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.
Our purpose
Guiding what we do and how we operate, our purpose is:
Reimagining energy
for people and our planet
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.
Incumbent capability
~10,900
engineers
~800
employees on graduate schemes
Financial resources
$16.3bn
capital expenditure
$32.0bn
operating cash flow
Research and development
$298m
invested in research and development
~2,500
granted and pending patent applications held by bp and its subsidiaries
Energy resources
6,759mmboe
proved hydrocarbon reserves for the groupa
6.2GW
developed renewables to FID (net)
Energy sector experience
>110 years
in energy
14 years
of bp Energy Outlook publications
a On a combined basis of subsidiaries and equity-accounted entities.
(as at 31 December 2023)
Our strategy
Transforming to an integrated energy company.
We are investing in today’s energy system – while helping build out tomorrow’s. All in service of growing the value of bp.
Our strategic pillars
Our business groups
This is how we are organized to deliver our strategy and deliver 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
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.
Alignment to strategy
Production & operations
The operational heart of bp, producing the hydrocarbon energy and products the world wants and needs – safely and efficiently.
Alignment to strategy
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.
Alignment to strategy
Delivering value for stakeholders
We are committed to delivering long-term value for stakeholders.
Investors and shareholders
Includes our institutional and retail investors
$4.8bn
total dividends distributed to bp shareholders
(2022 $4.4bn)
Employees
87,800 people worldwide
73%
employee engagement score from the ’Pulse annual’ employee survey
(2022 70%)
Society
The people, businesses and environment in the communities where we work.
$117m
supporting additional initiatives to benefit communities
(2022 $93m)
Customers
Including end-use consumers, B2B customers, and distributors.
>12m
customer touchpoints per day
(2022 ~12m)
Governments and regulators
In the countries where we have existing or planned activities.
$11.9bn
corporate income tax and production tax paid
(2022 $12.5bn)
Partners and suppliers
Includes relationships with academia, industry and cities.
$152bn
in payments to suppliers for goods and services
(2022 $174bn)