René Muschter
Research Expert covering Industry & Mobility
BP - statistics & facts
BP plc is one of the largest players within the global energy industry. The United Kingdom-based company was formerly known as British Petroleum and has its roots in the Anglo-Persian Oil Company, which was founded in 1909. BP is regularly listed among the largest oil and gas companies worldwide based on revenue and produces around 1.2 million barrels of liquids every day.
The company’s Downstream segment (defined as Customers & Products from 2021 onward) is by far the company's largest in terms of revenue, generating more than twice as much as upstream activity. Downstream generally includes the processing and final distribution of fuels, lubricants, and petrochemicals. North America and Asia are the most important regions for BP’s oil production.
BP’s financials and most profitable divisions
BP has come a long way since the 2010 Deepwater Horizon accident, the largest accidental oil spill in history, severely affected company earnings and dividends. A decade on, high oil and gas prices carried the company to one of its most profitable fiscal years in a decade. Greater trading led to net profits attributable to shareholders exceeding 15 billion U.S. dollars in 2023. The following year, profits declined again quite notably amid lower refining margins and weak oil demand outlooks.The company’s Downstream segment (defined as Customers & Products from 2021 onward) is by far the company's largest in terms of revenue, generating more than twice as much as upstream activity. Downstream generally includes the processing and final distribution of fuels, lubricants, and petrochemicals. North America and Asia are the most important regions for BP’s oil production.
BP’s extraction expenses vs. low-carbon investments
Alongside other European oil and gas majors, BP is intending to transition from a solely hydrocarbon-focused producer to an integrated energy company with a broader portfolio. In 2021, it changed its business divisions to fully reflect this change, introducing a new segment on gas and low-carbon energy operations. In 2024, around ten percent of BP’s capex went toward low-carbon sources. Nevertheless, exploration expenses had more than doubled between 2021 and 2024 showcasing the company’s continued focus on its core businesses.
