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Our business model

What makes us different

We believe we have the scale, global presence and expertise to navigate complex markets and manage increasingly integrated energy systems

People and resources

These are some of the people and resources in our business model that support how we create and preserve value for our stakeholders. Data as at 31 December 2022.

 

Energy sector experience 

~110 years

in energy

13 years

bp Energy Outlook publication 

Energy resources

7,183mmboe

proved hydrocarbon reserves for
the groupa

5.8GW

developed renewables to FID

Incumbent capability

~10,600

engineers

~1,700

traders 

Financial resources

$16.3bn

capital expenditure

$40.9bn

operating cash flow

Research & development

$247m

invested in research and
development

~3,100

granted and pending patent
applications held by bp and
its subsidiaries

Our purpose

Guiding what we do and how we operate, our purpose is: Reimagining energy for people and our planet.

 

Our culture frame

‘Who we are’ is our three core beliefs that aim to inspire each of us at bp to be our best every day.

 

Live our purpose, play to win, care for others. 

a On a combined basis of subsidiaries and equity‑accounted entities. 

Our business groups

This is how we are organized to deliver our strategy and grow long-term shareholder value. Our three business groups are supported by four integrators to facilitate collaboration and unlock value (innovation & engineering; regions, corporates & solutions; strategy, sustainability & ventures; and trading & shipping), and three teams that serve as enablers of business delivery (finance; legal; and people & culture).

Gas & low carbon energy

Creating low carbon energy solutions. Integrating our existing natural gas capabilities with power trading and growth in low carbon businesses and markets, including wind, solar, hydrogen and carbon capture and storage (CCS).

 

 Creating value through

 

  • Integrated gas and LNG businesses.
  • Onshore and offshore wind.
  • Our 50% stake in Lightsource bp.
  • Hydrogen and CCS.
  • Gas trading and power trading, and marketing of both renewable and non-renewable power.

 

Production & operations

The operational heart of bp, producing the hydrocarbon energy and products the world wants and needs – safely and efficiently. 

 

Creating value through
 

  • Finding and developing hydrocarbon resources, with selective exploration mostly focused near our existing hubs.
  • Operating oil and gas production assets.
  • Operating refineries, terminals and pipelines.
  • Deploying technical capability across hydrocarbons and low carbon businesses.

 

Customers & products

Focusing on customers as the driving force for innovating new business models and service platforms to deliver the convenience, mobility and energy products and services of today and the future.

 

 Creating value through
 

  • Differentiated convenience and fuel offers at our retail sites, including snacks, ready meals and coffee.
  • Our EV charging businesses.
  • Our Castrol lubricants and e-fluids brand sold through numerous channels.
  • Our aviation business.
  • Our B2B and midstream businesses.
  • Refining & oil trading – our products businesses.
  • Bioenergy – our biogas and biofuels businesses.
  • Optimizing across integrated fuels value chain.

 

Delivering value for stakeholders

We are committed to delivering long-term value for stakeholders

Investors and shareholders

Includes our institutional and retail investors

$4.4bn

Total dividends distributed to bp shareholders
(2021 $4.3bn)

Employees

Our 67,600 people worldwide

70%

Employee engagement 'Pulse' survey score
(2021 64%)

Government and regulators

In countries where we have activities of plans to operate

$12.5bn

Corporate income tax and production tax paid
(2021 $5.4bn)

Society

The people, businesses and environment in the communities where we work

$93m

Supporting additional initiatives to benefit the communities where we operate
(2021 $51m)

Customers

Including end-use consumers, B2B customers and distributors

~12m

Customer touchpoints per day
(2021 >12m)

Partners and suppliers

Includes relationships with academia, industry and cities

$174bn

Sourcing goods and services from 39,000 suppliers
(2021 $122.2bn)