BP
British integrated oil major pivoting towards lower-carbon energy.
Last refreshed: 11 June 2026 · Appears in 1 active topic
Is BP's energy transition strategy actually cutting its oil output?
- Why is BP's Rotterdam refinery running at half capacity?
- BP's Rotterdam refinery (rated at 400,000 Barrels Per Day) periodically reduces throughput for planned maintenance and feedstock scheduling. When running at half capacity it processes around 200,000 Barrels Per Day, which tightens European diesel and gasoline supply margins.Source: European Oil Markets briefing
- Does BP still own a stake in Rosneft?
- BP holds a 19.75% stake in Rosneft but wrote down the value to near-zero following Russia's invasion of Ukraine in 2022 and announced its intention to exit. Completing the disposal has proved difficult given Western sanctions and Russian government approval requirements.Source: BP investor filings
- Who is the current CEO of BP?
- Murray Auchincloss became BP's chief executive in January 2024, succeeding Bernard Looney who resigned over undisclosed personal relationships. Auchincloss has refocused BP's strategy towards oil and gas returns and scaled back some of Looney's renewables ambitions.Source: BP corporate announcements
- How did BP recover from the Deepwater Horizon oil spill?
- BP paid over $65 billion in clean-up costs, compensation, and fines following the 2010 Deepwater Horizon disaster, which killed 11 workers. The company sold assets, overhauled its safety governance, and rebuilt its balance sheet over a decade, though its US Gulf reputation took a lasting reputational hit.Source: BP annual reports
- Is BP abandoning its net-zero targets?
- Under CEO Murray Auchincloss, BP walked back the most aggressive net-zero milestones set by his predecessor in 2020. The company retains a long-term net-zero aspiration but restored capital spending to oil and gas and reduced its renewables growth targets after investors demanded higher returns.Source: BP strategy update 2024
Background
BP is one of the world's largest integrated energy companies, headquartered in London. In 2026 the company is mid-way through a strategy pivot announced under CEO Murray Auchincloss: BP scaled back the ambitious net-zero targets set by his predecessor Bernard Looney, restored capital to oil and gas upstream, and trimmed its renewables portfolio after shareholder pressure over weak returns. Its European refining estate, including the 400,000 barrels-per-day Rotterdam refinery, has periodically run at reduced capacity due to maintenance cycles and feedstock disruptions, making it a recurring signal in European refined-product markets.
Founded in 1909 as the Anglo-Persian Oil Company, BP grew through the nationalisation of Iranian oil fields, the 1998 merger with Amoco, and the 2000 acquisition of ARCO to become a supermajor. The 2010 Deepwater Horizon disaster in the Gulf of Mexico, which killed 11 workers and released approximately 4.9 million barrels of oil, cost the company over $65 billion in charges and reshaped its safety culture. BP operates across more than 60 countries, producing roughly 2.3 million barrels of oil equivalent per day, with major upstream positions in the Gulf of Mexico, North Sea, Azerbaijan, Iraq, and Oman. It holds a 19.75% stake in Rosneft, though that stake was written down following Russia's invasion of Ukraine in 2022 and BP announced its intention to exit.
BP sits at the intersection of several live Lowdown topics. In European energy markets it is both a crude importer and a product exporter, so refinery utilisation rates are a leading indicator for regional gasoline and diesel spreads. In the energy transition debate BP's strategic reversals illustrate the tension between investor returns and decarbonisation commitments. In geopolitics its Rosneft exposure, Azeri pipeline interests (it operates the BTC pipeline), and Iraqi upstream licences make it a weathervane for how Western oil majors navigate politically volatile regions.
