BP’s 2006 Annual Review The first of the four steps in BP’s corporate strategy was to focus on the safety of the people, safety of the environment and improve the safety in their process. The second step for BP’s corporate strategy was to reinforce the effectiveness of their operational performance and build on to their performance improvement and execution. The third step in BP’s corporate strategy was to invest in new projects or ventures strengthening their portfolio but at the same time trimming unneeded fat. The last and final step in their corporate strategy was to take advantage of the innovations from science and engineering to improve the relationship that energy has with the world. The BP board sees Safety as the most important issue requiring attention and this has been brought about mainly due to the lack of process safety surrounding the Texas City incident resulting in 27 deaths. Because of this incident it has effected BP’s reputation as a responsible operator and has given the consumer a perception of an incompetent energy supplier. BP has always presented itself as a ‘green’ company and it had even furthered its commitment in their corporate strategy by investing in environmental projects. For example, BP Alternative Energy is devoted to providing low-carbon power from solar, wind, as well as hydrogen and natural gas sources The strategy behind BP’s business of Exploration and Production is to capitalize on finding the largest fields and developing talent around them making them profitable assets. As far as the Refining and Marketing sector BP’s strategy was to offer flexibility and dependability by offering quality products, differentiated fuel, and the availibity across all retail markets. In the Gas, Power and Renewables business, BP’s strategy was to become leader in developing low-carbon energy by