Energy · Profile from Energy Research Companion
BP
The British major that began as the Anglo-Persian Oil Company after oil was found in Iran in 1908, became the UK government's oil company in 1914, lost its Iranian concession to nationalisation in 1951, and rebuilt itself on Alaska and the North Sea. It grew into a "supermajor" through the Amoco (1998) and Arco (2000) mergers, rebranded as "Beyond Petroleum" in 2000, and then lost much of the value it built in two disasters — the Texas City refinery explosion (2005, 15 dead) and Deepwater Horizon (2010, 11 dead, ~$65bn of pre-tax charges by 2018) — and in Russia, where its 19.75% Rosneft stake was written off in 2022 (~$24bn pre-tax charge). Its 2020 plan to cut oil and gas output by 40% was the industry's most ambitious transition strategy; it was softened in 2023 and reversed in February 2025 under pressure from Elliott Management. A new chair (Albert Manifold, October 2025) and the company's first external CEO in more than a century (Meg O'Neill, from April 2026) took over a smaller, indebted company selling assets, including 65% of Castrol. It produced ~2.3–2.4m boe/d in 2024 (company, reported).
At a glance
- Founded
- Anglo-Persian Oil Company, 14 April 1909 (London), after William Knox D'Arcy's 1901 Persian concession and the Masjed Soleyman discovery (26 May 1908); renamed Anglo-Iranian (1935) and The British Petroleum Company (1954); BP Amoco (1998–2001); BP p.l.c.
- Headquarters
- London, UK (St James's Square); major US operations in Houston and Chicago (the former Amoco base)
- Ownership / structure
- Public (London; NYSE ADS: BP). UK government held a majority from 1914 and sold out in stages from 1977 to 1987; widely held; Elliott Management disclosed a ~5% stake in February 2025 (reported)
- Leadership (2026)
- Meg O'Neill (CEO from April 2026; previously CEO of Woodside); Albert Manifold (chair from 1 October 2025; former CRH CEO); Kate Thomson (CFO, verify 2026); Carol Howle was interim CEO between Murray Auchincloss's December 2025 departure and O'Neill's arrival (reported)
- Segments
- Gas and low-carbon energy (gas, LNG, a shrunken renewables and hydrogen business); oil production and operations (US Gulf, Permian via BPX, Alaska, North Sea, Azerbaijan, Iraq, Oman, UAE, Brazil exploration, Egypt, Angola via Azule); customers and products (refining, ~20,000 retail sites, Castrol lubricants, aviation, EV charging, TravelCenters of America)
- Scale
- 2024: production ~2.3–2.4m boe/d (excluding Rosneft); revenue ~$190bn; underlying replacement-cost (RC) profit ~$8.9bn (2024, reported); ~90,000 employees before 2025 cuts (company, reported; verify). SEC proved reserves ~6.8bn boe at end-2024 (reported, verify)
- Debt
- Net debt ~$22–23bn at end-2025 (excluding hybrids and leases, reported) falling to ~$13.9bn at 30 September 2026 (company, Q3 2026); target $14–18bn by end-2027
- Signature moves (incl. failures)
- Iran's 1951 nationalisation of Anglo-Iranian; the Amoco and Arco mergers (1998–2000); "Beyond Petroleum" (2000); Texas City (2005); Deepwater Horizon (2010); TNK-BP sold for a Rosneft stake (2013); the 2020 net-zero strategy and Looney's exit (2020–23); the Rosneft exit (2022); the 2025 reset, Elliott and asset sales (2025–26)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1951
Iran Nationalisation of Anglo Iranian
Sanctions or nationalisation
1998
Amoco and Arco Mergers
Acquisition or merger
2000
Beyond Petroleum Rebrand
Strategy pivot (brand and positioning, with modest low-carbon investment)
2005
Texas City Explosion
Accident or disaster
2010
Deepwater Horizon
Accident or disaster
2013
TNK BP Sale for Rosneft Stake
Divestment (of BP's 50% of TNK-BP) and acquisition (of 19.75% of Rosneft)
2020
Net Zero Strategy and Looney Exit
Strategy pivot
2022
Rosneft Exit
Sanctions or nationalisation (voluntary exit from a stake that could not be sold)
2025
Reset Elliott and Asset Sales
Strategy pivot and divestment programme