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BP p.l.c. (LSE: BP,
NYSE: BP) is a
global oil and
headquartered in London,
United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by
revenues and one of the six oil and gas "supermajors". It is
vertically-integrated and is active in every area of the oil and gas industry,
including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading. It also has major renewable energy activities, including in biofuels, hydrogen, solar and wind power.
BP has operations in over 80 countries, produces around 3.8
million barrels of oil equivalent per day and has 22,400 service
stations worldwide. Its largest
division is BP America, which is the biggest producer of oil and gas in the United States and is headquartered in Houston, Texas. As at 31 December 2009 it had total proven commercial reserves of 18.3 billion barrels
of oil equivalent. The name "BP" derives from the initials of one of the company's former legal names,
BP's track record of corporate social responsibility has been mixed. The company has
been involved in a number of major environmental and safety incidents and received criticism for its political
influence. However in 1997 it was the first major oil company to publicly acknowledge the need to take steps
against climate change, and in that year established a company-wide target to reduce its emissions
of greenhouse gases. BP currently invests over $1 billion per year in the development of renewable energy
sources, and has committed to spend $8 billion on renewables in the 2005 to 2015
Its primary listing is on the London Stock Exchange and it is a constituent of
the FTSE 100 Index. It has a secondary listing on the New York Stock Exchange.
British Petroleum merged with Amoco (formerly Standard Oil of Indiana) in December
1998, becoming BP Amoco plc. In 2000, BP Amoco
acquired Arco (Atlantic Richfield Co.) and Burmah Castrol plc. As part of the
merger's brand awareness, helped the Tate Modern British Art launch RePresenting Britain 1500-2000 In 2001 the company formally renamed itself as BP plc and adopted the
tagline "Beyond Petroleum," which remains in use today. It states that BP was never meant to be an abbreviation
of its tagline. Most Amoco stations in the United States were converted to BP's brand and corporate identity. In
many states BP continued to sell Amoco branded petrol even in service stations with the BP identity as Amoco was
rated the best petroleum brand by consumers for 16 consecutive years and also enjoyed one of the three highest
brand loyalty reputations for petrol in the US, comparable only to Chevron and Shell. In May 2008, when the Amoco name was mostly phased out in favour of "BP Gasoline with
Invigorate", promoting BP's new additive, the highest grade of BP petrol available in the United States was
still called Amoco Ultimate.
In April 2004, BP decided to move most of its petrochemical
businesses into a separate entity called Innovene within the BP Group. BP sought to sell the new company possibly
via an initial public offering (IPO) in the US, and filed IPO
plans for Innovene with the New York Stock Exchange on 12 September 2005. On 7
October 2005 BP announced that it had agreed to sell Innovene to INEOS, a privately held UK chemical company for $9 billion, thereby scrapping its plans for the
In 2005, BP announced that it would be leaving
the Colorado market. Many locations were
re-branded as Conoco.
In 2006, when Chevron Corporation gave exclusive rights to
the Texaco brand name in the U.S. Texaco sold most of the BP gas
stations in the southeast. BP has recently looked to grow its oil exploration activities in frontier areas such
as the former Soviet Union for its future reserves. In Russia, BP owns
50% of TNK-BP with the other half owned by three Russian
billionaires. TNK-BP accounts for a fifth of BP's global reserves, a quarter of BP's production, and nearly a
tenth of its global profits.
In 2007, BP sold its corporate-owned convenience stores,
typically known as "BP Connect", to local franchisees and jobbers.
On 12 January 2007, it was
announced that Lord Browne would retire as chief executive at the end of July 2007. The new Chief
Executive, Tony Hayward, had been head of exploration and production. It had been expected that Lord Browne would
retire in February 2008 when he reached the age of 60, the standard retirement age at BP. Browne resigned
abruptly from BP on 1 May 2007, following the lifting of a legal injunction preventing Associated Newspapers from publishing details about his
private life. Hayward succeeded Browne with immediate effect.
On October 1, 2010, Bob Dudley replaced Tony Hayward as the company's CEO.
On 15 January 2011, Rosneft and BP announced a deal to jointly
develop East-Prinovozemelsky field on the Russian arctic shelf. As part of the deal Rosneft will receive 5%
of BP's shares (worth approximately $7.8 billion, as of January 2011) and BP will get approximately 9.5% of
Rosneft's shares in exchange. According to the deal, the two companies will also create an Arctic technology centre in
Russia to develop technologies and engineering practices for safe arctic hydrocarbons