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.

Inside Standard Oil of Ohio's wagon works in Cleveland in 1910.

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.

Volume production of Persian oil products commenced in 1913 from a refinery constructed at Abadan, which was the largest oil refinery globally for the first 50 years.

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 1916, the Anglo-Persian Oil Company purchased a Georgian mansion in Sunbury-on-Thames, England, to establish a research center focused on oil-refining.

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.

By 1918, the British Tanker Company, a subsidiary established in 1916, had expanded its capacity to 150,000 tons across five tankers, enhancing its role in the transportation of oil.

In 1923, women were depicted filling BP cans at a factory in Hackney Wick, England, showcasing the changing roles and opportunities for women in the workforce during that time.

After reformation following World War I, the Iraq Petroleum Company struck a massive oil reserve at Kirkuk, Iraq in 1927.

In 1932, BP and Shell merged their U.K. market operations to form Shell-Mex.

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.

On January 1, 1955, Seubert retired as president and chief executive officer of the company.

In 1959, British Petroleum expanded to Alaska and discovered oil at Prudhoe Bay, which was a significant development in the company's oil exploration endeavors.

Since a five-letter name was easier for motorists to note, in 1961 the company began to replace the brand name American with Amoco.

In December 1965, Britain's first oil rig, Sea Gem, capsized resulting in crew fatalities.

The Torrey Canyon oil spill in 1967, involving a ship chartered by British Petroleum, resulted in a major environmental disaster off the English coast, causing Britain's worst-ever oil spill.

In 1969, British Petroleum entered the United States by acquiring the East Coast refining and marketing assets of Sinclair Oil Corporation, marking its expansion into the American market.

In 1971, British Petroleum's oil assets were nationalized in Libya, leading to significant changes in the company's operations in the region.

In 1975, British Petroleum's oil assets were nationalized in Kuwait, impacting the company's presence in the Middle East.

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

Following the Islamic Revolution in Iran in 1979, Ayatollah Khomeini's regime nationalized all of British Petroleum's assets in the country without compensation, resulting in a significant loss for BP.

In 1982, BP Canada's downstream assets were sold to Petro Canada.

In 1984, Standard Oil of California was renamed the Chevron Corporation, which later bought Gulf Oil in the largest merger at that time.

On 19 October 1987, Prime Minister Margaret Thatcher authorised the sale of GBP7.5 billion ($12.2 billion) of BP shares at 333 pence, representing the government's remaining 31% stake in the company.

In October 1988, the British Department of Trade and Industry required the Kuwait Investment Office to reduce its shares in BP to 9.6% within 12 months.

British Petroleum entered the Russian market in 1990 and opened its first service station in Moscow in 1996.

In 1992, British Petroleum entered the Azerbaijani market.

BP Exploration & Production Inc. was established in 1996 as a Houston-based subsidiary of BP, focusing on oil exploration and production.

BP, a member of the Global Climate Coalition, withdrew from the organization in 1997, stating that the time to address climate change is when the possibility cannot be discounted. This marked a shift in BP's stance on climate change.

In December 1998, British Petroleum merged with Amoco, becoming BP Amoco plc.

In September 1999, BP Exploration Alaska pleaded guilty to illegally dumping hazardous wastes on the Alaska North Slope, resulting in significant fines and penalties. This incident highlighted BP's environmental violations.

In 2000, BP Amoco acquired Atlantic Richfield Co. (ARCO) and Burmah Castrol.

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 2002, Lord John Browne, the group chief executive of BP at the time, publicly acknowledged the reality of global warming and emphasized the need for urgent action. This statement was significant in highlighting BP's stance on climate change.

On 1 September 2003, BP and a group of Russian billionaires announced the creation of a strategic partnership to jointly hold their oil assets in Russia and Ukraine, forming TNK-BP.

BP operated in Singapore until 2004 when it sold its retail network of 28 stations and LPG business to Singapore Petroleum Company (SPC). It also sold its 50% in SPC.

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.

On April 25, 2006, OSHA fined BP for unsafe operations at the Oregon refinery, citing multiple violations.

In 2007, 143 workers at the Texas City refinery claimed injuries due to a toxic substance release. A federal jury awarded ten workers punitive damages, although the final award was reduced in a subsequent ruling.

On 17 September 2008, a gas leak was discovered at the Central Azeri platform in the Azeri oilfield in the Caspian Sea. The leak led to the shutdown of the platform and evacuation of staff.

In 2009, BP spent nearly $16 million lobbying the U.S. Congress, showcasing its efforts to influence political decisions and policies in the United States.

BP was instructed to take responsibility for specific claims made against Halliburton, amounting to $40 billion in expenses related to cleaning up and economic losses.

The United States government proposed fines of up to $4,300 per barrel for the more than four million barrels of oil spilled during the BP oil spill.

Investors accused BP of deceiving them regarding the company's ability to respond to the oil spill both before and after the incident, leading to fraud allegations.

On April 15, 2010, events leading up to the BP disaster case unfolded. This date marks a significant moment in the timeline of the BP oil spill incident.

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.

Three containment domes designed to collect most of the oil are deployed and then removed due to hydrate buildup making them ineffective.

BP inserts a pipe in the riser to siphon off some of the spilling oil to be collected on a vessel on the surface.

President Barack Obama announced the creation of the bipartisan National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling.

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.

On May 30, 2010, a six-month moratorium was imposed on all drilling activities at water depths exceeding 500 feet in the Gulf of Mexico and the Pacific Ocean.

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.

BP creates a $20 billion fund to compensate for damages caused by the oil spill, as a response to the numerous lawsuits filed against the company within a short period.

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.

A panel of judges orders that all claims related to the BP oil spill should be presented to a single judge, US District Judge Carl Barbier in New Orleans, streamlining the legal process.

On August 16, 2010, the last trajectory forecast was issued by NOAA during the response to the BP oil spill.

On September 13, 2010, restoration planning for the BP oil spill began as trustees released a Notice of Intent to Conduct Restoration Planning.

On September 19, 2010, the well involved in the BP oil spill was officially sealed, but cleanup efforts continued.

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.

Barbier postpones the beginning of the trial until February 25 following further oil contamination discovered off the Gulf Coast after Hurricane Isaac.

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.

In November 2016, BP settled a lawsuit for $14 million with Santa Barbara County District Attorney over allegations of violating state laws regarding operating and maintaining motor vehicle fuel underground storage tank laws.

In April 2017, BP reached an agreement to sell its Forties pipeline system in the North Sea to Ineos for $250 million.

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

On January 1, 2019, Helge Lund took over as the chairman of BP Plc board of directors, succeeding Carl-Henric Svanberg.

On February 5, 2020, Bernard Looney succeeded Bob Dudley as the chief executive of BP.

On June 29, 2020, BP sold its petrochemicals unit to Ineos for $5 billion, focusing on aromatics and acetyls.

On June 30, 2020, BP sold all its Alaska upstream operations and interests, including Prudhoe Bay Oil Field, to Hilcorp for $5.6 billion.

On December 14, 2020, BP sold its 49% stake in the Trans-Alaska Pipeline System to Harvest Alaska.

On February 1, 2021, BP signed a deal to sell a 20% participating interest in Block 61 in Oman to Thailand's PTT Exploration and Production Public Company Ltd. for $2.6 billion.

On 13 July 2021, BP announced it will acquire ArcLight Capital Partners' share of Thorntons, and thus fully own the convenience store company. The deal is expected to close later in the year.

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.

In February 2023, BP reported record annual profits for the year 2022, the biggest in the company's 114-year history.

In April 2023, BP launched a new oil rig named the Argos in the Gulf of Mexico, expanding its operations in the region.

After 10 years of force majeure, BP, Eni, and Sonatrach resumed exploration in their blocks in the Ghadames Basin and offshore Block C in August 2023.

BP increased its dividend by 10% year-on-year in early 2024 and accelerated share buybacks, aiming for a $3.5 billion buyback in the first half of the year.

BP expects its oil and gas production to fall by at least one million barrels a day by 2030, a 40% reduction on 2019 levels. The reduction excludes non-operated production and BP's stake in Rosneft.