From the deep sea to the desert, from rigs to retail, we deliver energy products and services to people around the world. We provide customers with fuel for transport, energy for heat and light, lubricants to keep engines moving and the petrochemicals products used to make everyday items as diverse as paints, clothes and packaging.
Our diverse portfolio is balanced across businesses, resource types and geographies. Having upstream and downstream businesses, along with well-established trading capabilities, helps to mitigate the impact of lower oil and gas prices. Our geographic reach gives us access to growing markets and new resources, as well as diversifying exposure to geopolitical events.
Finding oil and gas
New access allows us to renew our portfolio, discover additional resources and replenish our development options. We focus our exploration activities in the areas that are competitive in the portfolio. We develop and use technology to reduce costs and risks.
Developing and extracting oil and gas
We create value by seeking to progress hydrocarbon resources and turn them into proved reserves, or sell them on if they do not fit with our strategic priorities. We develop and produce the resources that meet our return threshold, which we then sell to the market or distribute to our downstream facilities. Our upstream pipeline of future projects gives us choice about which we pursue. We also seek to grow or extend the life of existing fields and are using new business models to increase value. Our US Lower 48 onshore business and Aker BP in Norway are two examples of how we’ve used innovative new business models in response to the competitive environment.
Transporting and trading
We move oil and gas through pipelines and by ship, truck and rail. We also trade a variety of products including oil, natural gas, liquefied natural gas, power and currencies. Our traders complete around 550,000 transactions and serve more than 12,000 customers across some 140 countries in a year. We use our market intelligence to analyse supply and demand for commodities across our global network. This helps us deliver what the market needs, when it needs it, identify the best markets for BP’s crude oil, source optimal raw materials for our refineries and provide competitive supply for our marketing businesses.
Manufacturing and marketing fuels and products
We produce refined petroleum products at our refineries and supply distinctive fuel and convenience retail services to consumers. Our advantaged infrastructure, logistics network and key partnerships help us to have differentiated fuels businesses and deliver compelling customer offers. Our lubricants business has premium brands and access to growth markets. It also leverages technology and customer relationships, all of which we believe gives us competitive advantage. We serve automotive, industrial, marine and energy markets across the world. And in petrochemicals our proprietary technology solutions deliver leading cost positions compared to our competitors. In addition to our own petrochemicals plants, we work with partners and license our technology to third parties.
Generating renewable energy
We have the largest operated renewables business among our oil and gas peers. We operate a biofuels business in Brazil, using one of the world’s most sustainable and advantaged feedstocks to produce both low carbon ethanol and low carbon power. We provide renewable power through our significant interests in onshore wind energy in the US. We develop and deploy technology in our wind business to drive efficiency and capacity.