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Our business model

We deliver a diverse range of energy products and services to people around the world

New business models

Investing in innovative companies across our value change to help accelerate and commercialize new technologies, products and business models that we believe can benefit bp and global energy systems.

BP`s business model image
Finding and generating energy icons
1. Finding and generating energy

  • Finding additional resources and repleneshing our development options with exploration and technology.
  • Developing and extracting oil and gas, and seeking to extend the life of existing fields.
  • Generating renewable energy using biofuels, biopower, wind and solar.
Refining, manufacturing and marketing icons
2. Refining, manufacturing and marketing

 

  • Producing refined petroleum products and scaling up co-processing of lower carbon fuels at our refineries.
  • Manufacturing and marketing lubricants and petrochemicals products.
  • Developing technologies to help advance the circular economy, such as BP Infinia, which can recycle previously unrecyclable plastics.
Delivering products and services icons
3. Delivering products and services

 

  • Delivering fuels, fast electric vehicle charging and convenience retails services, as well as premium and lower carbon lubricants.
  • Supplying petrochemical products that are used to make a range of products including clothes and building materials.
  • Providing renewable power to industries and local electricity grids.

Business model foundations

These are the things that every energy business needs and are critical foundations for what we do and how we do it.

 

Safe and reliable

We value the safety of our workforce and focus on maintaining a safe operating culture every day. This culture of safety also improves the integrity and reliability of our assets.

 

Partnerships and collaboration

We aim to build enduring relationships with our key stakeholders, and partner with others to find innovations that can improve efficiency and deliver low carbon solutions.

 

Talented people

We work to attract, motivate 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 depend on it.

 

Governance and oversight

Our board has a diversity of knowledge, expertise, and ways of thinking that help us transition our business, manage risks and continue to deliver value over the long term.

 

Technology and innovation

New technologies help us produce energy safely and more efficiently. We selectively invest in areas with the potential to add greatest value to our business, now and in the future, including building lower carbon businesses.

What makes us different

These are the things we believe set us apart from our peers and demonstrate our distinctive ways of working.

 

Global energy trading

We combine expertise in physical supply and trading and advanced analytics to deliver long-term value, from wellhead to end customer. We trade a variety of products such as crude oil, refined products, natural gas, LNG, carbon products and power.

 

4bn

barrels of crude a year traded, equivalent to 20% global traded oil.

 

Rosneft partnership

Our share in Rosneft, one of Russia’s largest oil and gas producers, gives us a stake in one of the largest and lowest-cost hydrocarbon resource bases in the world, with access to huge markets, both east and west.

 

19.75%

bp’s stake in Rosneft.

 

Distinctive customer offers

Our convenience partnerships provide customers with a differentiated offer that includes fresh, high-quality food and drink, such as M&S Simply Food® in the UK and REWE to Go® in Germany.

 

~1,600

differentiated convenience partnership sites across our network of around 18,900 retail sites.

 

‘Reduce, improve, create’ framework

Our framework helps focus everyone in BP on our low carbon ambitions. It encompasses activities across the group to reduce emissions from our operations, improve the products we offer to help customers reduce their emissions, and create low or zero carbon businesses to deliver more energy with fewer emissions.

 

0.14%

methane intensity in 2019.