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About BP p.l.c
BP p.l.c. is a British multinational oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by 2011 revenues and one of the six oil and gas “supermajors”. It is vertically-integrated and is active in every area of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading. It also has major renewable energy activities, including in biofuels, hydrogen, and wind power.
BP has operations in over 80 countries, produces around 3.8 million barrels of oil equivalent per day and has 22,400 service stations worldwide. Its largest division is BP America, which is the biggest producer of oil and gas in the United States and is headquartered in Houston, Texas. As at 31 December 2010 BP had total proven commercial reserves of 18.07 billion barrels of oil equivalent. The name “BP” derives from the initials of one of the company’s former legal names, British Petroleum.
BP has been involved in a number of major environmental and safety incidents and received criticism for its political influence. In 1997 it became the first major oil company to publicly acknowledge the need to take steps against climate change, and in that year established a company-wide target to reduce its emissions of greenhouse gases. BP currently invests over US$1 billion per year in the development of renewable energy sources, and has committed to spend US$8 billion on renewables in the 2005 to 2015 period.
BP has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalisation of £87.1 billion as of 26 December 2011, the fourth-largest of any company listed on the London Stock Exchange. It has a secondary listing on the New York Stock Exchange.