The European edition of the Fortune 500, ranking companies by revenue.

Fortune 500 Europe

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Fortune Global 500

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The trading name British Petroleum was originally devised by a German firm to market its products in the U.K. The Anglo-Persian Oil Company, from which modern-day BP descends, bought the name after the British government seized it in the First World War. The energy major survived Iran’s oil nationalization in the 1950s, later merging with several large U.S. businesses including oil firm Amoco and gas station chain ARCO. Surviving costly setbacks from the 2010 Deepwater Horizon oil spill and the loss of its 20% stake in Russia’s Rosneft after the 2022 invasion of Ukraine, BP is now navigating the energy transition. The London-headquartered firm has been relatively aggressive at pivoting away from oil production to lower carbon activities, predominantly retail sales, oil refinery and trading, natural gas and lubricants (under the brand Castrol), although it also has a growing renewables portfolio.

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

G500-2023-BP

Like most oil and gas producers, the second largest British company on the Global 500 enjoyed a revenue surge in 2022. On paper, however, it registered a net loss of $2.5 billion for the year—reflecting a write-down of its assets in Russia. 
<ul> 
 	<li>In May 2022, BP reported a $25.5 billion write-off of its 20% holding in Rosneft, the Russian oil producer. Those assets essentially became valueless as Western nations imposed sanctions on Russia after the country's invasion of Ukraine.</li> 
 	<li>In February 2023, BP agreed to a $1.3 billion purchase of TravelCenters of America, a truck fueling network in the U.S.</li> 
 	<li>BP angered climate activists when it walked back some of its climate goals in February, cutting its targets for carbon-dioxide emissions reduction by the end of the decade from 35%-40% to 20%-30%. BP said it was lowering those targets because needed to continue investing in oil and gas to meet demand.</li> 
</ul>

The first-ever European edition of the Fortune 500, ranking companies by revenue. 

F500-Europe-BP

Like most oil and gas companies, the British energy giant recorded a revenue surge in 2022. On paper, however, it registered a net loss of $2.5 billion—reflecting the $25.5 billion write-down of its 20% stake in Russian oil producer Rosneft. The value of its holding collapsed after Western sanctions were imposed on Russia following the country’s invasion of Ukraine.   
<ul> 
 	<li data-leveltext="●" data-font="Verdana" data-listid="114" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Verdana&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;●&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" data-aria-posinset="1" data-aria-level="1">In September 2023 Bernard Looney resigned as CEO after a whistleblower alerted the board to historic relationships with colleagues. Interim CEO Murray Auchincloss has asserted that the company remains committed to Looney’s strategy to cut oil and gas production 40% by 2030 as it transitions to relatively cleaner forms of energy.    </li> 
 	<li data-leveltext="●" data-font="Verdana" data-listid="114" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Verdana&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;●&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" data-aria-posinset="2" data-aria-level="1">In February 2023 BP agreed to the $1.3 billion acquisition of TravelCenters of America. The purchase is expected to add a network of over 280 full-service truck stops and travel centers across 44 U.S. states.</li> 
</ul>

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

G500 2022-35-BP

BP has slid 17 spots down the Global 500 this year, but that slide belies some good results as it bounced back from the pandemic. The company reported a net profit of $12.8 billion for fiscal 2021–its largest net profit in eight years. The rising demand for oil spurred by travel after pandemic restrictions lifted in 2021 drove up prices. Russia’s invasion of Ukraine in February 2022 created a global energy shortage that drove prices up even further. The firm’s underlying replacement cost profit hit $6.2 billion in the first quarter of 2022, beating analyst projections. BP also invested $2.5 billion in share buybacks. However, the British oil and gas behemoth also recorded a writedown of $20.4 billion after divesting its nearly 20% stake in Russian-controlled oil company Rosneft.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

G500-2021-018-BP

The legacy oil and gas giant fell 10 spots on the Global 500 this year as COVID-19 ripped through the energy industry, decimating profits. The company lost $20.3 billion in 2020, cut its dividend for the first time since the disastrous Deepwater Horizon spill a decade earlier, and announced it would lay off 10,000 employees. Meanwhile, it was a landmark year for the company’s climate goals: CEO Bernard Looney announced BP would target net-zero by 2050, and he started laying out how to get there—including cutting oil and gas production 40% by 2030.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-008-BP

The British energy giant fell one spot on this year’s list, as revenue dropped 7% to $283 billion, and profits dropped 57% to $4 billion, thanks to weak oil prices. So far 2020 has been marked by hits and misses. In February, BP’s new CEO, Bernard Looney, said it would become one of the first major oil and gas companies to target net-zero emissions by 2050, and that the company has since begun to lay out its plan to reduce emissions. It's still struggling with the COVID hit to energy demand, however. In June the company announced plans to lay off 10,000 employees and write off $17.5 billion in assets.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

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World's Most Admired Companies

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

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British Petroleum, known as BP, is an integrated global energy company headquartered in London, specialising in oil and gas exploration, production, refining, and renewable energy investments. Founded over a century ago, BP plays a major role in providing energy solutions worldwide with significant operations in Europe, the United States, and Asia.

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