Integrated Energy Company (IEC).