Company News

bp Reports 7% Growth in Strategic Convenience Sites in Fourth Quarter

When including TravelCenters of America data, that number reached 60%
bp fourth quarter earnings
Photograph: Shutterstock

bp had $13.8 billion in annual profit in 2023, which is half of what it was in 2022—$27.7 billion.

After bp’s acquisition of TravelCenters of America in February 2023, the company added 288 travel centers to its portfolio and delivered more than 60% growth in convenience gross margin year over year. But excluding TravelCenters of America, bp still had 7% growth in strategic convenience sites in the fourth quarter.

Excluding TravelCenters, the company maintained underlying growth of 9% year-over-year, despite recessionary forces. The growth was underpinned by customer offers driving stronger margin mix, continued roll-out of strategic conveniences sites and strategic convenience partnerships.

  • BP America Inc./Thorntons is No. 7 and TravelCenters of America is No. 29 on CSP’s 2023 Top 202 ranking of U.S. convenience-store chains by store count.

“Looking back, 2023 was a year of strong operational performance with real momentum in delivery right across the business,” said Murray Auchincloss, CEO of bp. “And as we look ahead, our destination remains unchanged—from IOC [international oil company] to IEC [integrated energy company]—focused on growing the value of bp. We are confident in our strategy, on delivering as a simpler, more focused and higher-value company, and committed to growing long-term value for our shareholders.”

The reported profit for the fourth quarter was $0.4 billion, compared with $4.9 billion for the third quarter 2023.

In terms of bp’s electrification initiative, it had a 35% increase in number of charge points and 150% increase in energy sales volume. bp pulse, the company’s electric vehicle charging company, plans to invest $1 billion in EV charging in the United States by 2030, with about $500 million approved for next two to three years. bp also has an agreement with Tesla for the future purchase of $100 million of ultra-fast chargers. bp pulse has already installed more than 27,000 charge points and aims to roll out more than 100,000 globally by 2030, the company said.

bp’s goals in convenience through 2025 are focused on the rollout of strategic convenience sites supported by customer offers, strategic partnerships and digital investment. It also aims to integrate TravelCenters of America, realizing deal synergies.

The company has had several recent leadership changes, with Auchincloss becoming CEO in January, and Kate Thomson taking on the role of chief financial officer in February.

Chicago-based bp owns convenience-store brands ampm and Thorntons. In May, it completed its acquisition of TravelCenters of America, Westlake, Ohio. Bpx, bp’s U.S. onshore oil and gas business, began operating as a standalone entity in 2015.

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