Our business model

What makes us different

As an integrated energy company, we believe we have a world-class portfolio – a top-tier oil and gas business in attractive basins, and leading integrated positions and brands across the value chain. All underpinned by distinctive capabilities in trading, technology and partnerships

People and resources

These are some of the people and resources in our business model that support how we deliver value for our shareholders.

(as at 31 December 2024)

Incumbent capability

~11,600

engineers

~1,100

employees on graduate schemes

Financial resources

$16.2bn

capital expenditure

$27.3bn

operating cash flow

Research and development

$301m

invested in research and development

~2,200

granted and pending patent applications held by bp and its subsidiaries

Energy resources

6,248mmboe

proved hydrocarbon reserves for the group^a

8.2GW

developed renewables to FID (net)

Energy sector experience

>110 years

in energy

~15 years

of bp Energy Outlook publications

^aOn a combined basis of subsidiaries and equity-accounted entities.

Our strategy

Our new strategy plays to our distinctive strengths and capabilities.

Growing the upstream
Focusing the downstream
Investing with discipline in transition

Growing
upstream

Focusing
downstream

Disciplined investment in transition

Our business groups

This is how we are organized to deliver our strategy and long-term shareholder value. Our three business groups are enabled by supply, trading & shipping and supported by five functions: finance; technology; strategy, sustainability & ventures; people, culture & communications; and legal.

Gas & low carbon energy

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.

Production & operations

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

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.

Our stakeholders

Investors and shareholders

Includes our institutional and retail investors

$5.0bn

total dividends distributed to bp shareholders

(2023 $4.8bn)

Employees

100,500^b people worldwide

70%

employee engagement score from the Pulse annual employee survey

(2023 73%)

Society

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

$76m

supporting additional initiatives to benefit communities

(2023 $117m)

Customers

Including end-use consumers, B2B customers, and distributors.

2,950

strategic convenience sites

(2023 2,850)

Governments and regulators

In the countries where we have existing or planned activities.

$10.6bn

corporate income tax and production tax paid

(2023 $11.9bn)

Partners and suppliers

Includes relationships with academia, industry and cities.

$146.6bn

in payments to suppliers for goods and services

(2023 $151.7bn)