Global Business Strategy of British Petroleum (BP)
Globalization is becoming an irresistibly stream in this age. People believe that
globalization will bring tremendous for turn and benefit for them. However, as the
deepening of globalization, it has revealed a lot of problem, especially for developing
Globalization is the tendency of investment funds and businesses to move beyond
domestic and national markets to other markets around the globe, thereby increasing
the interconnectedness of different markets. Globalization has had the effect of
markedly increasing not only international trade, but also cultural exchange. The
worldwide movement toward economic, financial, trade, and communications
Globalization implies the opening of local and nationalistic perspectives to a broader
outlook of an interconnected and interdependent world with free transfer of capital,
goods, and services across national frontiers. However, it does not include
unhindered movement of labor and, as suggested by some economists, may hurt
smaller or fragile economies if applied indiscriminately.
1.1 Features of Globalization
The main features of globalization are stated below.
The freedom of the industrialist/businessman to
establish industry, trade or commerce either in his country or abroad; free
exchange of capital, goods, service and technologies between countries;
2. Free Trade: Free trade between countries; absence of excessive
governmental control over trade;
3. Globalization of Economic Activities: Control of economic activities
by domestic market and international market; coordination of national
economy and world economy;
4. Connectivity: Localities being connected with the world by breaking
national boundaries; forging of links between one society and another, and
between one country and another through international transmission of
knowledge, literature, technology, culture and information.
5. Borderless Globe: Breaking of national barriers and creation of interconnectedness; the ideal of 'borderless globe' articulated by Kenichi Ohmae.
6. A Composite Process: Integration of nation-states across the world by
common economic, commercial, political, cultural and technological ties;
creation of a new world order with no national boundaries;
7. A Multi-dimensional Process: Economically, it means opening up of
national market, free trade and commerce among nations, and integration
of national economies with the world economy. Politically, it means limited
powers and functions of state, more rights and freedoms granted to the
individual and empowerment of private sector; culturally, it means
exchange of cultural values between societies and between nations; and
ideologically, it means the spread of liberalism and capitalism.
8. A Top-Down process: Globalization originates from developed countries
and the MNCs (multinational corporations) based in them. Technologies,
capital, products and services come from them to developing countries. It is
for developing countries to accept these things, adapt themselves to them
and to be influenced by them.
9. Global State vs. Global Civil Society: In protest against the harmful
effects of globalization on the vast multitude of people all over the world,
particularly in developing countries, protest marches, demonstrations and
meetings have been organized in different countries. These protests have
taken militant forms in the last decade. Protest groups have tried to disturb
and paralyze the meetings of WTO, World Bank and IMF.
1.2 Advantages of Globalization:
Integrations of markets: Markets are interlinked- European Union
Cheaper Products for Consumer: Trainers are Cheap
Leads to Outsourcing in some cases which can lead to job losses: Moving call
centers to India.
Lowering of international Barriers: Now European Union can Trade with
ASEAN and NAFTA.
Providing jobs in LEDC's and help develop economy (less Economically
Helps prevent market Saturation in a specific market: stops there being too
much competitors in one place e.g too much call centers in UK, so move to
Standardizations of product: the same products can be seen in some many
places - e.g coke and McDonalds
1.3 Disadvantages of Globalization
Widening of Gap between rich and poor countries
Harder for Smaller businesses to establish themselves
Exploitation of workers: Paying the workers in LEDC's a fraction of what
would be paid in to workers in LEDCs.
BP is one of the world's leading international oil and gas companies. 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.
2.1 Brief History, Mission and Vision
1909: Anglo-Persian Oil Company formed.
1914: Deal with UK government to help Royal Navy switch coal to fuel.
1912-1918: Increase in oil production in Iran.
1917: Acquires BP co. from the marketing subsidiary of the European
1935: Company renamed Anglo-Iranian Oil Co.
1951: Iranian oil industry was formally nationalized.
1960-1970: Major oil discoveries in Alaska & North Sea.
1969: Signed agreement with Standard Oil Co. of Ohio which aided BP‘s
transportation of the fuel in the biggest oil field in the U.S.
1982: Adopted present corporate name ―BP‖.
1987: BP acquired Standard outright and merged with BP‘s other interests in
the United States to form BP America.
Long term commitment to prosper as an integrated, international company
with strong technology base and a focused marketing effort.
―To improve our performance and have a steady disciplined growth.‖
BP‘s culture rest heavily on their employees. They are the key to BP‘s future
Technology is key to both up and downstream operations.
HSE- raises health standards, no damage to environment or people.
Better relationships with countries where operations already exist.
2.2 Organization Structure
N & S America
2.3 BP’s Facts and figures
(as at, or for the year ended, 31 December 2012, updated for IFRS 11 and IAS19
Countries of operation
Number of employees
Sales and other operating revenues
Replacement cost profit
:17,000 million barrels of oil equivalent
Refineries (wholly or partly owned)
:2,354 thousand barrels per day
2.4 BP’s Four Core Values
BP specifies four core values to express the way the organization does business and
help translate the mission into practical action:
Progressive: BP is always looking for new and better ways to conduct
business. It has developed a relationship with Ford to build hydrogen
vehicles and fueling stations in California, Michigan, and elsewhere. BP
also has reformulated its BP Amoco Ultimate fuel to reduce air pollutants.
Innovative: Through the creative approaches of employees, and the
development and application of cutting-edge drilling technology, BP seeks
breakthrough solutions for its customers.
Green: BP is committed to environmental leadership—the proactive and
responsible treatment of the planet‘s natural resources and developing
lower carbon emission energy sources. As a result, BP now stores its
gasoline in double-skinned tanks to prevent spills and leaks.
Performance-driven: BP sets the global standards of performance on
financial and environmental dimensions, as well as safety, growth, and
customer and employee satisfaction.
2.5 List of Products and Services
Each of BP‘s brands has its own heritage and personality, but they all have one thing
in common - they all symbolize, embody or provide tremendous energy.
BP is our main global brand. It is the name
that appears on production platforms,
refineries, ships and corporate offices as well
as on wind farms, research facilities and at
retail service stations.
Since ‗BP‘ petrol first went on sale in Britain
in the 1920s, the brand has grown to become recognized worldwide for quality
gasoline, transport fuels, chemicals and alternative sources of energy such as wind
and bio fuels. We are committed to making a real difference in providing better
energy that is needed today and in the changing world of tomorrow.
BP is committed to safety, respect, excellence, courage and One Team. They make us
the company we are. Everything we do has to live up to these values Our logo - the
Helios - symbolizes these values. Named after the Greek sun god, the Helios
represents energy in its many forms. Of all the forms of energy that make up BP and
its services, perhaps the most vital is the human energy our people bring to
everything we do. This is what fuels our brand.
The blue Aral diamond is a trusted and familiar
symbol on the German roadside. Aral is one of the
most trusted brands in Germany. It has been
associated with quality automotive fuels since the
1920s. Today people also associate Aral with good
food and excellent service on the go.
Every day more than 2.5 million customers visit an
Aral station to fill up on petrol, use an on-site car
wash or purchase a beverage or snack. In fact, some 40% of Aral customers stop by
just to shop in the sleekly designed retail spaces, which stock a range of convenience
items and Aral branded motor oils, along with coffee and food.
So in addition to being Germany‘s leading fuel brand marketer Aral is also the
country‘s third largest fast food retailer, after McDonald‘s and Burger King.
―Alles Super‖ is the Aral slogan. ―Everything‘s super.‖ So in Petit Bistros, Aral‘s onsite
cafés, you‘ll find Crossinos, which are made with select ingredients to be super tasty.
It may be no coincidence then that Aral is a Super brand, one of 73 brands in
Germany to be awarded this designation by an independent organization. Or that for
several years in a row Reader‘s Digest readers have named Aral Germany‘s most
trusted brand in fuel.
Castrol is widely seen as the world‘s truly global
lubricants brand BP acquired in 2002. Castrol‘s
motor oils for automobiles and motorbikes are
particularly well known. But did you know that
conceivable application on Land Sea and in the air.
Castrol‘s founder, C.C. Wakefield, believed in working with manufacturers and other
businesses to develop lubricants to meet their specific needs, especially where new
lubricants could ease the way for advances in engine or industrial design. Castrol
continues to work collaboratively like this today as the preferred lubricants partner
to VW, Audi, BMW, Komatsu and others.
Castrol‘s brand is about passion, excitement and performance. For many, that means
speed. Castrol has been actively engaged with motorsport teams and Castrolsponsored drivers have broken the land speed record more than 20 times. Such
relationships have been a proving ground for Castrol's products and central to
building Castrol‘s reputation as the world's most advanced engine oils and fluids.
Today you will find a wide range of technologically advanced Castrol lubricants for
your vehicles at a local BP station or automotive supply shop. Castrol products are
sold in more than 150 countries.
Back in 1978, the thought of fueling-up more
than your car at a service station was unheard
of. But the folks at ampm always saw things
The very first ampm store opened its doors in
Southern California, as a value-add-on to
select gas stations. From packaged beverages,
grab-n-go sandwiches, treats or fountain
drinks - the recipe at ampm has always been simple: provide a great value and
variety to conquer the snack and thirst cravings of our customers.
Thirty-plus years later, ampm has grown to approximately 950 covering California,
Oregon, Washington, Nevada and Arizona as part of select BP fueling stations.
Wild Bean Cafe
Good food and quality coffee can be
hard to come by on the road, but Wild
Bean Cafe is an exception to the rule.
Tucked into many BP Connect stations,
these on-the-go cafés offer inventive
sandwiches, fresh baked goods and
delicious, fresh-ground coffee.
Conceived as a brand that would take convenience food to a new level, Wild Bean
offers the speed and affordability of more typical service station shops plus one more
thing. Everything‘s made with quality ingredients and served fresh. You can enjoy
your food, coffee or cappuccino in the coffee shop space or take it with you to enjoy
on the move.
Wild Bean Cafe operates in several continents around the world. You‘ll find it in parts
of Europe, Australia and South Africa. We also have a presence in China and Russia,
and new branches are opening all the time.
3.0 BP’s SWOT Analysis
BP is ranked at the world‘s 3rd largest energy company and is positioned as a
multinational oil company headquartered in London that:
Operates petrochemical businesses worldwide through the network of its
subsidiaries and retail brands(Amoco; ARCO; BP Express, BP Connect; BP
Travel Centre; ampm; Burmah Castrol etc)
Participates in London Stock Exchange, IPO in New York Stock Exchange.
and is listed in the FTSE 100 Index;
BP Amoco strong brand loyalty for oil;
Strong brand management driven by the ‗Beyond Petroleum‘ slogan.
BO Q3 net profit increase by 83% due to record oil and gas prices. The
indicator amounts to $53.43 per share compared to $21.27 during the
same period in 2007.
Launch of controversial business with the Baku-Tbilisi-Ceyhan pipeline;
Increase in petrol prices in the UK;
Explosion of BP refinery in Texas that caused 100 injuries and 15 deaths in
Criminal charges due to the spread of 270.000 gallons of crude oil in the
Alaskan tundra in 2006;
Toxic spill of 2,000 gallons of methanol in the oil field (Prudhoe Bay)
managed by BP.
Closing of Alaskan oil wells.
8 b. USD investment in the research of alternative fuel methods, including
hydrogen, natural gas, wind and solar over the forthcoming decade;
Expansion of frontier areas suitable for BP‘s future reserves (post-Soviet
Extension of strategic oil and gas acquisitions in North Sea area;
Launch of more flexible price policy to compete main rivals;
Environmentally unsound policies due to oil and toxic spills;
Occasional refinery explosions;
Corrosion in pipelines;
Competition from Shell and Chevron
Ceasing operations in a number of potential locations with their further
Sale of corporate-owned stations;
More than 5.000 shortages within coming months;
$66,71 per barrel creates considerable tensions for running oil business;
Further lawsuits considering the company‘s ecological activities;
SWOT analysis At a Glance:
Emerging Markets (Asia/Pacific)
Oil remains main source of energy
Formation of European Union
Introduction of ―euro‖
Fuels in Europe
Improving Operational Efficiencies
Recovering from large debt
Weak market outside of Europe
Less upstream investment to replace
Power of OPEC
production in long run
Overcapacity in mature markets
Dependent on small no of gas fields
Supermarkets gaining market share
Producing more than it needs for its
European Economic woes
Commoditization – no brand equity in
4.0 PESTEL Analysis
Wоrld enеrgy markets arе bеcomіng mоrе volаtile due tо thе thrеаt оf
Grеаtеr climate de-stabilizаtiоns frоm CO2 emіssiоns arе leadіng
govеrnments tо encourage mоrе sustaіnable fоrms оf enеrgy.
Wоrld enеrgy markets arе bеcomіng mоrе volаtile due tо thе grоwіng oil
rеquirеments оf а buoyаnt Chіnese ecоnоmy, crеаtіng tensiоn bеtween
Ecоnоmy іs undеrpіnned bу іts enеrgy supply.
Enеrgy markets will see demаnd іncrеаsіng bу almost 60 pеrcent, wіth
fоssil fuels meetіng most оf thіs, аnd nuclear аnd rеnewable enеrgy
markets havіng limіted rеlаtive cоntributiоn.
Altеrnаtive enеrgy sоurces аs а pеrcentage оf tоtal enеrgy supply arе
іncrеаsіng аnd arе expected tо cоntіnue tо do sо, triplіng frоm 2 pеr cent
іn 2002 tоwards 6 pеr cent іn 2030. (Brоadhurst, А. 2002, p87)
Kyotо Agrеement, signed іn 1992, hаs led tо carbоn funds аnd emіssiоn
tradіng іn Eurоpe аnd around the world, which іs bеcomіng а legal
People‘s wоrldview іs startіng tо chаnge tо а cоncеrn ovеr thе
sustaіnabilіty оf thе futurе, although thіs іs nоt expected tо chаnge
dramatically to justify widespread changes to energy use for some time.
The Іntеrnаtiоnal Energy Agency states that alternative energy markets
will be underpinned by technological breakthroughs.
Research shows technology is the key to competitiveness in the alternative
energy industry; whilst alternative energy technologies (AETs) are
underpinned by 48
critical success factors across technological,
commercial, sоcio-polіtical and оrgаnizаtiоnal categories.
Environmental and Legal
The Kyoto Agreement, signed in 1992, has led to carbon funds and
emission trading in Europe and around the world, which is become a legal
New laws from government.
Higher EU pollution standards.
International Environment Organizations.
More attention has been drawn towards the concern about sustainability of
the future, other forms of alternative energy such as solar and wind energy.
6.0 Political Economy & International Business
In response to the mentioned political influences, BP's strategy has been changed the
following way. Generally, it is possible to observe two main tendencies. First, BP
attempts to hedge political risks in the oil producing countries by means of
partnership and deals with the governments. For instance, BP signed a contract with
the Russian state-run oil company Rosneft in 2009 (Hernandez, 2011:1). Second, the
company evacuated its personnel from northern Africa because of growing political
instability in Tunisia, Egypt and Libya. Simultaneously, BP develops its cooperation
with emerging economies in Asia, which are more politically stable, namely India
(Hernandez, 2011:1). These changes were necessary in order to avoid political risks in
the countries, which prove to be the leading producers of oil.
It is reported that the company started producing solar panels after the acquisitions
of Lucas Energy Systems (1980) and Amoco (1998). At the present moment, the
company proves to be the largest manufacturer of solar panels in the world. BP has
launched two main types of solar energy products, namely products for individual
consumers and products for organizations. For instance, the firm is planning to run a
new solar energy project aimed at energy supply for Wal-Mart stores (BP, 2011:1).
Furthermore, it is reported that BP invested more than $6 billion in wind and biofuel energy projects during the period from 2005 to 2010 (BP, 2010:61). These
changes were necessary because the PB attempted to attract customers by cheaper
and 'green' energy.
Oil prices increased this year.
Benefit integrated oil companies overall.
Specifically help Exploration & Production companies.
Hurt Refining & Marketing companies.
Some signs of modest economic upturn in European Union:
GDP increased 0.5% in 1st Qtr. 1996.
Exports have grown larger than imports over the last five years.
European International Conference held this year; two main concerns:
Expansion of EU to the east and south.
Review of the Maastricht Treaty.
Continued slow growth throughout EU
Growth rate down from 4% to 2.5% per year over last two decades
GDP of 15 EU states down to 6.91 billion
GDP/PPS (purchasing power standards) per head is only 18,446
Consistently high unemployment
Average of 15 EU states is 10.8%
Average of 11 ―euro-zone‖ states is 11.5%
Country-specific inflation problems across Europe.
Productivity growth is steadily declining.
Difficulty financing new projects.
North American SUV‘s becoming more popular.
Once restructuring and deregulation happen in Japan greater competition
will occur stimulating more consumption
Relaxation of control over markets in China and Asia will boost demand for
manufacturing to services.
Russian economy in shambles, many people jobless, energy consumption
falling (energy inefficient).
Africa‘s & Mid East political turmoil blocking economic growth. Both resource
Potential threat of conflicts with oil-rich countries.
7.0 International Business Strategy of BP
In analyzing the business strategy being adopted by BP, the use of porter‘s generic
strategies can be used to analyze Bp. BP over the years has been trying to
differentiate itself amongst various competitors in a way that makes them appeal to
customers compared to their other competitors, and this differentiation approach is
achieved via quality, innovations and responsiveness to customers.
BP has different brands such as BP, Ampm, Arco, Castrol, Aral and Wild bean cafe
(www.bp.com), and also diversification into development and production of
alternative sources of energy which differentiate the company, makes Bp flexible and
also able to respond to the demands of the market.
Differentiation strategy involves Identifying possibilities based on competences by
adding benefits, new features (product innovation) etc. BP has used it various brands
and involvement in many segments and other capabilities of the company to develop
the differentiated strategy.
Factor input in the BP plc is innovative and involves technological creativity in
nature, the processes involved in the company is flexible and of quality which gives
rise to products differentiations and uniqueness in their productivity i.e. output to
final consumers both individual and industrial consumers. The competitive scope is
of broad target because Bp does not only produce fuel for the marine, aviation and
automotive industry, they also have plans for alternative energy source by engaging
in the development of the alternative sources of energy and by so doing this makes by
to stand out in the industry.
Bp has been identified as an organization that adopts differentiation strategy over the
years due to the proper utilization of the company‘s competences or capabilities in
terms of having brands and also technical creativity or innovation in terms of the
development and production of alternative energy source such as bio-fuels, wind and
7.1 Global Competitive Environment of BP
In analyzing the competitive environment of the BP, as earlier stated, a very useful
tool to consider is the five forces model of competition which was developed by
Professor Michael Porter of the Harvard Business School in 1980, this model shows
the organization‘s competitiveness in the industry and also how attractive the
industry in question is. The five forces identified by porter include:
Threat of entrants – from organizations currently outside the ‗industry‘
Power of suppliers i.e. providers of inputs or materials for production
Power of buyers i.e. recipients of products/services
Threat of substitutes i.e. things customers might buy instead
Competitors/rivalry – competition within the ‗industry‘
THREAT OF NEW ENTRANCE: The threat of entrance into the oil and gas industry
is Low due to the fact that there is high barrier of entrance into the industry.
Investment requirements; Some of the companies that constitutes the oil and gas
industry like BP uses heavy and very expensive equipments at well sites For example,
pumping trucks and other huge equipments, huge capital investment expenses is
involved, such as High infrastructure cost i.e. pipeline, road access in fields, land
acquisition and wells for drilling in which Bp alone has 274 worldwide (company
monitor) the cost of Bp‘s assets is $236.0 billion ( balance sheet of Bp plc from
www.wolframalpha.com). Economics of scale of the industry is also a factor to be
considered and also the availability of human resources in terms of scarcity of
subsurface reservoir engineer and geologist all this contribute to the high barrier of
entrance into the industry.
POWER OF THE SUPPLIER: The bargaining power of suppliers is Medium and this
(www.oilandgassuppliers.com) show that there are quite a number of suppliers and
also the buyers as well such as Bp and some other companies that constitute the
industry are quite a number as well Although in the case of Bp it is vertical integrated
in operation just like some of the other major players in the industry and this
means that they can afford to provide some of their supplies due to their operation
and at the same time the industry is mainly the key customers to most of the
suppliers Considering all this, the power of the suppliers is Medium.
POWER OF BUYERS: The balance of power shifts toward buyers. Oil is a commodity
and one company's oil is not that much different from another company‘s and
this leads buyers to go in favor of lower prices and or better contract terms. The
power of the buyer will be regarded has being Medium because buyers are many and
can switch from the consumption of Bp products to another oil and gas company‘s
product and at the same time an individual buyer‘s decision does not necessarily
have an impact on the company and the industry is the key supplying group to the
THREAT OF SUBSTITUTES: Threat of substitutes is Low and the Substitutes for the
oil and gas industry includes alternative fuels such as coal, gas, solar power, wind
power, hydroelectricity and nuclear energy which is still in the developing phase as in
the case of Bp (Bp.com) and also involves high cost of production. Oil is of great
importance; it is not only used in fuelling cars alone, it is also used to produce
plastics and other materials, majority of the means of transportation still relies
heavily on oil and Oil is needed in order to generate electricity and the usage of the
alternative sources of energy is not that much as regards the use of oil which implies
that oil and gas would be depended on rather than the alternative due to its level of
development and high cost of production.
COMPETITIVE RIVALRY: The level of competitive rivalry is high; the industry is
characterized by big companies which produce low differentiated products and there
is low threat of substitute and also low threat of new entrance into the oil and gas
Another tool that can also be used in the analysis of the competitive environment of
the BP is the strategy group framework by Porter, According to porter, a strategic
group is defined as a set of companies within an industry pursuing strategies that are
similar to each other and different from firms outside the group on one or more key
dimensions of their strategy.
In terms of the oil and gas industry which BP belongs to, the level of competition is
very high because major players in the industry such as Royal Dutch shell, Bp, Exxon
Mobil, Total, chevron, and Conoco Phillips all adopt similar strategy and competing
on similar bases which is adaptation of a vertical integration to an extent (integrated
oil and gas companies wolframalpha.com) and they also produces similar range of
products to an extent which brings about differentiation. Royal Dutch shell, Bp,
Exxon Mobil, Total, chevron, and Conoco Phillips all have a wider geographical
coverage. Although there are other companies too in this industry as well adopting
separate strategy such specialization in drilling oil but there is high mobility barrier
in the strategic groups such as movement of being national boundaries to a
multinational boundaries and also trying to get a wider geographical coverage and
this can be a barrier for this other strategic groups to move from one strategic group
Using both frameworks, porter‘s five forces and porter‘s strategic groups, we can
observe that the industry‘s major players are the giant companies in the industry,
and the level of rivalry is high and the industry is somewhat attractive to an extent
although the powers of both the suppliers and buyers is medium but the threat of
new entrance and substitute is low which means that profitability is not reduced by
substitute and the industry is attractive.
7.2 BP’s Global Operating Management System
7.3 BP’s Strategic Priorities
Our aim is to be an oil and gas company that grows over the long term. We will seek
to continually enhance safety and risk management, earn and keep people‘s trust,
and create value for shareholders. We will continue to simplify our organization and
fine tune the portfolio. We will focus on efficient execution in our operations and our
use of capital. We will build capability through the pursuit of greater standardization
and increased functional expertise.
7.4 BP’s Financial Framework
We expect our organic capital expenditure to be in the range of $24-27 billion per
year through to the end of the decade, with investment prioritized towards the
Upstream segment. All investments will continue to be subject to a rigorous capital
allocation review process.
We expect to make around $2-3 billion of divestments per year in order to constantly
optimize our portfolio. We will target gearing in the 10-20% range while
uncertainties remain. Our intention is to increase shareholder distributions in line
with BP‘s improving circumstances.
7.5 BP’s 10-Point Plan
In 2011 BP put forward a 10-point plan that outlined what could be expected from BP
over the next three years. During 2012 we worked towards the milestones we had set
out for 2014. We refined our plans and communicated further information on our
longer-term strategic objectives beyond 2014.
Through this work and the actions taken to strengthen the group, BP enters 2013 a
more focused oil and gas company with promising opportunities and a clear plan for
the future. BP‘s strengthened position; distinctive capabilities, strong financial
framework and vision for the future provide the foundation for our long-term
strategy. This strategy is intended to ensure BP is well positioned for the world we
What you can expect:
1. A relentless focus on safety and managing risk through the systematic
application of global standards.
2. We will play to our strengths in exploration, deep water, giant ﬁelds and gas
3. Stronger and more focused with an asset base that is high graded and higher
4. Simpler and more standardized with fewer assets and operations in fewer
countries; more streamlined internal reward and performance management
5. Improved transparency through reporting TNK-BP as a separate segment and
breaking out the numbers for the three downstream businesses.
What you can measure
6. Active portfolio management to continue by completing $38 billion of
disposals over the four years to the end of 2013, in order to focus on our
7. We expect to bring new upstream projects on-stream with unit operating cash
margins around double the 2011 average by 2014.
8. We are aiming to generate an increase of around 50% in net cash provided
by operating activities by 2014 compared with 2011.
9. We intend to use half our incremental operating cash for reinvestment, half
for other purposes.
10. Strong balance sheet with intention to target our level of gearing in the lower
half of the 10-20% range over time.
Maintain momentum on safety and risk reduction.
Develop and apply new technologies that access new hydrocarbons or extract
and process them more efficiently
Generate strong returns within a disciplined ﬁnancial framework.
Maintain our strong incumbent positions and a diversiﬁed portfolio of deep
water, giant ﬁelds and gas value chains.
Build material new positions for the long term
Grow free cash ﬂow
Reduce our exposure to reﬁning when not part of an integrated value chain.
Re-orientate the geographic mix of our downstream footprint to growth
8.0 Entry Strategy and Strategic Alliance
Among from several entry modes, BP chooses licensing to expand its foreign operation. Their
strategies for licensing are:
Proprietary technology: BP is the first company to identify the need to invest into development
of new ways to produce energy; it has invested 8 billion dollars to develop and posses the new
technologies in production.
Access to raw materials and other inputs: Though the tendency of this particular
barrier might not seem appropriate to BP‘s production as they are freely and abundantly
available in nature however BP still can gain competitive advantage by reserving the copy rights of
the technology that is being/will be used to convert the alternative resources into energy. Thus
Risk: Traditionally established companies are often not the first to be in the new emerging
industry due to technological advancement even having the ability and obvious strengths, but
climb the band wagon latter, and tries to establish by placing high higher opportunity
cost, in this case BP has some relatively obvious strengths like knowledge of the customers
and brand strength, so it is advisable that BP continue to press by investing into
research of alternative fuels
In a move characterized as the "largest ever industrial merger," BP Co. plc and
Amoco Corp. have agreed to unite their businesses on a global and comprehensive
The combined firm, to be based in London, will be the U.K.'s biggest company. BP
will hold a 60% equity interest, and Amoco 40%.
Called BP Amoco plc, the firm will be "one of the most comprehensive and
competitive energy and petrochemical enterprises in the world," according to Amoco.
The merger shoots BP and Amoco into the ranks of the top three energy majors,
along with Royal Dutch/Shell and Exxon Corp.
9.0 Value Chain Analysis
Value Chain Analysis explains the activities that goes on in business organization and
relates them into an analysis of the competitive strength of the business it considers.
According to Michael Porter business activities could be grouped into Primary
Activities which are activities that are directly concerned with creating and delivering
products and also Support Activities which are activities not directly involved in
production, but they are activities that increase effectiveness or efficiency. It is rare
for a business to undertake all primary and support activities.
Value Chain Analysis is a way of identifying which activities are best undertaken by a
business and which are best provided by others. Linking Value Chain Analysis to
Competitive Advantage it points out what activities of the business directly linked to
achieving competitive advantage amongst various competitors.
Fig: Petroleum Value chain Model
9.1 Primary Activities
Inbound Logistics includes warehousing, materials handling, inventory
Operations are the activities that transform inputs into finished products (e.g.
machining, testing, packaging, equipment maintenance, etc.).
Outbound Logistics includes the activities that store and distribute products to
buyers (e.g. warehousing, delivery vehicle operations, order processing, etc.).
Marketing and Sales are the activities that provide the means for the buyer to
purchase (e.g. advertising, sales force operations, selection and management
of distribution channels, etc.).
Service includes activities which enhance or maintain the value such as
installation, repair, parts supply, etc.).
BP‘s primary activities include research and development in terms of technological
innovations, production creation of fuels and other products, marketing and sales in
terms of distribution via service stations and lastly services to the customers and the
supportive activities include the company infrastructure like buildings and
equipments, information system, human resources (skill employers) and finance in
terms of cash.
9.2 Support Activities
Procurement specifically refers to the function of purchasing not to the purchased
inputs themselves. While raw materials procurement is usually concentrated in a
purchasing department, other purchasing is often dispersed throughout a firm
(temporary office staff, hotel and travel expenses, office equipment and even
Technology Development as Porter defines it is wider than R&D. It includes
engineering and process development and, while usually associated with an
engineering or development function, is also dispersed (office automation,
Human Resource Management includes the recruitment, hiring, training,
development and compensation of all personnel. Partly centralized but increasingly
dispersed Porter points out that the skills and motivation of employees and the costs
involved may be critical to competitive advantage.
Firm Infrastructure broadly encompasses general management activities, as well as
finance, accounting, legal, corporate affairs and quality management. Often viewed
as an overhead, these can be a considerable source of advantage (e.g. skillful
negotiations with regulatory bodies).
An organization can outperform its various competitors through differentiating itself
by trying to produce products with higher quality and will also have to perform its
value chain activities better than the opposition. BP has the potential of adding value
via marketing and sale of its products which is the way the company handles it
marketing and sales of products to the diverse consumers or market through the
company‘s various brands where it markets diversified alternative energy sources as
well as oil and gas.
The good marketing and sales or distribution flow of BP, outstanding performances
in relations to its competitors, various brands and also diversification into alternative
energy sources are all competence of the company which the company has used
through it marketing and sales activities in adding value.
Fig: Value Chain of BP
10.0 BP’s Global Marketing
Multinational corporations operating in complex and diverse political, economic,
social and cultural environments have to improve, adjust and develop their
marketing strategies on a regular basis. Changing environmental factors create new
conditions for their operating, which often require considerable and serious changes
in strategic decision-making and positioning of companies. Inflexible and rigid firms
will cease to be competitive in the market every time changes occur. The aim of the
present report is to identify the past and present changes in marketing strategy of BP,
which have occurred under the pressure of environmental factors.
10.1 BP’s 4P
BP has some unique characteristics that influence how we follow the 4Ps of
marketing – product, price, place and promotion.
1. Product: Fuel is a commodity product offered by all the oil companies in all over
the world. It is difficult to offer customers a point of difference with fuels.
However, BP does so by selling petrol and diesel that is better for the
environment. BP is the only oil company in world to sell superior fuels that are
kinder to the environment. BP‘s Products Line is:
Fuels & stations
Motor Oils& Lubricants
2. Price: With common products in the oil industry, prices between competitors are
easily matched, which means it‘s difficult to differentiate our product based on
price. If BP‘s competitors undercut us on price, BP see significant losses in
volumes sold. A one cent per liter price reduction requires retailers to achieve a
25% increase in volume to break even on site. Pricing Strategy is:
Profit Oriented for Extremely Inelastic demand
3. Place: BP‘s network of service stations is a vital strength in marketing strategy
– we have some of the best locations for the service they provide. And research
shows customers mainly choose fuel retailers based on their location. They have a
significant investment in ensuring right number and quality of locations for our
customers. Strategy is:
Direct and Indirect Marketing
Worldwide Retail Network
4. Promotion: Research shows that customers respond well to our promotion
campaigns, such as the AA Rewards programme. Our loyalty programmes are a
valuable point of differentiation; we use them to drive sales volumes and counter
our competitors‘ activity. BP‘s main promotional focus is on:
Out of Home advertizing
Pumps reward program
10.2 Market Segments
This consists of a group of customers who share a common need or want. The task
was to identity the different segments in the target market in order to target them.
With segment marketing, the company offers a better design, price, delivers the
product better and is able to fine-tune the marketing program. The segment
Behavioral and Psychographic Segmentation
Green Revolution and environment consciousness
Luxury of Travel
10.3 Market Promotion
BP‘s strategy was a promotional campaign to transform BP‘s retail brand image at its
locations in the United States. Buying gasoline is a low involvement purchase and
consumers have low expectations regarding their purchase experiences. Armed with
that consumer insight, BP created and executed the $45 million Helios Power
advertising and brand-building campaign, which is an extension of BP‘s ―Beyond
Petroleum‖ corporate campaign that began in the early 2000s. The Helios Power
campaign consisted of the following marketing tactics:
“A little better” tagline. BP customers can expect to receive ―a little better‖
experience at its service stations and other retail outlets compared to those of
its competitors. Hand elaborates, ―In this market, a little better means a lot.
People see refueling as a necessary and unpleasant chore. However, BP can be
cleaner and friendlier, and that‘s why people will choose us rather than our
competitors.‖ And this choice will be made on an emotional basis because
customers ―like what we stand for.‖
Animated TV ads. These feature a family of characters (the Lighthouse family,
the Babies, and the Beeps) and a catchy tune designed to reinforce the
emotional appeal of the BP brand. The TV ads aired during some of the top
U.S. TV shows (American Idol, Ugly Betty) and also had exposure on
YouTube. The purposes of the ads were to generate awareness of and an
emotional connection to the BP brand and its offerings.
In-store give-aways. At the launch in April 2007, environmentally friendly
paper bags, T-shirts with a fun new look from the campaign, kid‘s activity
books and trading cards featuring the campaign characters, and sunflower
seed packets were handed out to customers throughout the entire network
of BP stations.
Unique Web site. The www.alittlebettergasstation.com Web site features the
―Gas Mania‖ interactive game, selected animations, ringtones, screensavers, a
sweepstakes, and the TV ads.
Street teams. BP and Ford teamed up to promote the use of BP‘s Ultimate
gasoline in Ford‘s new Edge automobile. Videos featuring groups of collegeaged students were created to showcase the BP brand in Florida and the
ARCO brand in California.
Branding is all about creating alignment of company‘s business processes with its
corporate culture. BP (BP) provides a case in point of a brand that got way out front
of its business process and culture to produce tremendous exposure to risk. Back in
2000, BP announced a major change in posture from "BP" to "Beyond Petroleum"
and spent hundreds of millions of dollars promoting their new position. Only BP is
the only global energy company moving to new sources of energy that includes solar
BP Three Branding Themes:
BP Progressive and Profitable – (appeals to Investors Archetype) Moving to
new and profitable sources of energy for the future.
BP Business Alternative Energy Sources – (appeals to Business Archetype)
Developing more efficient and alternative forms of energy to move you ahead.
BP Beyond Petroleum – (appeals to Public Perception Archetype) Investing
for a Greener future
BP Brand attributes supporting being only:
BP Green – BP is the only energy company investing in and pursuing
alternative energy sources; namely solar power
BP Progressive – BP is striving to find more efficient ways to produce energy
with proven leadership in solar power
BP Quality – BP focuses on safety and operational excellence
BP’s Brand Archetypes:
BP Investors Archetype: Investors are looking for profitable companies with
less investment risk. BP is the only company vs. its direct competition coming
up with unique and profitable alternative energy sources.
BP Business Archetype: BP helps businesses be more energy efficient and
green through partnering. BP provides multiple energy alternatives.
BP Public Perception Archetype: The lesser evil of oil companies, BP is the
greenest energy company with demonstrated leadership in solar power.
10.5 BCG Matrix
BP has a big market share in oil and gas industry with its wings extended in 80 different countries,
however these SBU are with high market share with less room for the growth as it is
a mature market, these SBU need to be managed well with right strategy to maintain the
BP is presently well established in most of its operating countries however, there is
still room to grow to stars as it the fourth largest in terms of revenue making followed by royal
Dutch and Exxon Mobil (cnn, 2010)
BP is trying to venture into new markets by investing into sustainable and renewable energy
resources, since it has small share in high growth market as it is predicted that
market for these renewable energies were likely to rise rapidly Also BPs CNG
products c,n be another question mark as it has high growth which can be replaced
by petrol in the developed nations
BP business can be effected by electrification of rail transport in the third world
countries, Wherever BP is operating in. Due to the market for supplying diesel to locomotives are
at the dog‘s state, because it has relatively low growth and small share, and this market
might sooner vanish. However BP can continue with this present SBU, as it cannot affect
the other SBUs BP has a stable market share in an unstable market, despite the facing allegations
from recent gulf of Mexico disaster.
11.0 BP’s Global Human Resources Management
BP is progressive, responsible, innovative and performance driven.‖ They have
further defined this statement as:
Progressive – They are restless in the research and development and improvement
in exploration and refinery of oil, gas and fuels. They believe they have the principle
of mutual advantage and can build productive relationships between themselves,
their clients and partners.
Responsible – It is committed to the safety and development of its people and the
communities in the societies in which they operate. They aim for no accidents, no
harm to people and protecting the natural environment.
Innovate – we push boundaries today and create tomorrow‘s breakthroughs
through our people and technology
Performance Driven – BP is committed to deliver on their promises through
continuous improvement and safe, reliable operations, by learning from their
11.1 Recruitment Policy
An organization‘s overall strategies and HR policies need to be closely integrated
with chosen recruitment strategies in order to achieve desirable outcomes.
Organizations seeking culture change may favor external recruitment options while
those which desire commitment and high quality may favor largely internal
recruitment or an appropriate blend of both options. The choices may change from
time to time, reflecting the needs of organizations at different stages. Strategies BP
Internal Talent Pool
BP largely favors internal recruitment of senior managers by focusing on the internal
talent pool which exists within. This is evident with senior management
appointments from within the company over the years. The strength and experience
of its management team has allowed promotion of internal candidates to
important more senior roles and created continuing growth opportunities within the
BP is making increased use of e-recruitment techniques through internet and
intranet. Professional networking sites (PNS) such as LinkedIn where senior
management jobs are posted, has been frequently used as well as BP‘s corporate
career website. Also increasingly being used as part of the recruitment process are
partner websites which specify the required competencies. Competency-based
recruitment methods provides a unique opportunity to create and shape a
recruitment system based on competencies that have been identified within the
organization as being critical for success in the targeted job or role.
External recruitment services
When recruiting externally, BP makes use of external recruitment partners to assist
with recruitment of senior management staff. These partners offer BP a range of
services - attracting candidates, managing candidate responses, screening and short
listing, or running assessment centers on the BP‘s behalf. BP has systems in place to
ensure its recruitment partners develop a good understanding of BP and its
requirements. This is essential because employers and agencies that are committed
to collaborative partnerships are more likely to achieve positive results.
Employer brand is the image of your organization as an employer and place to work
as perceived internally and externally while reinforcing why talented people would
want to join and stay with an organization. The employer brand is part of building an
identity and employees are defined nowadays by the company they work for.
BP has consistently focused on projecting its brand as an environmentally friendly
company looking to the future and alternative fuel sources. When BP in 2001
renamed itself BP, they also adopted the tagline ―Beyond Petroleum to signal a focus
outside the oil business. This is a visionary and inspiring way of moving the brand in
a positive direction, creating purpose and adding value. This attracts top talent in
many different fields, sharing that vision and outlook.
11.2 Workforce Diversity
Despite having operations around the globe, spanning diverse culture, the nationality
of BP plc has been reflected in the make-up of the workforce in general and senior
management in particular. BP faces the challenge of operating in a globalised world
where this model is no longer sustainable. HR managers have to tackle national and
cultural diversity issues, while still promoting the overall corporate strategy.
In response, BP has launched a ―Global Path to Diversity and Inclusion‖ strategy.
Among its three main directives are: as a global company, its leaders should reflect
the local communities in which it operates; while diversity and inclusion must be
viewed as a business imperative. This is both a welcome and challenging initiative in
order to meet its changing business needs.
As a global company of around 80,000 people, BP has a naturally diverse workforce
in terms of gender, race, nationality and culture. BP actively embeds diversity and
inclusion across the organization through our global diversity council, the
establishment of diversity plans tailored to each Strategic Performance Unit (SPU)
and support for affinity groups for networking and sharing experiences. Mandatory
training in diversity and inclusion for 6,000 senior leaders also began in 2010.
HR managers are increasingly faced with the management of employees in a global
businesses operating across national boundaries. Therefore, comparing HR activities
and policies across different societies becomes a major issue. At the same time being
a strategic partner by promoting the overall corporate strategy. Coordination of HR
activities on a global scale- e.g. comparative pay rates, performance assessments,
management employment policies, employee relocation and expatriation etc have to
11.3 BP’s Health & safety Policy
Everybody who works for BP Lubricants Americas is responsible for getting Health,
Safety and Environment (HSE) right. Good HSE performance and the health, safety
and security of everyone who works for BP are critical to the success of our business.
BP‘s goals are simply stated – no accidents, no harm to people, and no damage to the
We will continue to drive down the environmental and health impact of our
operations by pollution prevention, reducing waste, emissions and discharges, and
using energy efficiently. BP will produce quality products that can be used safely by
consult, listen and respond openly to our customers, employees, neighbors,
public interest groups and those who work with us
work with others – our partners, suppliers, competitors and regulators – to
raise the standards of our industry
as a minimum, comply with all applicable laws and regulations and any other
requirements to which the company subscribes
openly report our performance, good and bad
recognize those who contribute to improved HSE performance
BP is committed to continual improvement of our HSE performance and
management systems. BP‘s business plans include measurable HSE targets. BP is
committed to meeting them. There are thirteen elements to the BP Health, Safety
and Environmental Management Systems Framework.
1. Leadership and accountability
8. Information and documentation
2. Risk assessment and management
9. Customers and products
3. People, training and behaviors
10. Community and stakeholder awareness
4. Working with contractors and others
11. Crisis and emergency management
5. Facilities, design and construction
12. Incidents, analysis and prevention
6. Operations and maintenance
13. Assessment, assurance and improvement
7. Management of change
11.4 Career Development Interventions
It is generally agreed that increasing emphasis on human resources development
provides for increases in productivity, enhances competitiveness and supports
organizational growth. BP has a set of systematic and planned activities designed to
provide its senior managers with the necessary skills to meet current and future job
BP has a global approach to developing its leaders that is focused on the main
behaviors that are critical to achieving high performance. The company adheres to a
single, common leadership framework, with a clear and focused set of expectations.
This model is used throughout BP to help select, assess, develop and reward leaders.
Continuous Professional Development
BP runs a series of development programmes called Managing Essentials to help
managers apply the leadership framework in their own teams; in both the US and the
UK, BP continues to work closely with around 20 core pursuing continuous
improvement in performance. CPD in BP comprise a balanced mix of activities which
include work based activities, courses, seminars, and conferences, as well as selfdirected informal learning.
BP runs three specialist development programmes designed to build excellence in the
3 important functional areas of operations, finance and human resources. The
Operations Academy, set up in partnership with MIT, provides BP‘s senior managers
with a systematic and rigorous approach to managing safe and efficient operations.
Senior Leadership/Management Development Programmes
The Executive Operations Programme enables senior leaders to support the changes
made by operations-level management, reflect on their own contributions to the
process and commit to systematic and verifiable change across the organization. To
date, the group chief executive, his executive team and approximately 90 group
leaders, including the strategic performance unit leaders, have participated in this
BP also utilizes coaching for senior leadership development. For instance, BP Angola
has worked closely with i-coach academy to design and deliver a coaching
programme to work alongside a leadership development initiative aimed to support
A large number of coaches are intentionally selected in order to offer a diversity of
style and approach whereby each participant can be matched with the most
appropriate coach. Participants are also afforded the opportunity available to develop
a learning community within their cohort which would offer peer support and
challenge during the programme and beyond.
Thus far, positive outcomes have been recorded regarding BP‘s coaching program.
Most participants acknowledge it provided the necessary learning interventions
which fulfill the needs for effective transition into more senior leadership positions
including stakeholder management, influencing skills, performance management,
and feedback skills.
BP has also developed e-learning initiatives as a HRD method for its senior
managers. Since 2006, BP embarked on one of its largest global safety and
operations e-learning training initiatives. An e-learning solution provider, Kineo was
selected in 2007 at the start of the curriculum development to lead the blended
design of the technical modules. The programme- Operating Essentials, driven by the
Health, Safety and Operations team, is designed to enhance operations and
maintenance Leaders to manage teams and operations effectively, across BP‘s global
12.0 BP’s Financial Analysis
12.1 Income Statement and Balance Sheet
Operating Profit / (Loss):
Profit Before Tax:
Profit after tax from continuing
Profit after tax from
Profit for the period:
Equity holders of parent
Minority Interests / Other
Total Dividend Paid:
Retained Profit / (Loss) for the
Earnings per Share:
Dividend per Share:
12.2 Ratio Analysis
Working capital turnover
Average No. of Days
Average inventory processing
Add: Average receivable
Less: Average payables
Cash conversion cycle
*Source: Based on data from BP Annual Reports
An activity ratio calculated as
revenue divided by inventory.
An activity ratio equal to
revenue divided by
An activity ratio calculated as
revenue divided by payables.
BP PLC's inventory turnover
improved from 2010 to 2011
but then slightly deteriorated
from 2011 to 2012.
BP PLC's receivables turnover
improved from 2010 to 2011
and from 2011 to 2012.
BP PLC's payables turnover
increased from 2010 to 2011
and from 2011 to 2012.
BP PLC's working capital
turnover improved from 2010
to 2011 but then deteriorated
significantly from 2011 to
BP PLC's average inventory
processing period improved
from 2010 to 2011 but then
slightly deteriorated from 2011
Working capital turnover
An activity ratio calculated as
revenue divided by working
An activity ratio equal to the
number of days in the period
divided by inventory turnover
over the period.
Cash conversion cycle
An activity ratio equal to the
number of days in the period
divided by receivables
Equal to average inventory
processing period plus average
receivables collection period.
An estimate of the average
number of days it takes a
company to pay its suppliers;
equal to the number of days in
the period divided by payables
turnover ratio for the period.
A financial metric that
measures the length of time
required for a company to
convert cash invested in its
operations to cash received as
a result of its operations; equal
to average inventory
processing period plus average
receivables collection period
minus average payables
BP PLC's average receivable
collection period improved
from 2010 to 2011 and from
2011 to 2012.
BP PLC's operating cycle
improved from 2010 to 2011
but then slightly deteriorated
from 2011 to 2012.
BP PLC's average payables
payment period declined from
2010 to 2011 and from 2011 to
BP PLC's cash conversion
cycle improved from 2010 to
2011 but then slightly
deteriorated from 2011 to
BP Company‘s project, is a significant step toward the growth of the company, but
the Chief Executive officer should ensure that the established Centralized
Developments organization enhance the integrity in the project implementation
process. The strategy should also establish a body of expertise in greenhouse gases in
order to reduce emissions that may hinder the attainment of the project goal. The
other recommendation is that BP should invest much on renewable energy sources
like wind power, solar panel and bio-fuels because they present little or fewer risks
on people health and environment. In the transport area, the CEO should ensure
more investments in the pipeline because this would ensure safety on the
environment. Road transport can cause danger to the people for instance if a transits
explode. Another recommendation is that, though BP Company has assigned a treaty
with the World Bank to allow it access funds through loans, the Company should not
rely more on the loans because, its payment may contribute to the downfall of the
company if misappropriated. There is also a need for the BP Company to consider
reorganize its 4 P‘s of marketing viz. product, price, promotion and placement so as
to secure a competitive advantage over the other six competitors in the industry.
With this regard, the company may employ competitive strategies like benchmarking
against the competitors.
It is recommended that BP should use the diversification strategy as a future
strategic option in order to continue responding to the environmental challenges.
The company should diversify its product range associated with the production of
solar and wind energy for individual and corporate customers. It is expected that
these products will be popular in the emerging markets such as India and China
where incomes are not high, but energy consumption patterns are growing very fast.
Furthermore, it is recommended that the company should increase expenditures on
infrastructure maintenance and employee safety. Together with alternative energy
production, this will positively influence corporate reputation after the recent safety
scandals and 'green washing'. Finally, it is recommended that BP should continue
popularizing efficient use of energy by individual consumers and industrial
BP is back in business in the deep waters of the Gulf of Mexico, having recently
received its first permit to drill since the explosion on their Deepwater Horizon rig
last year that killed 11 people and ruptured the Macondo well hemorrhaging millions
of barrels of oil into the Gulf — the largest offshore oil spill in U.S. history. That
explosion destroyed ten years of green marketing for BP — which adopted ―Beyond
Petroleum‖ tagline and cheery green and yellow sunburst logo in 2000 — as the
ensuing environmental disaster plunged the brand into a nightmare as deep as the
waters it drills.
The ―meet our people‖ and storytelling strategy is ―one small step‖ in BP‘s post-Gulf
branding, focused on its human resources rather than product or promises.
It may be concluded that the main strategic changes undertaken by BP in response to
the turbulent and dynamic environment are contracts with the governments to avoid
political risks, moving to more stable countries such as India from the northern
Africa, acquisition of the solar panel manufacturers, investment in wind and solar
projects, moving manufacturing facilities to China, investment in energy efficiency,
reduction of carbon content in fuels, participation in 'green' activities an 'green
washing'. The company had to transform its generic strategy from cost leadership to
differentiation since cost reducing practices had led to oil spills and leaks. It may be
summarized that the identified changes were necessary. Nevertheless, the company
could have been more honest and open in its CSR projects.
US Department of Labour (2011) 'BP History Fact Sheet', [online] Available at:
Aulds, T. (2010) 'BP: 500,000 pounds of emissions released', The Daily News,
[online] Available at: http://galvestondailynews.com/story/157738/.
Bamberg, J. (2009) The History of the British Petroleum Company, Cambridge:
Cambridge University Press.
BP (2001) 'Technology and business - a progress report', [online] Available at:
BP (2012) 'Annual Report', [online] available at:
BP (2011) 'Strategy', [online] Available at:
Jens Trulsson (2010) Universum Quarterly: The future of BP‘s brand, Universum
US Department of Labour (2011) 'BP History Fact Sheet', [online] Available at: