BP PLC (BP)

bp is an integrated energy company. It produces oil and gas, operates refineries, runs convenience and mobility retail businesses, and develops low carbon energy. It files an Annual Report and Form 20-F. In February 2025 it announced a reset strategy at a Capital Markets Update. The reset focuses on growing free cash flow, returns and long-term shareholder value, with four primary targets for the end of 2027. These are free cash flow growth of more than 20% a year, net debt of $14-18 billion, structural cost reductions (increased to $5.5-6.5 billion after the strategic review to divest Castrol) and ROACE above 16%. Net debt was $22.2 billion at the end of 2025.

The text describes three strategic pillars set in 2023. The first is resilient hydrocarbons, covering oil, gas and refining. It includes the US onshore business bpx energy, where production grew 43%, and exploration, with 12 discoveries in 2025 in the Gulf of America, Namibia and Brazil. The second is low carbon energy, covering renewables, hydrogen, carbon capture and storage (CCS) and offshore wind. Its solar activity runs through Lightsource bp. In August 2025 bp and JERA completed JERA Nex bp, an offshore wind joint venture. bp sold its onshore wind business to LS Power in December 2025. The third is convenience and mobility, which includes convenience retail, TravelCenters of America (acquired in 2023) and the Castrol lubricants brand. Castrol has expanded into thermal management products and integrated services.

The text points to markets in the United States, including US solar and the Gulf of America, as well as Brazil and Namibia. Customers are served through retail convenience sites, fuel and lubricants sales, refining and energy production. The text does not describe customer types in detail.

On operations, bp reported 2025 refining availability of 96.3% and plant reliability of 96.1%, with unit production costs of $6.28 per barrel of oil equivalent. It brought 17 major projects online across oil, gas and refining over 2023-25. It has also sanctioned four hydrogen and CCS projects. Its relative shareholder return is benchmarked against Chevron, Eni, ExxonMobil, Shell and TotalEnergies. The text does not give supplier, manufacturing or headquarters details. It does say that Meg O'Neill will become CEO on 1 April 2026.