BP (short for British Petroleum) is one of the biggest oil and gas companies on the planet. In fact, it’s considered a “supermajor”, due to the sheer scale of its revenues and profits. The roots of BP date back to April 1909, when it traded under the original guise of the Anglo-Persian Oil Company.
After its shift to the Anglo-Iranian Oil Company, it was later rebranded to British Petroleum in 1954. Fast forward more than half a century and BP is now one of the biggest producers of oil worldwide. As of 2018, it produced upwards of 3.7 million barrels of oil daily. Based on 2021 revenues, BP was fourth only behind ExxonMobil, Shell and TotalEnergies, making it the fourth-largest investor-owned oil firm worldwide.
The BP (LON: BP) share price has been somewhat volatile through the years. In the early 1990s, the price of BP stock steadily fell to lows of £0.92 in August 1992. It then moved on a bullish trajectory for the remainder of the decade, peaking at £6.51 in September 2000. Like many others, the BP share price experienced a correction in the early 2000s, before another solid rally through to the 2008 global financial crash.
The price of BP shares fell significantly within a matter of weeks in 2010 when it crashed from £6.41 in April 2010 to lows of £3.22 in July 2010 – effectively halving in value. This was largely attributed to the Deepwater Horizon oil spill, which saw 4.9 million barrels of oil leaked into the Gulf of Mexico. It experienced a similar fall following the onset of the Covid-19 pandemic, when it fell from £4.70 in February 2020 to £2.05 in October 2020.
We’ve already briefly touched upon some of BP’s major competitors in the oil and gas industry. In 2021, ExxonMobil had the highest revenues out of all investor-owned oil giants globally. That’s followed by Shell and TotalEnergies.
Other oil and gas ‘supermajors’ include Chevron, which posted very similar revenues to BP for the last trading year. The likes of Phillips 66, Valero and Eni comprise the remainder of the ‘supermajors’.
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