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BP, or British Petroleum, is one of the largest oil and gas companies in the world. The company’s oil and gas industry operations include but aren’t limited to exploration, production, refining and distribution. Headquartered in London, England, BP operates in 80 countries, employing 84,500 to produce 3.2 million barrels of oil per day. BP distributes under the following brands, BP, Castrol, AMPM and Arol.
BP came under worldwide scrutiny in April 2010 when its oil rig, The Deepwater Horizon, exploded, killing 11 people and causing the largest oil spill ever seen in United States waters. The oil spill continued until July of 2010 and it is estimated that 4.9 million barrels of oil had been released into the Gulf of Mexico. BP was held accountable for the accident and was made to pay approximately $53.8 billion to compensate for the disaster which included fines, penalties, and economic claims made by affected states.
The Deepwater Horizon disaster called attention to the need for stricter safety guidelines and since the accident, the United States has instituted new oversight committees as well as regulations on the use of safety management systems.
BP is featured on the New York Stock Exchange under the symbol BP. After the Deepwater Horizon disaster, its stock dropped drastically. In the following years, it somewhat recovered but is affected by the rise and fall of gas prices.