Includes refineries, logistic networks and fuels marketing businesses, which together with global oil supply and trading activities make up our integrated fuels value chains (FVCs). We sell refined petroleum products including gasoline, diesel and aviation fuel, and have a significant presence in the convenience retail sector. We also have a growing presence in electric vehicle charging with a focused strategy to build the fastest, most convenient networks for our customers.
Manufactures and markets lubricants and related products and services to the automotive, industrial, marine and energy markets globally. We add value through brand, technology and relationships, such as collaboration with original equipment manufacturing partners.
Manufactures and markets products that are produced using industry-leading proprietary BP technology, and are then used by others to make consumer products such as food packaging, textiles and building materials. Through our new BP Infinia technology, we are working to reduce plastic waste, helping to enable a stronger circular economy.
We aim to run safe and reliable operations across all our businesses, supported by leading brands and technologies, to deliver high-quality products and services that meet our customers’ needs. Our strategy is to deliver underlying earnings growth and build resilient, competitively advantaged businesses, and we are working at pace to create low carbon businesses that can advance the energy transition.
The execution of our strategy in 2019 has continued to deliver, with underlying replacement cost profit of $6.4 billion in the year.
This remains our core value and first priority and we continue to drive improvements in personal and process safety performance.
We invest in higher-returning fuels marketing and lubricants businesses with growth potential and reliable cash flows.
We aim to have a competitively advantaged refining and petrochemicals portfolio underpinned by operational excellence and to grow earnings potential, making the businesses more resilient to margin volatility.
This remains central to what we do to support performance improvement and make our businesses even more competitive.
We are delivering and developing new products, offers and business models that support the transition to a lower carbon and digitally enabled future.