BP p.l.c. operates as an integrated oil and gas company. The company owns 19.75% of the voting shares of OJSC Oil Company Rosneft (Rosneft), a Russian oil and gas company. Segments As of December 31 2015, the company had three segments, such as Upstream, Downstream and Rosneft. Upstream This segment is responsible for the company’s activities in oil and natural gas exploration, field development and production, and midstream transportation, storage and processing. The company also markets and trades natural gas, including liquefied natural gas (LNG), power and natural gas liquids (NGLs). In 2015, the company’s activities took place in 25 countries. With the exception of the company’s US Lower 48 onshore business, the company delivers its exploration, development and production activities through five global technical and operating functions, such as the exploration function is responsible for renewing its resource base through access, exploration and appraisal, while the reservoir development function is responsible for the stewardship of its resource portfolio over the life of each field; the global wells organization and the global projects organization are responsible for the execution of wells (drilling and completions) and major projects; and the global operations organization is responsible for operations, including upstream production assets and midstream transportation and processing activities. The US Lower 48 began operating as a separate onshore business in 2015. The company’s oil and natural gas production assets are located onshore and offshore and include wells, gathering centers, in-field flow lines, processing facilities, storage facilities, offshore platforms, export systems (transit lines), pipelines and LNG plant facilities. These include production from conventional and unconventional (coalbed methane and shale) assets. The principal areas of production are Angola, Argentina, Australia, Azerbaijan, Egypt, Iraq, Trinidad, the UAE, the U.K. and the U.S. Gas Marketing and Trading Activities: The company’s integrated supply and trading function markets and trades its own and third-party natural gas (including LNG), power and NGLs. This provides the company with routes into liquid markets for the gas it produces and generates margins and fees from selling physical products and derivatives to third parties, together with income from asset optimization and trading. The company’s upstream marketing and trading activity primarily takes place in the U.S., Canada and Europe and supports group LNG activities, managing market price risk and creating incremental trading opportunities through the use of commodity derivative contracts. Strategy: The company’s strategy includes the following: a continued focus on safety and the systematic management of risk; prioritizing value over volume; disciplined investment in a balanced portfolio of opportunities, in deep water, gas value chains, giant fields and unconventionals; and strong relationships built on trust, mutual advantage, deep knowledge of the basins in which the company operates. Downstream This segment has global manufacturing and marketing operations. It is the product and service are made up of three businesses, such as fuels, lubricants, and petrochemicals. Fuels: This business includes refineries, fuels marketing and convenience retail businesses, together with global oil supply and trading activities that make up the company’s fuels value chains. The company sells refined petroleum products, including gasoline, diesel and aviation fuel. Lubricants: This business manufactures and markets lubricants and related products and services globally, adding value through brand, technology and relationships, such as collaboration with original equipment manufacturing partners. Petrochemicals: This business manufactures, sells and distributes products, that are produced mainly using proprietary BP technology, and are then used by others to make essential consumer products, such as paint, plastic bottles and textiles. The company also licenses its technologies to third parties. Refining: As of December 31, 2015, the company o
bp plc (BP/:London)
1 St James's Square
London, SW1Y 4PD
Phone: 44 20 7496 4000
Fax: 44 20 7496 4630www.bp.com
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