| Metric | Details |
|---|---|
| Parent Company | BP p.l.c. |
| Credit Ratings | S&P: A- (Stable) / Moody’s: A1 / Fitch: A+ |
| Sector | Energy / Convenience & Gas |
| Retail Brands | bp, Amoco, ARCO, Aral, Thorntons and TravelCenters of America, among others (2025 Form 20-F) |
| Median asking cap rate | Too few current BP / AMOCO listings to report; see comparable tenants below |
| Typical Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies (BP entity, dealer or franchisee); confirm in the lease |
| Stock Ticker | BP (NYSE / LON) |
| Annual Revenue | ~$192.5B total revenues and other income (BP plc, FY2025) |
BP / AMOCO Business Overview & NNN Investment Profile
BP plc is an integrated energy company headquartered in London, with US retail sites operating under brands that include bp and Amoco. BP’s retail sites include company-owned sites and sites operated under the bp brand by dealers, jobbers, franchisees, brand licensees and joint venture partners. The AMOCO brand came to BP through its merger with Amoco Corporation, completed on December 31, 1998.
BP plc carries A-/A1 long-term investment grade credit ratings from S&P and Moody’s. It is an integrated energy company with refining, retail and production operations globally. For NNN investors, the critical distinction is which entity signs or guarantees the lease: BP plc, a BP subsidiary such as BP America Inc. or BP Products North America Inc., or a franchisee or dealer, which determines whose credit backs the rent.
A BP or AMOCO NNN property carries BP plc’s credit only if BP plc signs or guarantees the lease; BP plc’s ratings do not automatically extend to a subsidiary, dealer or distributor.
BP / AMOCO Credit Rating Analysis
Source: S&P Global Ratings A-, Stable, as of March 6, 2026; Moody’s A1, as of March 6, 2026; Fitch Ratings A+, as of March 6, 2026. Ratings checked October 8, 2026.
BP reported total revenues and other income of $192.5 billion and profit for the year of $1.3 billion for 2025, and net debt of $22.2 billion at December 31, 2025 (Form 20-F); in 2025 it said it focused its low carbon energy portfolio. BP America Inc. is a wholly owned US subsidiary of BP; confirm in the lease whether it, another BP entity or a dealer is the tenant or guarantor.
Investors underwriting BP/AMOCO NNN leases should review the specific guarantee language in the lease agreement, confirm the guarantor entity, and independently verify current credit ratings. Investment-grade credit ratings at the A-/A1 level describe the rated entity’s capacity to meet its own financial commitments, not the performance of a specific site or a lease it has not signed or guaranteed.
BP / AMOCO NNN Lease Structure
Lease terms, renewal options and expense responsibilities on BP and AMOCO sites vary. Confirm in the lease who pays property taxes, insurance, maintenance and environmental compliance, which matters for fuel retail properties given environmental monitoring obligations.
On a ground lease the tenant often owns the improvements during the term, which reduces landlord capital exposure; confirm improvement ownership, rent escalations and the guarantor in the lease.
Dealer-guaranteed BP/AMOCO leases require independent dealer credit evaluation. Dealers do not carry BP plc’s ratings, so evaluate the dealer’s own financial statements. Buyers should clearly understand which guarantee structure applies before proceeding.
BP / AMOCO NNN Cap Rate & Pricing Trends
Live asking cap rates for BP / AMOCO and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Murphy USA | BB+ / n/a | 5.00% | 4.85% to 5.00% | 9 | −24 bps |
| Circle K (rated entity: Alimentation Couche-Tard Inc.) | BBB+ / Baa1 | 5.12% | 5.00% to 5.50% | 36 | −13 bps |
| 7-Eleven | A- / Baa2 | 5.15% | 4.93% to 5.50% | 147 | −9 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 12, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: BP.
Store size, site condition, traffic and location all affect pricing; compare a specific property with the live table.
BP / AMOCO Real Estate Footprint
BP’s retail sites are primarily branded bp, ARCO, Amoco, Aral, Thorntons and TravelCenters of America (2025 Form 20-F). In 2025 BP exited around 5% of its company-owned retail sites as part of a plan to exit around 10% by 2027, which can affect how many BP-owned sites come to market.
BP / AMOCO Growth & Expansion Outlook
BP’s 2025 Form 20-F says its bp pulse EV charging investment now focuses primarily on four core markets, Germany, the UK, China and the US, using its retail network to maximize returns, and that it opened new ultra-fast charging hubs at major airports in the US. Whether a specific site has EV chargers, and who owns them, should be confirmed in the lease and a site inspection.
BP is also selling some retail businesses outside the US: in 2025 it completed the sale of its Netherlands mobility and convenience business and announced plans to sell its Austria retail business, so confirm the current owner and operator of a specific site before relying on BP’s credit.
BP / AMOCO NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| A-/A1 parent credit (upper-medium IG) where BP plc signs or guarantees the lease | Corporate vs. dealer guarantee distinction is critical |
| Global integrated energy company (2025 Form 20-F) | Environmental liability risk associated with fuel sites |
| Ground lease structure can reduce landlord capital exposure | Long-term EV transition may affect fuel volume |
| Dealer-operated sites do not carry BP plc credit quality |
Comparable NNN Tenants
| Comparable Tenant | Rating |
|---|---|
| Circle K (Couche-Tard) | BBB+/Baa1 |
| 7-Eleven | A-/Baa2 |
| Murphy USA | BB+ |
What is BP’s credit rating?
BP plc carries an A- rating from S&P and A1 from Moody’s, placing it in the upper-medium investment grade category.
What are BP/AMOCO NNN asking cap rates?
When enough BP / AMOCO listings are available, their median asking cap rate appears in the live table on this page alongside comparable tenants. Pricing for a specific property depends on the remaining lease term, rent level, location and lease guarantor, and asking cap rates are not closed-sale cap rates.
Is BP / AMOCO a good NNN investment?
A BP or AMOCO NNN property carries BP plc’s upper-medium investment grade credit only where BP plc signs or guarantees the lease. The critical due diligence step is confirming the guarantee structure: BP plc, a BP subsidiary or an individual dealer, as these represent materially different credit profiles.
What is the difference between BP and AMOCO as NNN tenants?
Both are BP trade marks (2025 Form 20-F), and the AMOCO brand came to BP through its 1998 merger with Amoco Corporation. For NNN purposes, the brand matters less than which entity signs or guarantees the lease. The relevant credit distinction is corporate versus dealer guarantee, not brand name.
When the buyer owns the building, a cost segregation study may reclassify part of the purchase price, such as site improvements and some building systems and equipment, into 5-, 7- or 15-year property. Under IRC § 168(k), as amended by Public Law 119-21, § 70301, qualified property acquired after January 19, 2025 and placed in service by the buyer can qualify for 100% bonus depreciation. How much qualifies varies widely by property and should be supported by a detailed cost segregation study. On a ground lease the investor owns only land, which cannot be depreciated, and equipment owned by the tenant is not the landlord’s to depreciate. On a taxable sale, depreciation claimed on section 1245 property, including bonus depreciation, is generally recaptured as ordinary income (IRC § 1245(a)); a 1031 exchange defers that recapture only to the extent IRC §§ 1245(b)(4) and 1250(d)(4) allow, which depends on the replacement property received. Consult a tax professional. A gas station or convenience store building can qualify as 15-year property as a retail motor fuels outlet (IRC § 168(e)(3)(E)(iii)), and therefore for bonus depreciation, if it meets the IRS tests; confirming this requires the operator’s sales and floor space data. Fuel tanks, dispensers and canopies are often owned by the operator or fuel supplier rather than the landlord. See the Gas Station and C-Store NNN Depreciation Guide.
BP / AMOCO Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market BP / AMOCO properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
