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>

Global 500

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>

Fortune 500 Europe

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.

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Biden stirs anger on all sides with oil and gas lease sales in Gulf of Mexico: ‘Showing the world that it’s OK to prioritize polluters’

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