We have a diverse portfolio across businesses, resource types and geographies. Having upstream and downstream businesses, along with well-established trading capabilities, helps to mitigate the impact of lower commodity pricing cycles. Our geographic reach gives us access to growing markets and new resources, as well as diversifying exposure to geopolitical events.
We believe that our long history, well-recognized brands and customer offers, combined with our unique partnership with Rosneft, help differentiate us from our peers.
The energy we produce helps to support economic growth and improve quality of life for millions of people. We strive to be a world-class operator, a responsible corporate citizen and a good employer.
We believe that the societies and communities we work in should benefit from our presence. In supplying energy we contribute to economies around the world by employing local staff, helping to develop national and local suppliers, and through the taxes we pay to governments. Additionally, we aim to create meaningful, sustainable and positive impacts in those communities through our social investments.
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, and develop and use technology to reduce costs and risks.
We create value by seeking to progress hydrocarbon resources and turn them into proved reserves, or divest them if they do not fit with our strategic priorities. We develop the resources that meet our return threshold, and produce hydrocarbons that 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 - such as our Quad 204 major project which aims to unlock additional resources from the Schiehallion area of the UK North Sea.
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, carbon products and currencies. BP's traders complete around 550,000 transactions and serve more than 12,000 customers across some 140 countries in a year. Our customers range from independent power producers to utilities and municipalities. In addition we are helping to meet LNG demand in Asia including developments in China and Vietnam.
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.
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.
We have been investing in renewables for many years – and our focus today is on biofuels, biopower, wind energy and solar energy. 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, and develop and deploy technology in our wind business to drive efficiency. Through our acquisition of Clean Energy's renewable natural gas business, we are helping to power vehicle fleets from organic waste. And in solar energy we will target the growing demand for large-scale solar projects worldwide, including with our partner Lightsource.
We strive to create and maintain a safe operating culture where safety is front and centre. This is not only safer for people and the environment - it also improves the reliability of our assets.
We work to attract, motivate, develop and retain the best talent the world offers and equip our people with the right skills for the future. Our performance and ability to thrive globally depends on it.
New technologies are enabling us to produce energy safely and more efficiently. We selectively research and invest in areas with the potential to add greatest value to our business now and in the future.
We aim to build enduring relationships with governments, customers, partners, suppliers and communities in the countries where we operate.
Our risk management systems and policy provide a consistent and clear framework for managing and reporting risks. The board regularly reviews how we identify, evaluate and manage risks.
Information about our Annual General Meeting including the Notice of Meeting and speeches made by members of the board
An overview of the key activities, events and results together with commentary on BP’s performance and our priorities as we move forward