History of BP in Timeline
BP p.l.c. is a British multinational oil and gas company headquartered in London. As one of the oil and gas 'supermajors,' BP ranks among the world's largest companies in terms of revenue and profit, holding a prominent position in the global energy market.
2 hours ago : BP Receives Hold Ratings Amid Strategy Updates and Increased Rating by Argus.
BP p.l.c. (NYSE:BP) received a "Hold" rating consensus from brokerages. Argus increased BP's rating to "Hold". The consensus reflects strategy updates and market analysis of BP shares.
April 1909: Incorporation of Anglo-Persian Oil Company
On April 14, 1909, the Anglo-Persian Oil Company (APOC) was incorporated as a subsidiary of Burmah Oil Company.
1909: Founding of the Anglo-Persian Oil Company
In 1909, the Anglo-Persian Oil Company was founded as a subsidiary of the Burmah Oil Company to exploit oil discoveries in Iran.
1912: Creation of Turkish Petroleum Company
In 1912, APOC was one of the driving forces behind the creation of the Turkish Petroleum Company (TPC) to explore oil in Mesopotamia.
1912: Abadan refinery begins operating
In 1912, the refinery on Abadan Island, secured by APOC, began operating.
1914: British government acquires controlling interest in APOC
In 1914, the British government acquired a controlling interest (50.0025%) in APOC, at the urging of Winston Churchill. APOC also signed a 30-year contract with the British Admiralty for supplying oil for the Royal Navy at a fixed price.
1915: APOC establishes the British Tanker Company
In 1915, APOC established its shipping subsidiary, the British Tanker Company.
1916: APOC acquires the British Petroleum Company
In 1916, APOC acquired the British Petroleum Company, which was a marketing arm of the German Europäische Petroleum Union in Britain.
1919: APOC becomes a shale-oil producer
In 1919, APOC became a shale-oil producer by establishing a subsidiary named Scottish Oils which merged remaining Scottish oil-shale industries.
1923: Winston Churchill employed as a paid consultant
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.
1925: TPC receives concession in the Mesopotamian oil resources
In 1925, TPC received concession in the Mesopotamian oil resources from the Iraqi government under British mandate.
October 1927: TPC strikes oil in Iraq
On October 14, 1927, TPC finally struck oil in Iraq.
1927: Burmah Oil and Royal Dutch Shell form Burmah-Shell
In 1927, Burmah Oil and Royal Dutch Shell formed Burmah-Shell, a joint marketing company.
1928: APOC's shareholding in IPC reduced to 23.75%
By 1928, the APOC's shareholding in TPC, which by now was named Iraq Petroleum Company (IPC), was reduced to 23.75%.
1928: APOC and Shell form Consolidated Petroleum Company
In 1928, APOC and Shell formed the Consolidated Petroleum Company for sale and marketing in Cyprus, South Africa and Ceylon.
1932: Cordial relations between Hashemite Monarchy and IPC
During the 1932–58 time period, relations were generally cordial between the pro-west Hashemite Monarchy in Iraq and IPC.
1932: Joint marketing company Shell-Mex and BP formed
In 1932, APOC and Shell created Shell-Mex and BP, a joint marketing company in the United Kingdom.
December 1934: Oil concession rights awarded to the Kuwait Oil Company
On December 23, 1934, oil concession rights were awarded to the Kuwait Oil Company, founded by APOC and Gulf Oil.
1934: The refinery was originally built
On 23 March 2005, 15 workers were killed and more than 170 injured in the Texas City refinery explosion. To save money, major upgrades to the 1934 refinery had been postponed. Browne pledged to prevent another catastrophe.
1935: Name change to Anglo-Iranian Oil Company
In 1935, Reza Shah requested the international community to refer to Persia as 'Iran', which was reflected in the name change of APOC to the Anglo-Iranian Oil Company (AIOC).
1936: Kuwait Oil Company starts drilling operations
In 1936, the Kuwait Oil Company started drilling operations.
1937: AIOC and Shell form Shell/D'Arcy Exploration Partners partnership
In 1937, AIOC and Shell formed the Shell/D'Arcy Exploration Partners partnership to explore for oil in Nigeria.
1937: Oil concession agreement signed
In 1937, Iraq Petroleum Company (IPC), 23.75% owned by BP, signed an oil concession agreement with the Sultan of Muscat.
1937: IPC signs oil concession agreement with the Sultan of Muscat
In 1937, Iraq Petroleum Company, 23.75% owned by BP, signed an oil concession agreement with the Sultan of Muscat that covers the entire region of the Sultanate.
1947: Incorporation of British Petroleum Chemicals
In 1947, British Petroleum Chemicals was incorporated as a joint venture of AIOC and The Distillers Company.
1950: Saudi-Aramco 50/50 agreement
Similar to the Saudi-Aramco "50/50" agreement of 1950, the IOP agreed to share profits on a 50–50 basis with Iran.
March 1951: Assassination of Ali Razmara
In March 1951, Iranian Prime Minister Ali Razmara was assassinated.
April 1951: Nationalization of Iranian oil industry
In April 1951, the Iranian government nationalized the Iranian oil industry and formed the National Iranian Oil Company (NIOC), displacing the AIOC.
1951: BP has annually published its Statistical Review of World Energy
Since 1951, BP has annually published its Statistical Review of World Energy.
1952: IPC offered financial support
In 1952, IPC offered financial support to raise an armed force that would assist the Sultan in occupying the interior region of Oman, an area believed to be rich in oil.
August 1953: CIA and British helped stage a coup
In August 1953, the CIA and the British helped stage a coup, the 1953 Iranian coup d'état, which established pro-Western general Fazlollah Zahedi as the new PM.
1953: Iranian coup d'état
After the 1953 Iranian coup d'état, the AIOC was able to return to Iran.
1953: British Petroleum enters the Canadian market
In 1953, British Petroleum entered the Canadian market through the purchase of a minority stake in Calgary-based Triad Oil Company.
October 1954: Iranian Oil Participants Ltd founded
In October 1954, Iranian Oil Participants Ltd (IOP), a holding company, was founded in London to bring Iranian oil back to the international market. British Petroleum was a founding member of this company with 40% stake.
1954: BP Products North America, Inc. established
In 1954, BP Products North America, Inc., a Houston-based subsidiary, was established to engage in the exploration, development, production, refining, and marketing of oil and natural gas.
1954: Name change to British Petroleum
In 1954, the Anglo-Iranian Oil Company adopted the name British Petroleum.
1954: Sultan of Muscat occupies regions within the interior of Oman
In 1954, the Sultan of Muscat, backed by the British government and the financial aid he received from IPC, started occupying regions within the interior of Oman, which led to the outbreak of Jebel Akhdar War that lasted for more than 5 years.
1956: Renaming of British Petroleum Chemicals to British Hydrocarbon Chemicals
In 1956, British Petroleum Chemicals was renamed British Hydrocarbon Chemicals.
1959: BP expands to Alaska
In 1959, British Petroleum expanded further to Alaska.
1962: Scottish Oils ceases operations
In 1962, Scottish Oils ceased oil-shale operations.
December 1965: Sea Gem Oil Rig Capsizes
In December 1965, Britain's first oil rig, Sea Gem, capsized during an operation to move it to a new location, resulting in the death of thirteen crew members.
1965: First company to strike oil in the North Sea
In 1965, BP was the first company to strike oil in the North Sea.
1966: John Browne joined BP
John Browne joined BP in 1966 and rose through the ranks to join the board as managing director in 1991.
1967: BP acquires chemical and plastics assets of The Distillers Company
In 1967, BP acquired chemical and plastics assets of The Distillers Company which were merged with British Hydrocarbon Chemicals to form BP Chemicals.
1967: Torrey Canyon oil spill
In 1967, the oil tanker Torrey Canyon, chartered by British Petroleum, foundered off the English coast, causing Britain's worst-ever oil spill with over 32 million US gallons of crude oil being spilled.
1967: Wreck of Torrey Canyon
In 1967, the wreck of Torrey Canyon occurred, resulting in Britain's largest oil spill.
1969: Oil discovery at Prudhoe Bay and entry into the United States
In 1969, BP's expansion resulted in discovery of oil at Prudhoe Bay and BP entered the United States by acquiring the East Coast refining and marketing assets of Sinclair Oil Corporation.
1970: BP diversified into coal, minerals and nutrition businesses
In the 1970s, BP diversified into coal, minerals and nutrition businesses which all were divested later.
1971: BP Canada acquires Supertest Petroleum stake
In 1971, BP Canada acquired 97.8% stake of Supertest Petroleum.
1971: Nationalisation of BP's oil assets in Libya
In 1971, BP's oil assets were nationalised in Libya.
June 1972: IPC operations cease in Iraq after nationalisation
In June 1972, Iraq Petroleum Company (IPC) ceased its operations after it was nationalised by the Ba'athist Iraqi government.
1973: Oil price shocks
The intensified power struggle between oil companies and host governments in Middle East, along with the oil price shocks that followed the 1973 oil crisis meant British Petroleum lost most of its direct access to crude oil supplies produced in countries that belonged to the Organization of Petroleum Exporting Countries (OPEC), and prompted it to diversify its operations beyond the heavily Middle East dependent oil production.
1975: Nationalisation of BP's oil assets in Kuwait
In 1975, BP's oil assets were nationalised in Kuwait.
1976: BP and Shell de-merged marketing operations in the United Kingdom
In 1976, BP and Shell de-merged their marketing operations in the United Kingdom by dividing Shell-Mex and BP.
1978: Acquisition of Standard Oil of Ohio
In 1978, BP acquired majority control of Standard Oil of Ohio.
1978: BP acquired controlling interest in Standard Oil of Ohio (Sohio)
In 1978, British Petroleum acquired a controlling interest in Standard Oil of Ohio (Sohio).
1979: Nationalisation of BP's oil assets in Nigeria
In 1979, BP's oil assets were nationalised in Nigeria.
1979: Privatisation of BP begins
In 1979, the British government began privatising BP in stages.
1979: British government sold BP shares
In 1979, the British government sold 80 million shares of BP at $7.58 as part of Thatcher-era privatisation. This sale represented slightly more than 5% of BP's total shares and reduced the government's ownership of the company to 46%.
1979: Islamic Revolution in Iran
In 1979, the Islamic Revolution in Iran led to the nationalization of all of British Petroleum's assets in Iran without compensation, resulting in a loss of 40% of BP's global crude oil supplies.
1981: British Petroleum entered the solar technology sector
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 was a manufacturer and installer of photovoltaic solar cells.
1981: Peter Walters was the company chairman
Peter Walters was the company chairman from 1981 to 1990. During his period as chairman he reduced the company's refining capacity in Europe.
1982: BP Canada downstream assets were sold
In 1982, the downstream assets of BP Canada were sold to Petro Canada.
1984: Standard Oil of California was renamed the Chevron Corporation and bought Gulf Oil
In 1984, Standard Oil of California was renamed the Chevron Corporation; it bought Gulf Oil—the largest merger in history at that time.
1985: Chevron divested some Gulf assets to BP
In 1985, Chevron divested many of Gulf's operating subsidiaries, and sold some Gulf stations and a refinery in the eastern United States to British Petroleum and Cumberland Farms to meet anti-trust regulations.
October 1987: British government sold remaining stake in BP
On 19 October 1987, Prime Minister Margaret Thatcher authorized the sale of an additional GBP7.5 billion ($12.2 billion) of BP shares at 333 pence, representing the government's remaining 31% stake in the company.
November 1987: Kuwait Investment Office purchased interest in BP
In November 1987, the Kuwait Investment Office purchased a 10.06% interest in BP, becoming the largest institutional shareholder.
1987: Privatisation of BP completed
By 1987, the British government had completed the privatisation of BP.
1987: BP negotiated acquisition of Britoil and Standard Oil of Ohio and was listed on the Tokyo Stock Exchange
In 1987, British Petroleum negotiated the acquisition of Britoil and the remaining publicly traded shares of Standard Oil of Ohio. At the same year it was listed on the Tokyo Stock Exchange where its share were traded until delisting in 2008.
October 1988: British Department of Trade required KIO to reduce its shares
In October 1988, the British Department of Trade and Industry required the KIO to reduce its shares to 9.6% within 12 months.
1988: Lockerbie bombing
In 1988, the Lockerbie bombing over Scotland killed 270 people. BP lobbied the British government to conclude a prisoner-transfer agreement which the Libyan government had wanted to secure the release of Abdelbaset al-Megrahi, the only person convicted for the bombing.
1990: British Petroleum entered the Russian market
British Petroleum entered the Russian market in 1990.
1990: End of Peter Walters' period as chairman
Peter Walters was the company chairman from 1981 to 1990. During his period as chairman he reduced the company's refining capacity in Europe.
1990: Robert Horton replaced Peter Walters as chair
Robert Horton replaced Peter Walters as chair in 1990 and adopted values representing the interests of all stakeholders. Horton also carried out a major corporate downsizing exercise.
1991: John Browne joined the board as managing director
John Browne joined BP in 1966 and rose through the ranks to join the board as managing director in 1991.
1992: BP entered the Azerbaijani market
In 1992, the company entered the Azerbaijani market.
1993: BP Exploration Alaska (BPXA) Illegally Dumping Hazardous Wastes
From 1993 to 1995, BP Exploration Alaska (BPXA), a BP subsidiary, Illegally dumped hazardous wastes on the Alaska North Slope, and in September 1999, pleaded guilty to criminal charges stemming from its illegally dumping of hazardous wastes on the Alaska North Slope, paying fines and penalties totalling $22 million.
1994: BP signed production sharing agreement for Azeri–Chirag–Guneshli oil project
In 1994, it signed the production sharing agreement for the Azeri–Chirag–Guneshli oil project.
1995: BP Exploration Alaska (BPXA) Illegally Dumping Hazardous Wastes
From 1993 to 1995, BP Exploration Alaska (BPXA), a BP subsidiary, Illegally dumped hazardous wastes on the Alaska North Slope, and in September 1999, pleaded guilty to criminal charges stemming from its illegally dumping of hazardous wastes on the Alaska North Slope, paying fines and penalties totalling $22 million.
1995: John Browne was appointed group chief executive
In 1995, John Browne, who had joined BP in 1966 and rose through the ranks to join the board as managing director in 1991, was appointed group chief executive.
1995: BP signed production sharing agreement for Shah Deniz gas field
In 1995, it signed the production sharing agreement for the Shah Deniz gas field development.
1996: BP Exploration & Production Inc. established
In 1996, BP Exploration & Production Inc., a Houston-based subsidiary, was established to handle oil exploration and production.
1996: BP opened its first service station in Moscow
In 1996, BP opened its first service station in Moscow.
1997: BP withdrew from Global Climate Coalition
In 1997, BP withdrew from the Global Climate Coalition, an organization promoting global warming skepticism, stating that the company believed action on climate change was necessary. BP was the first multinational outside of the reinsurance industry to publicly support the scientific consensus on climate change
1997: BP acquired a stake in Sidanco
In 1997, British Petroleum acquired a 10% stake for $571 million in the Russian oil company Sidanco, which later became a part of TNK-BP.
December 1998: British Petroleum merged with Amoco
In December 1998, British Petroleum merged with Amoco (formerly Standard Oil of Indiana), becoming BP Amoco plc.
1998: Amoco's stock merged with BP shares on the London Stock Exchange
Following the United States Federal Trade Commission's approval of the BP-Amoco merger in 1998, Amoco's stock was removed from the S&P 500 and was merged with BP shares on the London Stock Exchange.
1998: Merger with Amoco
In 1998, BP merged with Amoco, becoming BP Amoco p.l.c.
1998: Pipeline Inspection Lapses Before Alaskan Oil Spill
In March 2006, corrosion of a BP Exploration Alaska (BPXA) oil transit pipeline in Prudhoe Bay led to a five-day leak and the largest oil spill on Alaska's North Slope. At the moment of the leak, pipeline inspection gauges (known as "pigs") had not been run through the pipeline since 1998.
September 1999: BPXA Pleaded Guilty to Illegally Dumping Hazardous Wastes
In September 1999, BP Exploration Alaska (BPXA), a BP subsidiary, pleaded guilty to criminal charges for illegally dumping hazardous wastes on the Alaska North Slope from 1993 to 1995, paying $22 million in fines and penalties.
2000: Company helped the Tate Modern gallery of British Art launch RePresenting Britain 1500–2000
As part of the merger's brand awareness, in 2000, the company helped the Tate Modern gallery of British Art launch RePresenting Britain 1500–2000.
2000: BP Amoco Acquired ARCO
In 2000, BP Amoco acquired ARCO, a Los Angeles-based oil group.
2000: BP Amoco acquired Atlantic Richfield Co. (ARCO) and Burmah Castrol
In 2000, BP Amoco acquired Atlantic Richfield Co. (ARCO) and Burmah Castrol. Together with the acquisition of ARCO in 2000, BP became owner of a 33.5% stake in the Olympic Pipeline.
2001: Gasoline prices in Perth
A dataset of gasoline prices of BP, Caltex, Woolworths, Coles, and Gull from Perth gathered in the years 2001 to 2015 was used to show by statistical analysis the tacit collusion between these retailers.
2001: BP rebranded itself as BP ("Beyond Petroleum") plc
In 2001, in response to negative press on British Petroleum's poor safety standards, the company adopted a green sunburst logo and rebranded itself as BP ("Beyond Petroleum") plc.
2001: Name shortened to BP p.l.c.
In 2001, the company's name was shortened to BP p.l.c.
2001: BP adopted the marketing name of BP and replaced its "Green Shield" logo with the "Helios" symbol
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. BP also introduced a new corporate slogan – "Beyond Petroleum" along with a $200M advertising and marketing campaign.
February 2002: BP renounces corporate campaign contributions
In February 2002, BP's then-chief executive, Lord Browne of Madingley, renounced the practice of corporate campaign contributions, stating that the company would make no political contributions from corporate funds anywhere in the world.
March 2002: BP Chief Executive Declared Global Warming is Real
In March 2002, Lord John Browne, then the group chief executive of BP, declared in a speech that global warming was real and that urgent action was needed to address it.
August 2002: AQMD Filed Second Suit Against BP for Air Pollution Violations
In January 2005, California's South Coast Air Quality Management District (AQMD) filed a second suit against BP based on air pollution violations between August 2002 and October 2004.
2002: BP acquired the majority of Veba Öl AG
In 2002, BP acquired the majority of Veba Öl AG, a subsidiary of VEBA AG, and subsequently rebranded its existing stations in Germany to the Aral name.
September 2003: BP and Russian businesses announced the creation of TNK-ВР
On 1 September 2003, BP and a group of Russian businesses, known as AAR (Alfa–Access–Renova), announced the creation of a strategic partnership to jointly hold their oil assets in Russia and Ukraine. As a result, TNK-ВР was created.
2003: BP invested in a joint venture with TNK
In 2003, BP invested $8 billion into a joint venture with Russian oligarch Mikhail Fridman's TNK.
2003: Propane price manipulation
In 2003, BP was charged with cornering and manipulating the price of TET propane, leading to legal consequences in subsequent years.
2003: Complaint Filed Against BP/ARCO for Air Pollution Violations
In 2003, California's South Coast Air Quality Management District (AQMD) filed a complaint against BP/ARCO, seeking $319 million in penalties for thousands of air pollution violations over an 8-year period.
October 2004: AQMD Filed Second Suit Against BP for Air Pollution Violations
In January 2005, California's South Coast Air Quality Management District (AQMD) filed a second suit against BP based on air pollution violations between August 2002 and October 2004.
2004: BP sells retail network and LPG business to SPC
In 2004 BP sold its retail network of 28 stations and LPG business to Singapore Petroleum Company (SPC). It also sold its 50% in SPC.
2004: BP's olefins and derivatives business was moved into a separate entity
In 2004, BP's olefins and derivatives business was moved into a separate entity which was sold to Ineos in 2005.
2004: Propane price manipulation allegations
In 2004, the US Justice Department and the Commodity Futures Trading Commission filed charges against BP Products North America Inc. and several BP traders, alleging they conspired to raise the price of propane by seeking to corner the propane market.
January 2005: AQMD Filed Second Suit Against BP for Air Pollution Violations
In January 2005, California's South Coast Air Quality Management District (AQMD) filed a second suit against BP based on air pollution violations between August 2002 and October 2004.
March 2005: Explosion at Texas City Refinery
In March 2005, the Texas City refinery, then owned by BP, experienced an explosion that resulted in 15 deaths and 180 injuries. The explosion was caused by a hydrocarbon overflow and ignition. This incident was attributed to neglected engineering problems, maintenance, and safety measures due to cost-saving strategies.
March 2005: Texas City refinery explosion
On 23 March 2005, 15 workers were killed and more than 170 injured in the Texas City refinery explosion. To save money, major upgrades to the 1934 refinery had been postponed. Browne pledged to prevent another catastrophe.
March 2005: OSHA Fines BP Additional $87 Million for Safety Hazards
On 30 October 2009, OSHA fined BP an additional $87 million for failing to correct safety hazards documented in the March 2005 explosion. Inspectors found 270 safety violations that had been cited but not fixed and 439 new violations.
2005: BP's olefins and derivatives business was sold to Ineos
In 2004, BP's olefins and derivatives business was moved into a separate entity which was sold to Ineos in 2005.
2005: Explosion at Texas City Refinery
In 2005, an explosion at the Texas City refinery led to a guilty plea by BP to a felony Clean Air Act charge. The incident led to a guilty plea by BP to a felony Clean Air Act charge and was described as one of the deadliest U.S. industrial accidents in 20 years.
2005: Texas City refinery explosion
In 2005, the Texas City refinery explosion occurred, causing the death of 15 workers and resulting in a record-setting OSHA fine.
March 2006: Oil Spill on Alaska's North Slope
In March 2006, corrosion of a BP Exploration Alaska (BPXA) oil transit pipeline in Prudhoe Bay led to a five-day leak and the largest oil spill on Alaska's North Slope, spilling a total of 212,252 US gallons of oil.
April 2006: OSHA Fines BP for Unsafe Operations at Ohio Refinery
In April 2006, the U.S. Department of Labor's Occupational Safety and Health Administration (OSHA) fined BP more than $2.4 million for unsafe operations at the company's Oregon, Ohio refinery, citing conditions similar to those that resulted in the 2005 Texas City refinery explosion.
May 2006: BP Completes Cleanup of Alaskan Oil Spill
By May 2006, BP completed the clean-up of the Alaskan oil spill from March, including the removal of contaminated gravel and vegetation, which was replaced with new material from the Arctic tundra.
July 2006: "Smart Pigs" Find Corrosion in Prudhoe Bay Pipelines
In late July 2006, "smart pigs" monitoring the pipelines in Prudhoe Bay found 16 places where corrosion had thinned pipeline walls.
August 2006: Leak and Small Spill Discovered in Prudhoe Bay
In early August 2006, a BP crew discovered a leak and small spill in Prudhoe Bay, leading to the shutdown of the eastern portion of the Alaskan field for repairs on the pipeline.
October 2006: BP Resumes Full Production at Eastern Alaskan Field
On 2 October 2006, BP began to bring the eastern Alaskan field to full production after repairs on the pipeline.
2006: BP Reached Settlement with Colombian Farmers for Alleged Environmental Damage
In 2006, BP reached a multimillion-dollar out-of-court settlement with a group of Colombian farmers for alleged environmental damage caused by the Ocensa pipeline.
2006: Former trader pleads guilty
In 2006, one former BP trader pleaded guilty regarding the propane price manipulation allegations.
2006: Prudhoe Bay oil spill
In 2006, the Prudhoe Bay oil spill occurred, the largest oil spill on Alaska's North Slope, resulting in a US$25 million civil penalty.
2006: BPXA Settles Civil Suit and Agrees to Improve Pipeline Inspection
In July 2011, investigators determined that the 2006 spills were a result of BPXA's failure to properly inspect and maintain the pipeline to prevent corrosion.
May 2007: Lord Browne resigned from BP
On 1 May 2007, Lord Browne resigned from BP and the head of exploration and production Tony Hayward became the new chief executive.
October 2007: "Toxic Spill" from BP Pipeline in Prudhoe Bay
On 16 October 2007, ADEC officials reported a "toxic spill" from a BP pipeline in Prudhoe Bay comprising 2,000 US gallons of primarily methanol (methyl alcohol) mixed with crude oil and water, which spilled onto a gravel pad and frozen tundra pond.
November 2007: BP Pleads Guilty to Negligent Discharge of Oil and Is Fined
In November 2007, BP Exploration, Alaska pleaded guilty to negligent discharge of oil, a misdemeanour under the federal Clean Water Act, and was fined US$20 million.
2007: BP's branding campaign succeeded with the culmination of a 2007 Effie Award from the American Marketing Association
By 2008, BP's branding campaign had succeeded with the culmination of a 2007 Effie Award from the American Marketing Association, and consumers had the impression that BP was one of the greenest petroleum companies in the world.
2007: Workers Claim Injuries from Toxic Substance Release
In 2007, 143 workers at the Texas City refinery claimed that they were injured when a toxic substance was released at the plant.
2007: BP formed Vivergo Fuels joint venture
In 2007, BP formed with AB Sugar and DuPont a joint venture Vivergo Fuels which opened a bioethanol plant in Saltend near Hull, United Kingdom in December 2012.
2007: BP pays restitution and fines
In 2007, BP paid $303 million in restitution and fines as part of an agreement to defer prosecution for cornering and manipulating the price of TET propane in 2003 and 2004.
2007: BP sold its corporate-owned convenience stores
In 2007, BP sold its corporate-owned convenience stores, typically known as "BP Connect", to local franchisees and jobbers.
2007: BP involved in oil sands projects
Since 2007, BP has been involved in oil sands projects, which Greenpeace has called a climate crime.
September 2008: Gas Leak at Azeri Oilfield
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. The platform was shut down and the staff was evacuated.
October 2008: Production Resumes at West Azeri Platform
Production at the West Azeri Platform resumed on 9 October 2008 after being shut down due to a gas leak.
November 2008: Trading Activity under Investigation
In November 2008, BP's trading activity became subject to investigation by US regulators FERC and CFTC, leading to a formal investigation in November 2010.
December 2008: Production Resumes at Central Azeri Platform
Production at the Central Azeri Platform resumed in December 2008 after being shut down due to a gas leak.
2008: BP Completes Replacement of Alaskan Oil Transit Pipelines
After the shutdown, BP pledged to replace 26 kilometres of its Alaskan oil transit pipelines and the company completed work on the 16 miles of new pipeline by the end of 2008.
2008: Contributions to candidates
During the 2008 U.S. election cycle, BP employees contributed to various candidates, with Barack Obama receiving the largest amount of money.
2008: BP Settles MTBE Water Contamination Lawsuit
In 2008, BP and other oil refiners agreed to pay $422 million to settle a class-action lawsuit stemming from water contamination tied to the gasoline additive MTBE. The companies also agreed to pay 70% of cleanup costs for newly affected wells over the next 30 years.
2008: BP Biofuels Highlands project was developed
In 2012, BP cut down its alternative energy business. In 2012, BP shut down the BP Biofuels Highlands project which was developed since 2008 to make cellulosic ethanol from emerging energy crops like switchgrass and from biomass.
March 2009: Complaint Filed Against BPXA for Clean Water Act, Clean Air Act and Pipeline Safety Act Violations
In March 2009, a complaint was filed alleging violations of the Clean Water Act, the Clean Air Act and the Pipeline Safety Act, after BP XA did not fully comply with the terms of the corrective action.
October 2009: OSHA Fines BP Additional $87 Million for Safety Hazards
On 30 October 2009, OSHA fined BP an additional $87 million for failing to correct safety hazards documented in the 2005 explosion. Inspectors found 270 safety violations that had been cited but not fixed and 439 new violations.
December 2009: Federal Jury Awards Workers Damages in Toxic Substance Release Case
In December 2009, a federal jury in Galveston awarded ten workers $10 million each in punitive damages, in addition to smaller damages for medical expenses and pain and suffering, for injuries claimed due to a toxic substance release at the Texas City refinery.
2009: Tangguh LNG project began production
BP's Tangguh LNG project in Indonesia, with a capacity of 7.6 million tonnes of liquid natural gas per year, began production in 2009.
2009: BP obtained a production contract to develop the Rumaila field
In 2009, BP obtained a production contract to develop the supergiant Rumaila field with joint venture partner CNPC.
2009: Lobbying spending
In 2009, BP spent nearly $16 million lobbying the U.S. Congress.
2009: Hayward shifted emphasis from alternative energy to safety
In 2009, Hayward shifted emphasis from Lord Browne's focus on alternative energy, announcing that safety would henceforth be the company's "number one priority".
2009: Suit filed against BP over Ocensa pipeline
In 2009, another group of 95 Colombian farmers filed a suit against BP, claiming the company's Ocensa pipeline caused landslides and damage to soil and groundwater.
2009: Charges against traders dismissed
In 2009, charges against four other former BP traders were dismissed by a US District Court on the grounds that the transactions were exempt under the Commodities Exchange Act.
2009: BP formed a biobutanol joint venture Butamax with DuPont
Together with DuPont, BP formed a biobutanol joint venture Butamax by acquiring biobutan technology company Biobutanol LLC in 2009.
January 2010: Carl-Henric Svanberg became chairman of BP board of directors
In January 2010, Carl-Henric Svanberg became chairman of BP board of directors.
March 2010: Federal Judge Reduces Jury Award in Toxic Substance Release Case
In March 2010, the federal judge hearing the toxic substance release case reduced the jury's award to less than $500,000, stating that the plaintiffs failed to prove BP was grossly negligent.
April 2010: Deepwater Horizon oil spill happened
On 20 April 2010, the Deepwater Horizon oil spill, a major industrial accident, happened. Consequently, Bob Dudley replaced Tony Hayward as the company's CEO, serving from October 2010 to February 2020.
April 2010: Deepwater Horizon explosion
On April 20, 2010, the Deepwater Horizon, an exploratory offshore drilling rig located in the Macondo Prospect in the Gulf of Mexico, exploded after a blowout, leading to a major industrial accident. The explosion killed 11 people and injured 16 others. After burning for two days, the rig sank.
May 2010: BP Admits to Chemical Release in Texas City
In May 2010, BP admitted that malfunctioning equipment led to the release of over 530,000 pounds of chemicals into the air of Texas City and surrounding areas from April 6 to May 16, 2010.
June 2010: BP to pay into trust fund
In June 2010, after a meeting in the White House between President Barack Obama and BP executives, the president announced that BP would pay $20 billion into a trust fund to compensate victims of the Deepwater Horizon oil spill. BP also set aside $100 million to compensate oil workers who lost their jobs because of the spill.
June 2010: BP North America donation
In June 2010, the Washington Post reported that BP North America had donated at least $4.8 million in corporate contributions in the past seven years to political groups, partisan organizations and campaigns engaged in federal and state elections. BP stated that the commitment made in February 2002 had only applied to contributions to individual candidates.
July 2010: BP sold its natural gas activities in Canada to Apache Corporation
In July 2010, BP sold its natural gas activities in Alberta and British Columbia, Canada, to Apache Corporation. BP also sold its stake in various fields and pipelines to different companies due to the Deepwater Horizon oil spill.
July 2010: Deepwater Horizon well capped
On July 15, 2010, the Deepwater Horizon well, the site of a major oil spill in the Gulf of Mexico, was finally capped after leaking an estimated 4.9 million barrels of oil.
August 2010: Texas Attorney General Charges BP with Air Pollution
In August 2010, the Texas Attorney General charged BP with illegally emitting harmful air pollutants from its Texas City refinery for more than a month.
October 2010: Bob Dudley replaced Tony Hayward as BP's CEO
On 20 April 2010, the Deepwater Horizon oil spill, a major industrial accident, happened. Consequently, Bob Dudley replaced Tony Hayward as the company's CEO, serving from October 2010 to February 2020.
November 2010: Investigation for market manipulation begins
In November 2010, US regulators FERC and CFTC began an investigation of BP for allegedly manipulating the gas market related to trading activity that occurred in October and November 2008.
December 2010: DOJ files suit against BP
On December 15, 2010, the Department of Justice filed a civil and criminal suit against BP and other defendants for violations under the Clean Water Act in the U.S. District Court for the Eastern District of Louisiana. The case was consolidated with about 200 others.
2010: BP pledged to use only in-situ technologies instead of open-pit mining
In 2010, BP pledged to use only in-situ technologies instead of open-pit mining for oil sands extraction.
2010: Report Highlights BP's Disregard for Safety and Environmental Rules
In 2010, a ProPublica report in The Washington Post revealed that internal investigations of BP's Alaska operations during the 2000s warned senior BP managers that the company repeatedly disregarded safety and environmental rules, risking serious accidents.
2010: Deepwater Horizon oil spill
In 2010, the Deepwater Horizon oil spill occurred, the largest accidental release of oil into marine waters in history, causing severe environmental, human health, and economic consequences and serious legal and public relations repercussions for BP.
2010: Texas City Residents File Class-Action Suit Against BP
In June 2012, over 50,000 Texas City residents joined a class-action suit against BP, alleging they became sick in 2010 as a result of the emissions release from the refinery.
February 2011: BP formed a partnership with Reliance Industries
In February 2011, BP formed a partnership with Reliance Industries, taking a 30% stake in a new Indian joint-venture for an initial payment of $7.2 billion.
July 2011: BPXA Settles Civil Suit and Agrees to Improve Pipeline Inspection
In July 2011, in the settlement of a civil suit, investigators determined that the 2006 spills were a result of BPXA's failure to properly inspect and maintain the pipeline to prevent corrosion. BPXA paid a $25 million civil penalty and agreed to take measures to improve inspection and maintenance of its pipeline infrastructure.
July 2011: Notice of Alleged Violations issued
In July 2011, the FERC staff issued a "Notice of Alleged Violations" saying it had preliminarily determined that several BP entities fraudulently traded physical natural gas in the Houston Ship Channel and Katy markets and trading points to increase the value of their financial swing spread positions.
November 2011: Release of toxic fumes which began on 10 November 2011
In 2013, 474 Galveston County residents filed a $1 billion lawsuit against BP, accusing the company of misleading the public about the seriousness of a two-week release of toxic fumes that began on November 10, 2011.
November 2011: BP to Pay Texas $50 Million for Air Emissions Violations
In November 2011, BP agreed to pay the state of Texas $50 million for violating state emissions standards at its Texas City refinery during and after the 2005 explosion at the refinery.
December 2011: BP acquired blocks in Angola
In December 2011, BP acquired four oil exploration and production blocks in Angola.
December 2011: BP announced its departure from the solar energy market
In December 2011, BP cut down its alternative energy business. The company announced its departure from the solar energy market in December 2011 by closing its solar power business, BP Solar.
2011: Gulf fisheries recover
Gulf fisheries recovered in 2011 after the Deepwater Horizon oil spill. However, the effects of the oil spill continued to be studied.
2011: BP announced investment in the UK North Sea into four development projects
In 2011, BP announced that it is focusing its investment in the UK North Sea into four development projects including the Clair, Devenick, Schiehallion and Loyal, and Kinnoull oilfields.
2011: Lobbying spending
In 2011, BP spent a total of $8,430,000 on lobbying and had 47 registered lobbyists.
2011: Dismissal upheld
In 2011, the dismissal of charges against four other former BP traders was upheld by the Court of Appeals for the 5th Circuit.
February 2012: BP North America launched a $500 million branding campaign
In February 2012 BP North America launched a $500 million branding campaign to rebuild its brand.
March 2012: US Department of Justice Ends BP's Probationary Period
In March 2012, US Department of Justice officials said BP had met all of its obligations and subsequently ended the probationary period.
March 2012: Settlement reached with businesses and residents
On March 2, 2012, BP and businesses and residents affected by the Deepwater Horizon oil spill reached a settlement of roughly 100,000 suits claiming economic losses. BP estimated the settlement would cost more than $9.2 billion.
May 2012: BP tasked a press office staff member to openly join discussions on the Wikipedia article's talk page
In May 2012, BP tasked a press office staff member to openly join discussions on the Wikipedia article's talk page and suggest content to be posted by other editors.
June 2012: Texas City Residents File Class-Action Suit Against BP
In June 2012, over 50,000 Texas City residents joined a class-action suit against BP, alleging they became sick in 2010 as a result of the emissions release from the refinery.
July 2012: BP Agrees to Pay $13 Million to Settle Safety Violations
In July 2012, BP agreed to pay $13 million to settle the new safety violations found by OSHA. At that time, OSHA found "no imminent dangers" at the Texas plant. Thirty violations remained under discussion.
September 2012: BP sold its subsidiary BP Chemicals (Malaysia) Sdn. Bhd. to Reliance Industries
In September 2012, BP sold its subsidiary BP Chemicals (Malaysia) Sdn. Bhd., an operator of the Kuantan purified terephthalic acid (PTA) plant in Malaysia, to Reliance Industries for $230 million.
October 2012: BP sold its stake in TNK-BP to Rosneft
In October 2012, BP sold its stake in TNK-BP to Rosneft for $12.3 billion in cash and 18.5% of Rosneft's stock.
November 2012: Settlement reached with DOJ
In November 2012, BP and the Department of Justice reached a $4 billion settlement of all federal criminal charges related to the Deepwater Horizon explosion and spill. BP agreed to plead guilty to multiple felony counts and misdemeanors, and agreed to government monitoring of its safety practices and ethics for four years.
November 2012: U.S. Government temporarily banned BP from bidding any new federal contracts
In November 2012, the U.S. Government temporarily banned BP from bidding any new federal contracts.
December 2012: Vivergo Fuels opened a bioethanol plant
In 2007, BP formed with AB Sugar and DuPont a joint venture Vivergo Fuels which opened a bioethanol plant in Saltend near Hull, United Kingdom in December 2012.
2012: BP shut down the BP Biofuels Highlands project
In 2012, BP cut down its alternative energy business. In 2012, BP shut down the BP Biofuels Highlands project which was developed since 2008 to make cellulosic ethanol from emerging energy crops like switchgrass and from biomass.
March 2013: BP's deal with Rosneft was completed
The deal was completed on 21 March 2013.
May 2013: Investigation into price manipulation
In May 2013, the European Commission started an investigation into allegations that BP and other companies reported distorted prices to the price reporting agency Platts, in order to manipulate the published prices for several oil and biofuel products.
October 2013: Trial Finds BP Negligent but Absolves Company of Wrongdoing
In October 2013, a trial designed as a test for a larger suit that includes 45,000 people found that BP was negligent in the case, but due to the lack of substantial evidence linking illness to the emissions, decided the company would be absolved of any wrongdoing.
December 2013: Marine life deaths continue
In December 2013, it was reported that dolphins and other marine life continued to die in record numbers with infant dolphins dying at six times the normal rate after the Deepwater Horizon oil spill. Half the dolphins examined in a December 2013 study were seriously ill or dying.
2013: Lawsuit Filed Against BP for Toxic Fume Release
In 2013, 474 Galveston County residents filed a $1 billion lawsuit against BP, accusing the company of misleading the public about the seriousness of a two-week release of toxic fumes that began on November 10, 2011.
2013: Health issues for cleanup workers and residents
In 2013, research indicated that oil spill cleanup workers carried biomarkers of chemicals contained in the spilled oil and dispersants used. A Columbia University study reported that a significant percentage of Gulf residents reported mental health problems such as anxiety, depression and PTSD, and parents reported physical or mental health symptoms among their children.
2013: Shareholders criticized oil sands project
In 2013, shareholders criticized BP's oil sands project for being carbon-intensive.
2013: Oil remains in the gulf
Studies in 2013 suggested that as much as one-third of the released oil from the Deepwater Horizon oil spill remains in the gulf. Oil in affected coastal areas increased erosion due to the death of mangrove trees and marsh grass.
March 2014: Study finds heart deformities in fish
In March 2014, a study published in Proceedings of the National Academy of Sciences found that tuna and amberjack exposed to oil from the Deepwater Horizon spill developed deformities of the heart and other organs.
March 2014: U.S. Government conditionally lifted the ban on BP
The ban was conditionally lifted in March 2014.
June 2014: BP agreed to a deal to supply CNOOC with liquefied natural gas
In June 2014, BP agreed to a deal worth around $20 billion to supply CNOOC with liquefied natural gas. In 2014, Statoil Fuel & Retail sold its aviation fuel business to BP.
2014: BP cancelled developments plans in the Utica Shale
In 2012, BP acquired an acreage in the Utica Shale but these developments plans were cancelled in 2014.
2014: BP Backed Global LGBT Study
In 2014, BP supported a global study to identify challenges for lesbian, gay, bisexual, and transgender employees and to determine how companies can promote LGBT equality.
2014: Fish deformities study published
In 2014, a study was published in Proceedings of the National Academy of Sciences which found heart deformities in fish exposed to oil from the Deepwater Horizon oil spill. The researchers suggested that the results could apply to humans as well.
December 2015: Investigation dropped
In December 2015, the European Commission dropped its investigation into allegations that BP and other companies manipulated oil and biofuel prices due to lack of evidence.
2015: Gasoline prices in Perth
A dataset of gasoline prices of BP, Caltex, Woolworths, Coles, and Gull from Perth gathered in the years 2001 to 2015 was used to show by statistical analysis the tacit collusion between these retailers.
2015: BP decided to exit from other lignocellulosic ethanol businesses
In 2011–2015, BP cut down its alternative energy business. In 2015, BP decided to exit from other lignocellulosic ethanol businesses.
2015: Settlement with states
In 2015, BP and five states agreed to an $18.5 billion settlement to be used for Clean Water Act penalties and various claims related to the Deepwater Horizon oil spill.
2015: BP Listed as Fiercest Opponent of Climate Action in Europe
In 2015, BP was listed by Influence Map, a UK-based non-profit organization, as the fiercest opponent of action on climate change in Europe.
2015: Reuters: BP Liberal Policies for LGBT Workers
In 2015, Reuters reported that BP is known for its liberal policies regarding gay and transgender workers.
2015: BP agreed to sell former Statoil aviation fuel businesses to World Fuel Services
In June 2014, BP agreed to a deal worth around $20 billion to supply CNOOC with liquefied natural gas. In 2015, to ensure the approval of competition authorities, BP agreed to sell the former Statoil aviation fuel businesses in Copenhagen, Stockholm, Gothenburg and Malmö airports to World Fuel Services.
November 2016: Settlement of lawsuit
In November 2016, BP settled a lawsuit for $14 million over allegations of violating state laws regarding underground storage tank maintenance at approximately 780 gas stations in California. The case was a result of collaboration among the California Attorney General's Office and several district attorney's offices.
2016: BP claims cleanup would boost local economies
In 2016, documents from a bid by BP to drill in the Great Australian Bight revealed claims that a large-scale cleanup operation following a massive oil spill would bring a "welcome boost to local economies." BP also stated that a diesel spill would be "socially acceptable" due to a lack of "unresolved stakeholder concerns".
2016: BP Ranked on Indigenous Rights and Resource Extraction
In a 2016 study, BP was ranked 15th out of 18 levels (in total 37th out of 92 oil, gas and mining companies) regarding indigenous rights and resource extraction in the Arctic. The ranking assessed companies' commitments, staffing, transparency, and consultation procedures, but did not assess actual performance.
March 2017: BP acquired Clean Energy's biomethane business and assets
In March 2017, BP acquired Clean Energy's biomethane business and assets, including its production sites and existing supply contracts.
April 2017: Butamax bought an isobutanol production company Nesika Energy
In April 2017, BP's subsidiary Butamax acquired Nesika Energy, an isobutanol production company.
April 2017: BP reached an agreement to sell its Forties pipeline system to Ineos
In April 2017, the company reached an agreement to sell its Forties pipeline system in the North Sea to Ineos for $250 million.
April 2017: BP agrees on a deal with Timis Corporation
Regarding the acquisition of Timis Corporation interests in Senegal in April 2017, BP states that it "paid what it considered a fair market value for the interests at this stage of exploration/development". However, BP has not made public what was the basis of the valuation, and states that "the details of the deal are confidential".
2017: Lightsource has commissioned 1.3 GW of solar capacity
As of 2017, Lightsource has commissioned 1.3 GW of solar capacity and manages about 2 GW of solar capacity.
2017: BP Added Gender Reassignment Surgery to Benefits
In 2017, BP added gender reassignment surgery to its list of benefits for U.S. employees. Also in 2017, BP ranked No. 51 on the list of Top 100 employers for lesbian, gay, bisexual and transgender staff on the 2017 Stonewall Workplace Equality Index. Also in 2017, John Mingé, chairman and president of BP America, signed a letter alongside other Houston oil executives denouncing the proposed "bathroom bill" in Texas. Bobbi Pickard has praised the company's LGBTQ inclusivity, stating that coming out as transgender while working with company in 2017 "saved her life".
April 2018: Email Leak Leads to Investigation
In April 2018, an internal email from mid-2017 was leaked in New Zealand, revealing plans to raise prices at certain sites around Otaki to recover lost volume. This prompted the government to request the Commerce Commission to investigate regional pricing.
December 2018: BP sold its wind assets in Texas
In December 2018, BP divested its wind assets located in Texas.
December 2018: BP had operations in 78 countries worldwide
As of December 2018, BP had operations spanning 78 countries globally, with its global headquarters situated in London, United Kingdom. Its operations were divided into Upstream, Downstream, and Renewables business segments.
December 2018: BP holds a 19.75% stake in Rosneft
As of December 2018, BP holds a 19.75% stake in Russia's state-controlled oil company Rosneft.
2018: BP owned or had a share in 11 refineries
As of 2018, BP owned or had a share in 11 refineries.
2018: BP scored 100% on Corporate Equality Index
BP scored a 100% on the 2018 Human Rights Campaign's Corporate Equality Index, which was released in 2017. This score was common among companies evaluated.
2018: BP acquired Chargemaster
In 2018, BP acquired Chargemaster, which operated the UK's largest electric vehicle charging network.
2018: BP produced around 3.7 million barrels per day of oil equivalent
In 2018, BP produced around 3.7 million barrels per day of oil equivalent, of which 2.191 million barrels per day were liquids and 8.659 billion cubic feet per day was natural gas, and had total proved reserves of 19,945 million barrels of oil equivalent.
2018: BP Largest Contributor Opposing Carbon Fee Initiative
In 2018, BP was the largest contributor to the campaign opposing carbon fee initiative 1631 in Washington State.
2018: BP's total production in the United States
In 2018, BP's total production in the United States included 385,000 barrels per day of oil and 1.9 billion cubic feet per day of natural gas, with a refinery throughput of 703,000 barrels per day.
2018: BP operates the UK's largest electric vehicle charging network
Since 2018 BP operates the UK's largest electric vehicle charging network through its subsidiary BP Pulse (formerly Chargemaster).
January 2019: BP discovered oil at its Thunder Horse location
In January 2019, BP discovered 1 billion barrels of oil at its Thunder Horse location in the Gulf of Mexico. The company also announced plans to spend $1.3 billion on a third phase of its Atlantis field near New Orleans.
January 2019: Helge Lund succeeded Carl-Henric Svanberg as chairman of BP Plc board of directors
On January 1, 2019, Helge Lund replaced Carl-Henric Svanberg as the chairman of the BP Plc board of directors.
2019: BP Ranked 6th Largest Emitter of Greenhouse Gases
According to a 2019 Guardian ranking, BP was the 6th largest emitter of greenhouse gases in the world.
2019: BP produced about 300,000 barrels per day of oil equivalent in the Gulf of Mexico
As of 2019, BP produced approximately 300,000 barrels per day of oil equivalent in the Gulf of Mexico, operating the Atlantis, Mad Dog, Na Kika, and Thunder Horse production platforms.
2019: BP and Didi Chuxing formed a joint venture
In 2019, BP and Didi Chuxing established a joint venture to develop electric vehicle charging infrastructure in China.
2019: BP achieved production of 9.7 million metric tons in its petrochemicals unit
In 2019, BP's petrochemicals unit, which was later sold to Ineos, achieved a production of 9.7 million metric tons.
2019: BP's Energy Outlook 2020 references 2019 Average
In BP's Energy Outlook 2020, it was stated that global crude demand would not surpass 2019 levels due to the changing energy landscape and the economic impact of the COVID-19 pandemic. BP was also attempting to move from being an international oil company into becoming an integrated energy company.
February 2020: BP Sets Net-Zero Emissions Goal
In February 2020, BP announced a goal to cut its greenhouse gas emissions to net-zero by 2050, seeking net-zero emissions across its operations and the fuels it sells.
February 2020: BP announced a joint venture with EnBW
In February 2020, BP announced a joint venture with EnBW to develop and operate 3 GW of offshore wind capacity in the Crown Estate Leasing Round 4, marking BP's entry into the UK offshore wind market.
February 2020: End of Bob Dudley's term as BP's CEO
On 20 April 2010, the Deepwater Horizon oil spill, a major industrial accident, happened. Consequently, Bob Dudley replaced Tony Hayward as the company's CEO, serving from October 2010 to February 2020.
February 2020: Bernard Looney succeeded Bob Dudley as chief executive
On February 5, 2020, Bernard Looney took over from Bob Dudley as the chief executive of BP.
June 2020: BP sold its petrochemicals unit to Ineos
On June 29, 2020, BP divested its petrochemicals unit to Ineos for $5 billion. The unit focused on aromatics and acetyls.
June 2020: BP sold all its Alaska upstream operations and interests to Hilcorp
On June 30, 2020, BP sold all its Alaska upstream operations and interests, including interests in Prudhoe Bay Oil Field, to Hilcorp for $5.6 billion.
August 2020: BP Criticizes Elimination of Methane Leak Detection Requirements
In August 2020, BP America's chairman David Lawler criticized the elimination of federal requirements for methane leak detection, emphasizing the importance of federal regulation.
August 2020: BP promises to increase its annual low carbon investments to $5 billion by 2030
In August 2020, BP promised to increase its annual low carbon investments to $5 billion by 2030. The company announced plans to transform into an integrated energy company, with a renewed focus on investing away from oil and into low-carbon technologies.
September 2020: BP formed a partnership with Equinor to develop offshore wind
In September 2020, BP partnered with Equinor to develop offshore wind projects and announced the acquisition of a 50% non-operating stake in the Empire Wind and Beacon Wind offshore wind farms.
December 2020: BP acquired a majority stake in Finite Carbon
In December 2020, BP acquired a majority stake in Finite Carbon, the largest forest carbon offsets developer in the United States.
December 2020: BP sold its stake in the Trans-Alaska Pipeline System to Harvest Alaska
On December 14, 2020, BP divested its 49% stake in the Trans-Alaska Pipeline System to Harvest Alaska.
2020: BP's operations were focussed in the Clair, Quad 204 and ETAP hubs
As of 2020, after selling its Andrew and Shearwater interests, BP's operations were concentrated in the Clair, Quad 204, and ETAP hubs.
2020: BP's Energy Outlook 2020
In BP's Energy Outlook 2020, it was stated that global crude demand would not surpass 2019 levels due to the changing energy landscape and the economic impact of the COVID-19 pandemic. BP was also attempting to move from being an international oil company into becoming an integrated energy company.
February 2021: BP to sell 20% participating interest in Block 61 to Thailand's PTTEP
On 1 February 2021, BP inked a deal to sell 20% participating interest in Block 61 to Thailand's PTT Exploration and Production Public Company Ltd. (PTTEP) for $2.6 billion. BP will remain the block's operator with a 40% interest.
July 2021: BP to acquire ArcLight Capital Partners' share of Thorntons
On 13 July 2021, BP announced it will acquire ArcLight Capital Partners' share of Thorntons, and thus fully own the convenience store company. The deal is expected to close later in the year.
2021: BP acquires 9 GW of US solar projects
In 2021, BP acquired 9 GW of US solar projects.
2021: BP Ranked 5th Most Environmentally Responsible in Arctic
In 2021, BP was ranked as the 5th most environmentally responsible company out of 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle, according to the Arctic Environmental Responsibility Index (AERI).
2021: Climate Change Impact
In 2021, it was found that BP's operations contribute to climate change through greenhouse gas emissions from oil extraction and refining, releasing carbon dioxide and methane.
2021: BP's profits were less than 2022
In February 2023, BP's record annual profits were announced to have more than doubled compared to 2021.
2021: BP deal with Equinor expected to be completed
In the first half of 2021, the deal between BP and Equinor to acquire 50% non-operating stake in the Empire Wind off New York and Beacon Wind off Massachusetts offshore wind farms is expected to be completed.
February 2022: BP acquired a stake in Green Biofuels Ltd
In February 2022, BP acquired a 30% stake in the London-based company, Green Biofuels Ltd, a producer of renewable hydrogenated vegetable oil fuels.
September 2022: Fire at BP's Husky Toledo refinery
On September 20, 2022, a fire at BP's Husky Toledo refinery caused the death of two workers. The refinery was shut down after the fire.
October 2022: BP announced it would be acquiring Archaea Energy Inc.
In October 2022, BP announced its plan to acquire Archaea Energy Inc., a renewable natural gas producer, for $4.1 billion.
November 2022: BP announced a large increase in profit
In November 2022, BP announced a significant increase in profits for the period from July to September, attributed to high fuel prices resulting from the Russian invasion of Ukraine.
December 2022: BP completed the acquisition of Archaea Energy Inc.
In December 2022, BP finalized the acquisition of Archaea Energy Inc. for $3.3 billion.
December 2022: U.S. House Committee Accuses BP of Greenwashing
In December 2022, the U.S. House Oversight and Reform Committee accused BP, along with other major oil companies, of greenwashing their Paris Agreement carbon neutrality pledges, promoting natural gas as a clean energy source, and obstructing the Committee's investigation.
2022: Study finds BP's spending on clean energy was insignificant and opaque
A 2022 study found that BP's spending on clean energy was insignificant and opaque, with little to suggest that the company's discourse matched its actions.
2022: BP Market Capitalisation
As of 2022, BP had a market capitalisation of US$98.36 billion, placing it 122nd in the world.
2022: BP's profits more than doubled compared to 2021
BP's 2022 profits, reported in February 2023, were more than double those of 2021.
2022: BP announced it would sell its stake in Rosneft
In 2022, following the Russian invasion of Ukraine, BP announced its intention to sell its 19.75% stake in Rosneft.
2022: Air Pollution
In 2022, it was determined that the petrochemical industry, including BP, remains a major source of air pollution due to the combustion of fossil fuels, despite efficiency advancements.
February 2023: BP agreed to acquire TravelCenters of America
Also in February 2023, BP agreed to acquire TravelCenters of America, a truck stop service company, for $1.3 billion.
February 2023: BP reported record annual profits for 2022
In February 2023, BP announced record annual profits, on a replacement cost basis, for the year 2022, which were the biggest profits in the company's 114-year history.
April 2023: BP launched a new oil rig in the Gulf
In April 2023, BP launched the Argos, a new oil rig, in the Gulf of Mexico.
April 2023: Husky Toledo refinery restarts
In April 2023, BP's Husky Toledo refinery, which had been shut down following a fire in September 2022, started operating again.
May 2023: BP completed the purchase of TravelCenters of America
In May 2023, BP completed the acquisition of TravelCenters of America.
August 2023: BP, Eni and Sonatrach resumed exploration
In August 2023, BP, Eni, and Sonatrach resumed exploration in their blocks in the Ghadames Basin (A-B) and offshore Block C, continuing their contract obligations after 10 years of force majeure.
2023: BP Revised Emission Reduction Target
After initially pledging to reduce its emissions by 35% by 2030, BP stated in 2023 that it would aim for a 20-30% reduction instead.
2023: BP scales back their emissions targets
In 2023, BP revised their emissions targets to a 20-30% cut in emissions, stating that it needed to keep up with the current demands for oil and gas.
January 2024: Murray Auchincloss became CEO
In January 2024, Murray Auchincloss assumed the role of CEO at BP.
June 2024: BP announced the acquisition of Bunge Bioenergia
In June 2024, BP announced its acquisition of Bunge Bioenergia from Bunge Global for US$1.4 billion, which will increase BP's ethanol production.
October 2024: BP Scraps Plan for Oil and Gas Reduction
In October 2024, BP scrapped its plan to reduce its oil and gas production by 40% by 2030, instead looking to increase production.
November 2024: BP and partners announced plan to invest in Indonesia's West Papua Province
In November 2024, BP and its partners unveiled plans to invest $7 billion in a carbon capture and gas field development project in Indonesia's West Papua Province.
2024: BP operations in 61 countries
As of 2024, BP had operations in 61 countries, produced around 2.4 million barrels per day of oil equivalent, and had total proven reserves of 6.25 billion barrels of oil equivalent. BP operates service stations under the BP, Amoco, and Aral brands.
2024: BP Fortune Global 500 rank
In 2024, BP's Fortune Global 500 rank was 33rd with revenues of US$194.6 billion. BP is the fifth-largest investor-owned oil company in the world by 2024 revenues.
2024: BP increased its dividend and accelerated share buybacks
In early 2024, BP increased its dividend by 10% year-on-year and accelerated share buybacks, announcing a $3.5 billion share buyback in the first half of the year.
2024: BP plans a 50 MV electrolyser at the Lingen refinery
In partnership with Ørsted A/S, BP plans a 50 MV electrolyser at the Lingen refinery to produce hydrogen using North Sea wind power. Production is expected to begin in 2024.
January 2025: BP announced plan to cut staff and contractors
In January 2025, BP announced its intention to reduce its workforce by 4,700 staff and 3,000 contractors, representing over 5% of its total workforce.
February 2025: BP declared that it would cut renewable energy investments
In February 2025, BP announced a shift in strategy, declaring that it would reduce renewable energy investments and prioritize increasing oil and gas production.
February 2025: BP signs $25 billion deal to redevelop oil and gas fields in Kirkuk, Iraq
In February 2025, BP signed a $25 billion deal to redevelop four oil and gas fields located in Kirkuk, Iraq.
February 2025: BP Announced Reduced Investment in Renewables, Increased Investment in Oil and Gas
In February 2025, facing pressure from shareholders including Elliott Management, BP announced plans to significantly reduce its investment in renewable energy and increase investment in oil and gas production by 20%.
May 2025: Bloomberg reported that Shell plc was considering an acquisition of BP
In May 2025, Bloomberg reported that Shell plc was contemplating a potential acquisition of BP.
July 2025: The following individuals serve on the board
As of July 2025, the following individuals serve on the board:
July 2025: BP announced the appointment of Albert Manifold as its next chairman
In July 2025, BP announced that Albert Manifold would succeed Helge Lund as its next chairman, effective from October 1, 2025.
August 2025: BP announced its greatest oil and gas field discovery in the last 25 years
In August 2025, BP announced its most significant oil and gas field discovery in 25 years at the Bumerangue prospect, located offshore in Brazil's deepwater Santos Basin.
October 2025: Albert Manifold replaced Helge Lund as chairman
In October 2025, Albert Manifold replaced Helge Lund as chairman of the company.
December 2025: BP announced it agreed to sell a 65 per cent stake in Castrol to Stonepeak
In December 2025, BP announced an agreement to sell a 65 per cent stake in Castrol to Stonepeak for approximately $6 billion, while retaining a 35 per cent stake for the subsequent two years.
December 2025: BP announced the stepping down of Murray Auchincloss
In December 2025, BP announced that Murray Auchincloss would step down as CEO and Meg O'Neill would be appointed as the new chief executive, effective from April 2026.
2025: Kwinana refinery transitioning into a biorefinery and green hydrogen production facility
As of 2025, the former Kwinana refinery was transitioning into a biorefinery and green hydrogen production facility. However, in 2025 BP announced it was ending its role in producing hydrogen in the region.
April 2026: Meg O'Neill to become the new chief executive
Meg O'Neill is set to become BP's new chief executive in April 2026, making her the first external hire and the first female CEO of a major global oil producer.
2028: Production plans are expected to start in the Tangguh gas field
Production plans are expected to start in 2028 in the Tangguh gas field.
2030: BP Initially Pledged Emission Reduction Target
BP initially pledged to reduce its emissions by 35% by 2030, then later stated they would aim for a 20-30% reduction instead. In February 2025, the company announced plans to significantly reduce its investment in renewable energy, whilst increasing that in oil and gas production by 20%.
2030: BP Target for oil and gas reduction by 40%
In 2020, BP set a target to reduce its overall oil and gas production by 40% by 2030. This plan was scrapped in October 2024, with BP looking to increase its oil and gas production instead.
2050: BP target date for Net-Zero Emissions
In February 2020, BP announced a goal to cut its greenhouse gas emissions to net-zero by 2050, seeking net-zero emissions across its operations and the fuels it sells.
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