BP

The event of BP's first oil discovery in 1901.

The Anglo-Persian Oil Company, later known as BP PLC, was established on April 14, 1909. It was formed to take over and finance an oil-field concession granted by the Iranian government to an English investor, William Knox D’Arcy.

In April 1911, a 145-mile pipeline running from a new pumping station at Tembi to the banks of the Bahmashir River at Abadan was completed, with construction of a refinery underway.

In April 1912, the first shipment of crude oil left Abadan bound for purchaser Royal Dutch-Shell.

In 1914, the Anglo-Persian Oil Company signed a significant deal with the British government to supply the navy with oil over 20 years in exchange for £2 million and a majority shareholding.

In response to Royal Navy complaints about engine problems caused by their oil in colder climates, Anglo-Persian purchased an 18th-century mansion at Sunbury-on-Thames near London and established a research laboratory in the basement to address scientific challenges.

In 1935, the Anglo-Persian Oil Company was renamed as the Anglo-Iranian Oil Company.

Under pressure from the United States, BP was forced to accept membership in a consortium of companies to bring Iranian oil back on the international market. The consortium included British Petroleum, Gulf Oil, Royal Dutch Shell, and Compagnie Française des Pétroles.

In 1978, BP acquired majority control of Standard Oil of Ohio.

In the first quarter of 2001, BP adopted the marketing name of BP, introduced the 'Helios' symbol, and launched the corporate slogan 'Beyond Petroleum' to emphasize their focus on fossil fuels and transitioning to a lower carbon footprint.

In March 2005, the Texas City refinery owned by BP exploded, resulting in 15 deaths, 180 injuries, and significant damage to the plant. The explosion was caused by a hydrocarbon overflow igniting a vapor cloud, highlighting management failures and safety deficiencies.

An employee from Halliburton advised BP via email that 21 centralisers were needed to center the drill pipe at Macondo Prospect in the well, and highlighted a 'severe risk' of a natural gas leak with only six centralisers in place. Despite the warning, the BP manager proceeded with only six centralisers.

The Deepwater Horizon oil spill in the Gulf of Mexico was a major industrial accident that occurred on 20 April 2010. The explosion resulted in the largest accidental marine oil spill in history, causing significant environmental and economic damage.

On April 21, 2010, the U.S. Coast Guard notified NOAA of the Deepwater Horizon spill, leading to the issuance of the first oil spill trajectory forecast. Despite ongoing search and rescue efforts, the fire continued to rage.

The Deepwater Horizon drilling rig sank to the bottom of the Gulf of Mexico at around 10:30 a.m. Central Time, in approximately 5,000 feet of water.

An explosion on an oil rig off the coast of Louisiana resulted in 11 deaths and a massive oil spill in the Gulf of Mexico. The oil rig was leased by BP.

The first controlled burn of floating oil took place on April 28, 2010, as a measure to address the oil spill. Throughout the response, a total of 411 controlled burns were initiated.

From May 26 to May 28, BP attempted to plug the oil leak in the Gulf of Mexico by pumping mud into the well, known as a 'top kill.' Unfortunately, the procedure was unsuccessful.

BP starts its third attempt to contain the oil leak from the well using a Lower Marine Riser Package (LMRP) Cap Containment System. Despite efforts, oil continues to leak from the Top Cap and reach the surface.

On July 10, 2010, BP successfully installed a new containment cap with a tighter seal, known as a capping stack, to stop the oil leak from the riser in the Gulf of Mexico.

At 2:25 p.m. (CT) on July 15, 2010, BP closed the valves on the new containment cap, effectively stopping the oil from leaking out of the riser in the Gulf of Mexico.

On August 2, 2010, the process of static kill, aimed at sealing the well permanently by pumping heavy drilling mud into it, commenced as part of the efforts to contain the oil spill in the Gulf of Mexico.

Environmental organizations file lawsuits against BP, demanding compensation for the damages caused to wildlife and habitats as a result of the oil spill.

The Department of Justice filed a civil and criminal suit against BP and other defendants for violations under the Clean Water Act in the U.S. District Court for the Eastern District of Louisiana. The case was consolidated with about 200 others, including those brought by state governments, individuals, and companies under Multi-District Litigation docket MDL No. 2179.

On January 11, 2011, the Presidential commission released its final report titled 'Deep Water: The Gulf Oil Disaster and the Future of Offshore Drilling'. The report was made public to address the aftermath of the disaster.

Starting on February 17, 2011, the restoration scoping process commenced to assess the environmental impact and plan for the restoration efforts following the Gulf Oil Disaster.

On March 3, 2011, Louisiana took legal action against BP and its associates, demanding $1 million per day for the harm caused.

In April 2011, BP filed a lawsuit against Transocean, claiming that the accident would not have occurred without the latter's 'misconduct'.

On April 21, 2011, BP allocated $1 billion to trustees for early restoration projects in response to the Gulf Oil Disaster, aiming to kickstart the restoration process.

By April 26, 2011, businesses and individuals suing BP were granted permission to pursue punitive damages for economic and environmental losses.

On November 14, 2011, a judge ruled that BP must address claims of negligence and product liability under maritime law from Louisiana and Alabama.

On 2 March 2012, BP and businesses and residents affected by the spill reached a settlement of roughly 100,000 suits claiming economic losses. BP estimated that the settlement cost more than $9.2 billion.

BP reaches a $4 billion settlement agreement for all criminal charges associated with the spill.

Barbier grants the final approval for the economic component of BP's $7.8 billion settlement.

Barbier gives the ultimate approval for the medical segment of BP's $7.8 billion settlement.

US District Judge Carl Barbier and BP attorneys agreed in March to a trial date of January 20 to decide on the fines BP will pay in relation to the oil spill. The trial was postponed from the original summer date due to the extensive evidence being presented by both parties.

In February 2013, BP won approval for a guilty plea to resolve 14 criminal charges related to the oil spill. They paid $4.53 billion in penalties and fines, including $525 million to the SEC for securities violations.

On April 14, 2014, the assessments of shorelines were finished after four years. Up to 18 SCAT teams conducted ground surveys covering over 4,300 miles of shoreline.

By January 15, 2015, the final count of the spill reached 134 million gallons, indicating the extent of the environmental disaster caused by the incident.

As of December 2018, BP holds a 19.75% stake in Russia's state-controlled oil company Rosneft.

On 20 September 2022, a fire at BP's Husky Toledo refinery caused the death of two workers there. The refinery's shutdown was expected to increase American petrol prices.