ProPublica found that "Taken together, these documents portray a company that systemically ignored its own safety policies across its North American operations – from Alaska to the Gulf of Mexico to California and Texas.

[20] The first chairman and minority shareholder of the company became Lord Strathcona. [270] However, shares fell nearly 25% by early 2000, when the Federal Trade Commission expressed opposition to BP-Amoco's acquisition of ARCO. [14] The company pleaded guilty to 11 counts of felony manslaughter, two misdemeanors, one felony count of lying to Congress, and agreed to pay more than $4.5 billion in fines and penalties, the largest criminal resolution in US history. [365] On 16 October 2007, ADEC officials reported a "toxic spill" from a BP pipeline in Prudhoe Bay comprising 2,000 US gallons (7,600 l; 1,700 imp gal) of primarily methanol (methyl alcohol) mixed with crude oil and water, which spilled onto a gravel pad and frozen tundra pond.

bp.

It is one of the world's seven oil and gas "supermajors",[3] whose performance in 2012, made it the world's sixth-largest oil and gas company, the sixth-largest energy company by market capitalization[4] and the company with the world's 12th-largest revenue (turnover). [418] Cleanup workers were not provided safety equipment by the company, and the safety manuals were "rarely if ever" followed, or distributed to workers, according to a Newsweek investigation. GBp British Petroleum merged with Amoco (formerly Standard Oil of Indiana) in December 1998, becoming BP Amoco plc.

[296], Investigative journalism by BBC Panorama and Africa Eye aired in June 2019 criticizing BP for the way in which it had obtained the development rights of Cayar Offshore Profond and St. Louis Offshore Profond blocks, off the coast of Senegal in 2017. [334] In 2013, shareholders criticized the project for being carbon-intensive.

These vessels will play a key part in BP’s move to gas and a path to a low carbon future.

[273] Shares reached a post-spill high of $49.50 in early 2011. The BP-managed fleet consists of Very Large Crude Carriers (VLCCs), one North Sea shuttle tanker, medium size crude and product carriers, liquefied natural gas (LNG) carriers, liquefied petroleum gas (LPG) carriers, and coasters.

[67][68], In November 1987 the Kuwait Investment Office purchased a 10.06% interest in BP, becoming the largest institutional shareholder.

in 2011.

Accessed June 11, 2020.

All three scenarios in the outlook see the consumption of coal, oil, and natural gas dropping while the role of renewable energy will soar. Formerly majority state-owned, the British government privatised the company in stages between 1979 and 1987.

In 2012, a Frank Timiș company, Petro-Tim, though previously unknown to the oil industry, was awarded a license to explore the blocks despite having no known record in the industry. [135], In June 2014, BP agreed to a deal worth around $20 billion to supply CNOOC with liquefied natural gas. Accessed June 10, 2020. BP Plc (NYSE: BP) is one of the world’s largest integrated oil and gas companies, known as a large dividend stock. [283][284] Oil and energy analyst Antonia Juhasz notes BP's investment in green technologies peaked at 4% of its exploratory budget prior to cutbacks, including the discontinuation of BP Solar and the closure of its alternative energy headquarters in London. [187][188] It has unconventional gas (shale gas or tight gas) stakes also in Colorado, New Mexico and Wyoming, primarily in the San Juan Basin. [79], In 1981, British Petroleum entered into the solar technology sector by acquiring 50% of Lucas Energy Systems, a company which became Lucas BP Solar Systems, and later BP Solar. The company also announced plans to spend $1.3 billion on a third phase of its Atlantis field near New Orleans.

The U.S. Environmental Protection Agency had investigated the extent of the oil spills and oversaw BPXA's cleanup. [380][381], On 17 September 2008, a small gas leak was discovered and one gas-injection well broached to surface in the area of the Central Azeri platform at the Azeri oilfield, a part of the Azeri–Chirag–Guneshli (ACG) project, in the Azerbaijan sector of Caspian Sea. [97], Lord Browne resigned from BP on 1 May 2007. [377] In November 2007, BP Exploration, Alaska pleaded guilty to negligent discharge of oil, a misdemeanor under the federal Clean Water Act and was fined US$20 million. [196] It is also in process to acquire 50% non-operating stake in the Empire Wind off New York and Beacon Wind off Massachusetts offshore wind farms. [447], In November 2010, US regulators FERC and CFTC began an investigation of BP for allegedly manipulating the gas market. [224][225][226] The company's Canadian oil sands leases include joint ventures with Husky Energy in the Sunrise Energy Project (50%),[227] and Devon Energy in Pike,[228] and a partnership with Value Creation Inc. in the development of the Terre de Grace oil sands lease. After burning for two days, the rig sank. [400][401][402] Toxicological effects have been documented in benthic and pelagic fish, estuarine communities, mammals, birds and turtles, deep-water corals, plankton, foraminifera, and microbial communities. Brand equity refers to the value a company gains from a product with a recognizable and admired name when compared to a generic equivalent. [15][16][17] On 2 July 2015, BP and five states announced an $18.7 billion settlement to be used for Clean Water Act penalties and various claims. Penalties were also issued for five serious violations, including failure to develop operating procedures for a unit that removes sulfur compound; failure to ensure that operating procedures reflect current operating practice in the Isocracker Unit; failure to resolve process hazard analysis recommendations; failure to resolve process safety management compliance audit items in a timely manner; and failure to periodically inspect pressure piping systems. [277], In the first quarter of 2001 the company adopted the marketing name of BP, and replaced its "Green Shield" logo with the "Helios" symbol, a green and yellow sunflower logo named after the Greek sun god and designed to represent energy in its many forms. [21] In 1923, Burmah employed Winston Churchill as a paid consultant to lobby the British government to allow APOC have exclusive rights to Persian oil resources, which were subsequently granted by the Iranian monarchy. [443] In 2011, BP spent a total of $8,430,000 on lobbying and had 47 registered lobbyists. BP responded that the concentrations of oil in the study were a level rarely seen in the Gulf, but The New York Times reported that the BP statement was contradicted by the study. The business was focused on aromatics and acetyls. [268], The Deepwater Horizon oil spill in April 2010 initiated a sharp decline in share prices, and BP's shares lost roughly 50% of their value in 50 days. Repairs costing hundreds of millions would keep Thunder Horse out of commission for three years. For other uses, see, British multinational oil and gas company, Lobbying for Libyan prisoner transfer release, Market manipulation investigations and sanctions, Life: The Observer Magazine – A celebration of 500 years of British Art – 19 March 2000, Gregory Solman for Adweek 21 January 2008, Stephen A. Greyser for the Harvard Business Review Magazine.

It became wholly owned by British Petroleum in the mid-1980s. [131][132] In 2015, BP decided to exit from other lignocellulosic ethanol businesses. [52] In 1962, Scottish Oils ceased oil-shale operations. La. A BP crew sent to inspect the pipe in early August discovered a leak and small spill,[370][371] following which, BP announced that the eastern portion of the Alaskan field would be shut down for repairs on the pipeline,[371][372] with approval from the Department of Transportation.

BP's trading functions are based at 20 Canada Square in Canary Wharf, London.

[74] In 1987, British Petroleum negotiated the acquisition of Britoil[75] and the remaining publicly traded shares of Standard Oil of Ohio.

[370] In late July 2006, the "smart pigs" monitoring the pipelines found 16 places where corrosion had thinned pipeline walls. [106][107] BP announced a divestment program to sell about $38 billion worth of non-core assets to compensate its liabilities related to the accident.

Inspectors found 270 safety violations that had been cited but not fixed and 439 new violations. [179], BP's upstream activities are located in the Lower 48 states.

BP also set aside $100 million to compensate oil workers who lost their jobs because of the spill.

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