All Articles Tagged "BP"
Maybe you’d be surprised to know that the world’s largest 11 corporations aren’t based in the United States, or maybe, actually, you already knew that. In any case, a peak into the world’s largest companies as compiled by Fortune magazine provides interesting insight into the global economy and the demand for oil. One thing’s for sure, after you see whose made the list, you’ll be surprised to see who’s number one.
11. Total, French Energy Company
Profits ($ millions): 14,001
(NYT) — The oil that leaked from a pipeline beneath a warehouse complex in suburban Romeoville for four days was equivalent to only several hours worth of what leaked from the BP gusher in the Gulf of Mexico.
Although the 250,000-gallon spill in Illinois that started on Sept. 10 was relatively small, it had an immediate effect on fuel prices, industry experts said, unlike the BP disaster. Spikes in the wholesale market and at the gasoline pump underscored the importance and vulnerability of the network of pipelines that — unknown to many residents — lie under the Chicago area.
(News One) – Sheryl Lindsay’s wedding planner business is on the brink, crumbling with each cancellation over concerns about oil. Brides-to-be are walking away from plans for beachside vows, leaving Lindsay waiting to see whether she’ll be part of BP’s promise to make whole everyone who’s suffered from its spill. BP said Monday it had received 145,000 claims from residents and business owners like Lindsay citing lost income because of the massive spill in the Gulf of Mexico, and had paid out $324 million without denying a single claim.
(News One) — BP claimed a key victory Wednesday in its effort to plug its blown-out oil well in the Gulf of Mexico while the government said the vast majority of oil from the worst offshore spill in U.S. history was already gone. Declaring it a milestone, BP PLC said mud that was forced down the well was holding back the flow of crude and it was in a “static condition.”
(Market Watch) – BP’s new chief executive, Robert Dudley, is an industry veteran with wide-ranging qualifications, but it was his American passport as much as his in-depth knowledge of Russia and his green credentials that sealed the deal for the board. BP said Tuesday that, by mutual agreement, Tony Hayward will step down as group chief executive with effect from October 1 and he will be succeeded by fellow executive director Dudley.
CEOs must recognize “the inextricably intertwined roles of symbolism and substance in the office of CEO today,” said Jeffrey Sonnenfeld, a senior associate dean at the Yale School of Management.
Sonnenfeld was referring to Tony Hayward, the BP CEO who has been strongly criticized for his apathetic handling of the oil spill disaster. Since he hasn’t been able to impress the sensitive American public with his ‘all business, no emotion’ strategy, Hayward has had to suffer the wrath usually experienced by public figures in the U.S.
He didn’t understand why Obama had to claim the he had to kick somebody’s A$$ and feign anger around the Oil Spill, because, the American public somehow got the idea that Obama did have the power to prevent the spill and stop it instantly by kicking A$$.
As a result of his lack of PR skills, Hayward will most likely be forced to step down in the next 24 hours. Does it make sense? No. In the lands across the Atlantic, it is safe to say that Hayward’s behavior wouldn’t have cost him his job. That’s because there are realistic expectations there. You do a good job or you don’t. End of story. In America apparently, in order to become president of a company, you also need to be a media-trained celebrity.
According to the Wall Street Journal, he was successful as a financial officer.
“BP has said that Mr. Hayward’s cost-cutting drive—$4 billion in reduced costs in 2009 alone.”
Hayward’s fault was that he didn’t play the game. And for that, he will suffer. Although, we can presume he won’t suffer too much. BP has to appease the influential American public now and although they may not want to part with Hayward, they will make sure his severance package reflects their sentiments.
It’s a good reminder for all global leaders to not only get a master’s in business administration but also in public relations.
(CNN) – BP’s board is planning to meet Monday evening, as reports swirl about the imminent departure of embattled CEO Tony Hayward. In a statement on Monday morning, the company said its board would meet Monday night ahead of the announcement of its second-quarter earnings, and decisions “will be announced as appropriate.”
(Businessweek) – BP Plc’s efforts in the Gulf of Mexico to permanently stop the biggest oil spill in U.S. history were delayed by a storm building over the Bahamas. BP installed a cement plug yesterday as a precaution in a relief well that’s been drilled to within about five feet (1.5 meters) of the damaged Macondo well, Senior Vice President Kent Wells told reporters on a conference call. The U.S. National Hurricane Center said today the storm has developed into a tropical depression and warnings have been issued for the Bahamas and southern Florida.
(Fast Company) — There was a time not so long ago when BP tried to brand itself as being “Beyond Petroleum.” That tagline is, of course, laughable now that BP has turned the Gulf into a giant petroleum bathtub. But the tainted company is still trying to save itself with alternative investments. Case in point: BP’s $98 million play this week to purchase biofuel startup Verenium’s cellulosic ethanol business.