...Management Planning MGT/230 4/29/2013 Steve Mersereau Management Planning BP Management ensures that the material risks are identified and that the company runs effectively. Furthermore, BP management ensures that internal control and risk management is under control. In particular, some vital components of BP management include their recognition for the company’s yearly plan, reviews of material risks, ensuring that the chief executive adopts their approach about risks, and that the decisions made are taken in accordance through the system of delegation. Board Monitoring Group Risks The board annually reviews the group risks and the groups’ risks are managed as part of an annual group proposal. The board delegates which risks will be allocated to the committee while reporting to the board. The work program for the board is set on an agenda that identifies the board’s tasks and group risks. The committee receives reports about how each specific task is allocated. In particular, the audit committee manages financial risks and the SEEAC monitors all other risks that are not financial. On the other hand, the board reviews geopolitical risks. Reports are given from committees to the specific task that was allocated. In addition, the Gulf of Mexico committee specifically oversees the Gulf Coast Restoration Organization. Under BP’s authority outline, the executive management delegates to the chief executive of the group. Executive management also has many responsibilities...
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...bpAnnual Report and Form 20-F 2010 bp.com/annualreport What’s inside? 5 Business review 6 8 10 12 14 34 40 55 61 63 68 76 78 81 Chairman’s letter Board of directors Group chief executive’s letter Progress in 2010 Group overview Gulf of Mexico oil spill Exploration and Production Refining and Marketing Other businesses and corporate Liquidity and capital resources Corporate responsibility Research and technology Regulation of the group’s business Certain definitions 123 Additional information for shareholders 124 127 127 128 129 130 133 134 135 135 135 137 137 138 138 139 139 139 140 Critical accounting policies Property, plants and equipment Share ownership Major shareholders and related party transactions Dividends Legal proceedings Relationships with suppliers and contractors Share prices and listings Material contracts Exchange controls Taxation Documents on display Purchases of equity securities by the issuer and affiliated purchasers Fees and charges payable by a holder of ADSs Fees and payments made by the Depositary to the issuer Called-up share capital Administration Annual general meeting Exhibits BP Annual Report and Form 20-F 2010 83 Directors and senior management 84 87 Directors and senior management Directors’ interests 89 Corporate governance 90 105 106 106 107 108 Board performance report Corporate governance practices Code of ethics Controls and procedures Principal accountants’ fees and services Memorandum and Articles of Association 141...
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...Annual Report and Form 20-F 2013 bp.com/annualreport Building a stronger, safer BP Who we are BP is one of the world’s leading integrated oil and gas companies.a We aim to create long-term value for shareholders by helping to meet growing demand for energy in a safe and responsible way. We strive to be a world-class operator, a responsible corporate citizen and a good employer. Through our work we provide customers with fuel for transportation, energy for heat and light, lubricants to keep engines moving and the petrochemicals products used to make everyday items as diverse as paints, clothes and packaging. Our projects and operations help to generate employment, investment and tax revenues in countries and communities around the world. We employ more than 80,000 people, mostly in Europe and the US. As a global group, our interests and activities are held or operated through subsidiaries, branches, joint arrangements or associates established in – and subject to the laws and regulations of – many different jurisdictions. The UK is a centre for trading, legal, finance, research and technology and other business functions. We have well-established operations in Europe, the US, Canada, Russia, South America, Australasia, Asia and parts of Africa. a On the basis of market capitalization, proved reserves and production. Annual Report and Form 20-F 2013 bp.com/annualreport Front cover imagery Our second BP-operated development in Angola consists of four oil fields – Plutão, Saturno...
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...Introduction This main purpose of this review report is going to analyses the BP corporation by go through its sustainability 2010 annual report in order to use as references for future development. Sustainability disclosure is the process for publicly disclosing an organization’s economic, financial, environmental and social performance. Executive summary An organisation's stakeholders increasingly expect more than just financial and governance information. Stakeholders also require information about company economic, environmental and social performance. Information included in a sustainability report should meet the needs of those stakeholders who include customers, employees, communities, investors, governments and others. In this report we will use the system-oriented theory to show the link with the BP’s sustainability disclosure information which is made of three component theories: stakeholder theory, legitimacy theory, institutional theory. Main body During the past 2010 BP has made a claim that they are continuing make the positive change since the Mexico bay oil spill accident. BP wants to rebuild their reputation and re-earning the social trust and it is also the way that they can achieve the sustainability of the shareholder value. On the evening of 20 April 2010, a gas release and subsequent explosion occurred on the Deepwater Horizon oil rig working on the Macondo exploration well for BP in the Gulf of Mexico. After the initial explosions, the blowout...
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...Sustainability Review 2011 bp.com/sustainability Building a stronger, safer BP What’s inside 2011 was a year of recovery, consolidation and change for BP. Our employees worked hard to make BP a stronger, safer company. We recognize there is more to do, but we believe important progress was achieved during the year, and we are clear on our priorities and responsibilities as we move forward. In this Sustainability Review, we look at how we are working to enhance safety and risk management, earn back trust and grow value, following the Gulf of Mexico accident. Stakeholder voices External and internal stakeholders have been essential in shaping this report. Many of their insights and opinions are highlighted here and online. We also include observations and a summary statement from our external assurance provider, Ernst & Young. During our work we interviewed staff responsible for engaging with external stakeholders and reviewed evidence of how information from these dialogues is captured. We have also attended a selection of briefings to investors and two of the roundtable discussions held in 2011 to understand the perspectives of various thought leaders on how BP should evolve its reporting and communications. We noted that stakeholders welcome this dialogue but there remains a desire for more comprehensive reporting on how BP is changing. Ernst & Young Observation Find out more online This Sustainability Review is a summary...
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...Corporate Social Responsibility, Course 2016 FE1 EDHEC Nice Tutorial 3 BP, Deepwater and Sustainability Reporting The Deepwater Horizon oil rig fire and explosion on April 20, 2010, killed 11 men and caused one of the largest marine oil spills in history. The leak from the undersea well flowed for 87 days and polluted an estimated 68,000 square miles of the Gulf of Mexico waters and nearly 500 miles of coastline from Louisiana to Florida. At the moment of the accident BP was the leaseholder and operator of the Maconda well located off the coast of Louisiana. The company was ultimately responsible for conducting operations there safely and in respect of the environment. BP hired Transocean Ltd (the owner of the drilling rig Deepwater Horizon) to provide the vessel and drilling crew to implement BP’s operations of the Maconda well. 1 Investigations established that bad management on the Deepwater Horizon resulted in poor safety on the rig. The US chemical safety board concludes that a last-ditch safety device on the underwater well had multiple failures and wasn't tested properly. It found that the cause of the initial explosion involved multiple screw-ups with cement, drilling mud, fluid pressure, botched tests, management problems and poor decisions. The blowout preventer sealed the well temporarily, but then it failed and that caused the massive spill. 1 For a description of BP’s implication in the Deepwater Horizon accident you can also read Cherry...
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...This main purpose of this review report is going to analyses the BP corporation by go through its sustainability 2010 annual report in order to use as references for future development. Sustainability disclosure is the process for publicly disclosing an organization’s economic, financial, environmental and social performance. Executive summary An organisation's stakeholders increasingly expect more than just financial and governance information. Stakeholders also require information about company economic, environmental and social performance. Information included in a sustainability report should meet the needs of those stakeholders who include customers, employees, communities, investors, governments and others. In this report we will use the system-oriented theory to show the link with the BP’s sustainability disclosure information which is made of three component theories: stakeholder theory, legitimacy theory, institutional theory. Main body During the past 2010 BP has made a claim that they are continuing make the positive change since the Mexico bay oil spill accident. BP wants to rebuild their reputation and re-earning the social trust and it is also the way that they can achieve the sustainability of the shareholder value. On the evening of 20 April 2010, a gas release and subsequent explosion occurred on the Deepwater Horizon oil rig working on the Macondo exploration well for BP in the Gulf of Mexico. After the initial explosions, the blowout preventer’s...
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...ISSN: 2278-3369 International Journal of Advances in Management and Economics Available online at www.managementjournal.info CASE STUDY Crisis communication failures: The BP Case Study Daniel De Wolf1, Mohamed Mejri2* 1University 2Ecole of Littoral Côte d’Opale (ULCO)/Management & Economics, Dunkerque, France. Superieure de Commerce/Management Department, University of Manuba, Tunis, Tunisia. *Corresponding author: Email: mohamed.mejri@univ-littoral.fr Abstract On the 20th of April 2010, an outstanding explosion of the BP Deepwater Horizon oil rig situated in the Golf of Mexico caused the largest maritime disaster oil spill in the USA history and particularly caused considerable reputation and financial losses to BP.To deal with the spill oil as well as reputation and financial losses, the company particularly use many tactics and tools to communicate with stakeholders during and after the crisis. However, crisis management and communication experts’ opinions differed on whether BP crisis communication was effective or ineffective.This paper aims to assess BP crisis communication and mainly to point out possible failures through a content analysis of secondary data collected from various sources (newspapers, magazines, annual reports and blogs). Keywords: British Petroleum, Crisis communication, Crisis Management, Deepwater horizon. Introduction On the 20th of April 2010, the petroleum industry has been marked by the largest maritime disaster oil spill...
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...BUSINESS RESEARCH PROJECT BRP BP Business Research Report Content I. Corporate Profile …………………………..…1 II. Management…………………………………..2 III. Financial Statement Analysis……….……3 IV. Marking Strategy ……………………………..8 V. Cross-cultural Issues………………………..10 VI. International Business……………………11 VII. Human Resources Issues………………..12 VIII. Gulf of Mexico Oil spill…………………..16 IX. Conclusion……………………………………..18 X. Appendix ..………………………………………..20 1 BP Business Research Report I. Corporate profile BP, a public limited company in the industry of oil, natural gas and alternative fuels, runs its business in the exploration, production, refining, trading and distribution of energy. The products are mainly BP petroleum and derived products serving an area worldwide. BP was founded in 1909 as the Anglo-Persian Oil Company and renamed as British Petroleum Company in 1954. A merger of British Petroleum and Amoco in 1998 modeled the greatest petroleum company all over the world---BP. Headquartered in London, UK, BP launched its new green, white and yellow logo in 2000 which is designed to show the company's commitment to the environment and solar power. Bob Dudley performs BP’s CEO since Oct. 2010 and Carl -Henric Svanberg is chairman of the group. BP’s vision “A force for good” underlines all its activities worldwide. All BP’s 79,700 employees live under its corporate culture Slogan—Different people, common goals. BP ranked 4th in Fortune Global 500 in...
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...BP: Marketing Case Study Sarah Allen, Matthew Earhart, Amelia Pye I. Case Summary BP plc, formerly known as British Petroleum and Anglo-Persian Oil Company, is a multinational oil and gas company headquartered in London, England (“BP”). It is the fifth-largest company in the world measured by 2012 revenues (BP Annual Report 51). Its extensive corporate history has created a non-malleable image and reputation which present-day marketing strategies must overcome in order to effectively promote the ideals of industry leadership and ethical responsibility. BP is faced with significant challenges to its brand as a consequence of its widely-known safety and environmental policy issues. An explosion at one of its Texas refineries caused fifteen deaths, 170 injuries, and a violation of the Clean Air Act in 2005. Years of neglecting pipeline corrosion led to its violation of the Clean Water Act in 2006 when Alaskan oil pipelines leaked crude oil into the tundra. The following year, another BP spill occurred near Prudhoe Bay, leaking toxic chemicals into the tundra and thus killing wildlife and vegetation (“BP Gulf Coast Disaster and Recovery”). These incidents, however, were dwarfed by an explosion at BP’s Gulf of Mexico offshore drilling rig, Deepwater Horizon, in April 2010. The explosion caused the largest accidental marine oil spill in the history of the petroleum industry. It resulted in the deaths of eleven people and the release of an estimated 210 million gallons...
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...SWINBURNE UNIVERSITY OF TECHNOLOGY SWINBURNE UNIVERSITY OF TECHNOLOGY Prepared for: Professor Christopher Selvarajah Prepared by: Thanh Tuan Nguyen Student ID : 100010779 Prepared for: Professor Christopher Selvarajah Prepared by: Thanh Tuan Nguyen Student ID : 100010779 Exploring Justice, Fairness and Organizational sustainability in the international environment: The case of 2010 Gulf of Mexico Exploring Justice, Fairness and Organizational sustainability in the international environment: The case of 2010 Gulf of Mexico Abstract This study leverages insights from the literature of organizational sustainability, stakeholder theory as well as the notion of organizational justice and fairness to help answer the question as to how companies should morally prioritize corporate social responsibility, corporate accountability and stakeholder claims. In this paper, I also utilized the concept of corporate social responsibility as well as the triple bottom line in order to form my own model of sustainability. This model is used to analyze the case of the 2010 Gulf of Mexico oil spills which was claimed as the responsibility of British Petroleum. I also addressed the strong relationship between organizational justice and organization sustainability with the conclusion that by enhancing organizational justice and fairness, organizations will be able to obtain its sustainable development in the long terms. Moreover, it is important to note that this article...
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...Petroleum is a public limited company. They suffered a huge downfall from their 2010 Mexican Gulf oil spill, although have rebounded very positively since then with major improvements in the company, both ethically and environmentally. This company markets its products in over 100 countries and, as of December 2011, employs over 83,000 employees. British Petroleum has worked hard to honour their commitments to the people and communities of the Gulf Coast. This company produces the natural resources that the world depends on daily, and produces them in some of the most operative, proficient, and resourceful ways which are possible today. (BP, n.d.). This company proves to be constantly evolving in the world. They are always innovating and coming up with new ways to operate their business as to cause the most minimal effect or damage on the environment. BP has become one of the most environmentally aware companies of the modern age, especially from what they have gone through in the Gulf of Mexico, and the revolutionary technologies they have integrated in their business operations. The vertically integrated company uses three main types of leadership, as well as an operational controlling method to ensure that the organization functions accordingly and remains socially responsible, ethical, and practices corporate social responsibility. By focussing on developing the company’s organizational structure on upstream and downstream tasks, British Petroleum can aim towards innovating and...
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...BP in Azerbaijan Sustainability Report 2013 bp.com/caspian Building a stronger, safer BP About our report This report covers the calendar year ending 31 December 2013. In some instances significant events from 2014 have been included. Unless otherwise specified, the text does not distinguish between the activities of BP p.l.c. and those of its subsidiaries and affiliates. References in this report to ‘us’, ‘we’ and ‘our’ relate to BP in Azerbaijan unless otherwise stated. When we cite ‘BP in Azerbaijan’ we refer to operations in Azerbaijan only. If we refer to ‘BP AGT’ we are including all our activities in Azerbaijan, Georgia and Turkey. Specific references to ‘BP’ and the ‘BP group’ mean BP p.l.c., its subsidiaries and affiliates. All dollar amounts are in US dollars. All gas volumes are indicated in standard cubic metres or standard cubic feet. The report is issued annually by BP Exploration (Caspian Sea) Limited in its capacities as operator and manager of the joint operating company for the Azeri-Chirag-Deepwater Gunashli field, as manager of The Baku-Tbilisi-Ceyhan Pipeline Company and by BP Exploration (Shah Deniz) Limited in its capacities as operator of the Shah Deniz field and as technical operator of The South Caucasus Pipeline Company. For this report each of these entities has provided information relevant to its project and statements applicable to its project. Front cover imagery The Sangachal terminal is one of the world’s largest integrated oil and...
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...recovery. Tourism records set in 2011 were broken again in 2012 as visitors from across the country and around the world flocked to the Gulf region; commercial and recreational fishing landings continue to out-pace pre-spill levels; and the environment is returning to its baseline condition. Economic Restoration Efforts BP is supporting economic recovery efforts along the Gulf Coast by paying legitimate claims and supporting two of the region’s most vital industries – tourism and seafood. We have also reached settlement agreements with the Plaintiffs’ Steering Committee to resolve the substantial majority of legitimate private economic loss, property damage and medical claims. Compensating the People and Communities Affected As of Dec. 31, 2013, BP had paid approximately $12.8 billion in claims, advances, settlements and other payments. This includes approximately $11 billion for individual and business claims; $1.5 billion for government claims, advances and settlements; and $329 million for other payments such as tourism promotion, seafood testing and marketing, and behavioral health. The majority of these payments have come from the $20 billion trust BP established in 2010 to pay claims, settlements, natural resource damages and other costs. The trust has been fully funded. Payments by State $1.04 Billion $1.70 Billion Alabama $1.96 Billion Florida Louisiana $3.90 Billion Mississippi Federal/other states $4.24...
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...Student: Aliaskar Batyrbek Student ID: NE/WICKL/UWIC/BABS/1011/0117 Assignment Topic: An investigation study of development of oil and gas industry in Kazakhstan Table of Contents 2 Introduction 4 2.1 Country Profile 4 2.2 History of industry 4 3 Research Objectives 5 4 Literature Review 6 4.1 Geographic Factor 6 4.1.1 Major Oilfields 8 4.1.2 Export Operating Pipelines 9 4.2 Government Policies 11 4.3 Financial Factor and R&D Factor 12 4.4 Market Prospects 14 4.4.1 Market players 14 4.4.2 Production 15 4.4.3 Consumption 16 5 Research Methodology 18 6 Time Scale / Gantt Chart 19 7 References 20 Figure 1 4 Figure 2 (KMG, 2012) 5 Figure 3 (BP, 2012) 5 Figure 4 (European Dialogue, 2012) 6 Figure 5 (BP, 2012) 6 Figure 6 (CIA, 2012) 8 Figure 7 (Centre for Global Energy Studies, 2012) 9 Figure 8 (Centre for Global Energy Studies, 2012) 9 Figure 9 (The Agency of Statistics of the Republic of Kazakhstan, 2012) 10 Figure 10 (S. Arkhipov., W. Brennan., G. Elfond., N. Lv., A. Omarova., 2010) 12 Figure 11 (BP, 2012) 14 Figure 12 (BP, 2012) 14 Figure 13 (BP, 2012) 15 Figure 14 (BP, 2012) 15 Figure 15 (EIA, 2012) 15 Figure 16 17 Figure 17 18 Introduction Country Profile Kazakhstan is a country, located in Central Asia. It is the largest landlocked...
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