BP

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

Following February 2025 strategy reset, bp now intends to make selective, disciplined, capital-light investments in renewables partnerships. Took full ownership of Lightsource bp in 2024 (which has delivered more than 12GW to FID since inception) and announced in 2025 the intention to bring in a strategic partner. In August 2025 formed JERA Nex bp, a 50:50 offshore wind JV. Some bp offices (Singapore, Ghent) procured renewable energy certificates to cover their energy use; Archaea Energy purchased RECs equivalent to 125ktCO2e of Scope 2 savings.

bp's removals approach centers on engineered CCS rather than nature-based removals. With partners, bp is progressing the Northern Endurance Partnership (CO2 transport and storage in the UK North Sea) and Net Zero Teesside Power (potentially world's first gas-fired power station with carbon capture). The Tangguh UCC project in Indonesia will include enhanced gas recovery via CCUS. bp notes that 'abatement' for net zero may include 'netting by means of offsets as necessary'. No volumes of durable removals retired are disclosed.

• Bioenergy expansion (Archaea RNG, bp bioenergy Brazil, SAF)

  Biofuels production grew ~19% YoY in 2025 driven by full ownership of bp bioenergy (Brazil). Archaea Energy started up 8 new RNG landfill plants in 2025 (19 added since 2023, totaling 18 million mmBtu/yr capacity). SAF delivered to 60+ locations across 22 countries. January 2026 launched Etlas, 50:50 JV with Corteva to develop feedstocks aiming for 800,000 tonnes biofuels equivalent by mid-2030s.

• Portfolio high-grading and divestments

  Divestments contributed 18MtCO2e of the cumulative reduction since 2019 baseline. In 2025 bp announced intention to sell Gelsenkirchen refinery in Germany as part of focusing on most resilient assets. Going forward, portfolio optimization is a key driver toward the 45-50% 2030 reduction aim.

• Operational efficiency: refining and upstream energy efficiency

  2025 emissions/energy efficiency reviews completed in 4 production regions (North Sea, Oman, Egypt, Asia Pacific) and 3 refineries (Gelsenkirchen, Castellón, Cherry Point). Projects delivered ~144ktCO2e via flare optimization at Tangguh (45kt), pneumatic controller electrification at bpx energy (80kt), absorbent upgrades at Cherry Point (28kt annualized).

• Methane reduction across operated oil & gas assets

  Methane intensity reached 0.04% in 2025 vs 0.20% target (per OGCI methodology). bp deploys real-time measurement (drone/aircraft top-down surveys, predictive emissions monitoring on gas turbines), retains OGMP 2.0 Gold status, and pursues zero routine flaring by 2030 under the World Bank initiative. 2025 methane abatement projects delivered ~30ktCO2e reductions (pneumatic controller replacement, electrification, leak repair at bpx energy).

• Castrol re-refined base oils (MORECircular)

  Castrol's MORECircular programme diverts used oil to re-refining via partner Safety-Kleen (US launch 2024; now in Türkiye, pilots in UK/Germany). In 2025 ~3 million litres of used oil sent for re-refining. A major car manufacturer adopted Castrol EDGE with 50% re-refined base oils as factory-fill engine oil — Castrol's first factory-fill product containing RRBO.

• Green hydrogen at refineries (Castellón, Lingen)

  In 2025 bp focused on delivering two green hydrogen projects sanctioned in 2024: 50:50 JV with Iberdrola at Castellón refinery (Spain, start-up 2026) and the Lingen refinery green hydrogen project (Germany, start-up 2027). Portfolio has been high-graded to jurisdictions with adequate regulatory frameworks and confirmed demand. Secured EU funding for the Lingen project working with the German Federal Ministry for Economic Affairs and Climate Action.

• EV charging network growth (>41,000 charge points; 1.5TWh sold)

  In 2025 bp sold more than 1.5TWh of energy via EV charging and increased charge points to more than 41,000 globally across four key markets. Aral pulse has charged more than 5 million EVs since 2020; new ultra-fast charging hubs opened at major US airports. Power and heat sales totaled 84TWh in 2025.