bp PLC operates oil & gas fields, pipeline facilities, petroleum refineries, petrochemical plants, and fuel stations with assets in 70 countries. Subsidiaries include Olympic Pipeline and Chicap Pipeline. Operations are organized into three business units: Upstream, Downstream, and Rosneft. Regional offices are located in Houston and Aberdeen. Common and preferred shares are listed on the LON (BP and BP-B) and NYSE (BP) exchanges.
Anglo-Persian Oil Co. (APOC) was established in 1909 as a subsidiary of Burmah Oil after the 1908 discovery of petroleum in Iran following the 1901 exploration concession to William Know D'Arcy of London in 1901. In 1913, the British government acquired a controlling interest of 50.0025%, and the company acquired the British Petroleum (BP) in 1916 which was the distribution arm of the German company European Petroleum Union (EPU). APOC acquired a controlling interest in EPU in 1929 and the remaining interests in 1931. APOC's name was changed to Anglo-Iranian Oil Co. (AIOC) in 1935 which then become British Petroleum in 1954 following the 1951 nationalization of Iran's oil assets.
Burmah acquired lubricant maker Castrol in 1966, and BP acquired the chemicals and plastics assets of The Distillers in 1967. In 1969, the company acquired the east coast refining assets of Sinclair Oil. Canadian gasoline company Supertest Petroleum was acquired in 1971. The British government sold a 17% stake in the company in 1977. The company acquired a controlling share in Standard Oil of Ohio (Sohio) in 1978, and the government sold an additional 5% stake in 1979. The company acquired an eastern US refinery and gas stations as a condition for approval Chevron's acquisition of Gulf Oil in 1985. In 1987, the government's remaining 31.5% stake was sold, and the remaining 45% share in Sohio was acquired.
British Petroleum acquired Amoco in 1998 to form BP Amoco. In 2000, the group acquired Arco and Burmah Castrol and was renamed BP. A deadly explosion at the Texas City refinery resulted in a large OSHA fine in 2005, and the Deepwater Horizon oil spill in 2010 resulted in the divestiture of many assets to pay for damages. Bernard Looney became CEO in 2020 along with new CFO Murray Auchincloss.