BP’s business portfolio is heavily weighted toward the US, placing the country front and center of its newfound growth strategy.
The major's big US downstream exposure comes with risks, however — as shown by the impact of a power outage at its Midwest Whiting refinery last year.
The Issue
Whether BP’s long-term future will see the UK major press ahead with its new — less transition-focused — strategy as the smallest Western supermajor or fall prey to a bigger competitor, one thing is clear: The US sits at the heart of BP's global upstream, downstream and low-carbon strategies. The country is set to account for roughly 40% of BP's upsized oil and gas production profile in 2030, is home to roughly half its global refining capacity and hosts significant solar, carbon capture and hydrogen investments. It is no wonder that the UK major brands itself so strongly as a significant "US" company on that side of the Atlantic.
Top-Tier US Oil and Gas Producer
