BP is a large integrated oil and gas company. Its core business is producing, refining, and selling hydrocarbons, with upstream oil and gas driving the majority of earnings and cash flow. BP produces roughly 2.3 million boe/d from assets across the Gulf of America, North Sea, Middle East, Trinidad, Egypt, and the U.S. Lower 48 through its BPX Energy subsidiary. BP sells crude oil and natural gas to refiners, utilities, and trading counterparties, and on the downstream side refines crude into fuels sold through retail service stations, aviation fuel, commercial fuel sales, and its Castrol lubricants brand (of which BP is selling a 65% stake). BP operates three segments: Oil, Gas & Production (upstream exploration and production); Customers & Products (refining, fuel retail, aviation, and lubricants); and Gas & Low Carbon Energy (LNG trading and biogas). BP runs a large integrated trading operation across oil, refined products, LNG, and gas, which management views as a competitive differentiator, consistently delivering an average uplift to group returns. BP's current strategy centers on upstream simplification and growth, bringing 10 major projects online between 2025 and 2027 expected to add ~250,000 boe/d of net peak production, while executing a $20B divestment program to reduce debt. BPX Energy is growing U.S. onshore liquids production at ~7% annually, targeting 650,000 boe/d by 2030. BP is also targeting $5.5B–$6.5B of structural cost reductions by 2027 versus a 2023 baseline.