British Petroleum
What is BP
British Petroleum (BP) is one of the world's largest oil and gas companies in terms of production capacity and revenue; BP explores for oil and natural gas in approximately 30 countries and possesses proved reserves of 18.1 billion barrels of oil equivalent (Hoovers, 2004).
BP owns 16 refineries
BP processes 4 million barrels of crude oil per day
BP markets these products in 80 countries
BP owns a network of 22,400 gas stations
BP's Global Projects (BP, N.d.)
BP's Issues
Oil and gas reserves are becoming increasingly hard to come by. Oil companies are now targeting some of the harder to access reserves. This requires a great deal of technological sophistication and drives up extraction prices. It also creates a substantial amount of risk for the organization which has recently manifested in the Gulf of Mexico.
In April 2010 an explosion occurred and a major fire on an oil rig in the Gulf of Mexico owned by BP and operated by Transocean burned until July 2010. BP temporarily capped the oil spill using a pipe "cork" (Casselman, Gold, & Gonazalez, 2010). With spill capped successfully, the BP outlined its $20 billion fund set aside for to pay for damages to companies, organizations, and individuals significantly impacted by the spill. To raise money for this fund, BP plans to sell up to $12 billion of assets to Apache (APA) in order to cover some of its liabilities. In 2010, BP reported a loss before interest and taxation of $3.7 billion, compared to a profit of $26.4 billion in 2009 (London Energy, 2010).
Mission and Vision Statement
BP does not publish a traditional mission of vision statement. Instead they publish information about what they do, what they stand for, and what they value. The three statements provide similar information as a vision or mission statement; however they are not nearly as concise.
BP -- What we do
We deliver energy to the world (BP, N.d.).
We find, develop and produce essential sources of energy. We turn these sources into products that people need everywhere. The world needs energy and this need is growing. This energy will be in many forms. It is, and will always be, vital for people and progress everywhere. We expect...
To avoid all these hassles, corporates should take the lead. They should ensure that the environment is not harmed in any way and people are treated with respect and dignity without exploiting the people or the environment in any unfair way. Such initiatives get publicity too and this has a positive impact on the company's business interests. Therefore, technology has been another driving factor that induces companies to take the
Evidence of this can be seen with the company being slow to provide information, on the total amounts of oil that are leaking into the ocean and the various restrictions that they have placed on media coverage. (Lack of Transparency Afflicts Oil Spill Response 2010) This problematic, because when there are restrictions and the company is slow to release information, it appears as if they have something to hide.
United Kingdom and Chinese newspaper coverage of BP Oil spill British Petroleum came under severe criticism from around the world when in April 2010 the company lost control of marine drilling operations and caused a major oil spill in Gulf of Mexico. The disaster claimed 11 lives and injured many others. Apart from human loss, the oil spill also resulted in massive loss of precious oil as 205.8 million gallons of
8. Gradual Adjustment, Adaptation and Improvement It is not an untold secret that no leadership or management training program is a success in the start. This is the reason why companies today tend to work towards the persistent modification of the leadership programs after receiving the feedback. This is exceedingly important to base new programs on the feedback that is not only provided by the participants but also from their supervising
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