Free Essay on Analysis of British Petroleum: Mission and Vision Statement

Published: 2019-06-20
Free Essay on Analysis of British Petroleum: Mission and Vision Statement
Type of paper:  Essay
Categories:  Company Management Business
Pages: 4
Wordcount: 990 words
9 min read

The purpose of this article is to state a mission and vision for the British Petroleum (BP) Corporation. This article includes the overview of the corporation, recommended mission and vision statement, and how the company can be aligned with the stated mission and vision statement.

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BP is a British multinational gas and oil corporation. The company, as measured by 2012 production, is the sixth largest Oil and Gas Company, fifth-largest corporation in the revenue measured by 2012 revenues, and the fifth largest energy company by market capitalization. BP is a vertically integrated corporation and operates within all areas of oil and gas industry that includes oil and gas exploration and production, refining, petrochemicals, trading, distribution and marketing, power generation. Furthermore, the company concentrates too on renewable energy activities in biofuels and wind power as well as providing fuel transportation for everyday items. BP has a number of brands that include am/pm, ARAL, BP, ARCO, Castrol, and Wild Bean Cafe. The global business endeavors of BP are divided into three distinctive organizations to deliver energy products. These include the Exploration, Developments and Production divisions. The Developments Division has two Technical Functions the Global Projects Organization and Global Wells Organization. The Production Division has two Technical Functions Operations and Subsurface, which are the Strategy and Integration organization led by a fourth Executive Vice President, and ensures integration across the Divisions and Functions (WORLD BANK GROUP 2015).

The following mission and vision statements are recommended.

BPs mission statement:

As multinational energy explorer and upstream company British Petroleum intends to exploit and produce commercial hydrocarbons in underexplored zones using efficient and sound fiscal management and fair ethical standards to all its corporation personnel, stakeholders, join venture partners, impacted communities and most importantly both the Home and Host governments.

Corporation vision:

The corporation success is foreseen upon the core employees capability to comprehend the goals and objectives and the collectively join hands as a team to attain and provide economic value to the company and increase the value of the resources entrusted to the corporation by the shareholders at the same time company values.

BPs values:

- Respectfulness BP entirely respects the dignity, rights and customs of local communities, workers and their families.

- Challenge the corporation understands and identifies differences however; it continues to pool together differences to achieve success for all concerned.

- Safety operations the company has purpose to promote safe and rational management of natural resources and reduce the impact of our companys activity on the environment and restore its original conditions on every occasion possible.

- High performance BP strives to continuously improve its performance.

- Inventiveness each day BP seeks new opportunities and off standard solutions.

- Partnership BP has a solid commitment to being a good and reliable partner.

There are many strategies that the company should try to have in order to have better sales in the market. There should be the use of technology in order to have competition over the rest. This will be achieved by having new products like fuel fossils which will be cheaper in the market. Technology use will help to improve the entire process of manufacturing and will reduce the costs that are associated with the production. Based on the critical analysis of the company, it is no doubt that the companys focus dwells on providing customers with energy for heat and light, fuel for transport, lubricants for engines moving, and the petrochemicals products utilized in making daily items such as packaging, clothes and paints. Of course, the BP should ensure it maintains its main role in the particular segments of operation, and upstream and downstream by developing important sources of energy. Furthermore, it is critical for the company to continue helping in generating tax revenues and employments in the regions it operates. Imperatively, it is important for the corporation to, not only create value, but also ensure it is at the apex in ensuring value for hydrocarbon chain. That is, in its endeavors of exploration and supplies of energy and other fundamental products.

BP has tried to ensure it adheres to its policies of social responsibility. However, it is clear from analyses of various sources that the company has experienced several major setbacks such as the explosion on Deepwater Horizon rig that killed 11 people and ruptured the Macondo well hemorrhaging millions of barrels of oil into the Gulf among others, nonetheless, the company is determined to be the best. That is, BP strives to ensure that it achieves sustainable success in acting for the long-term interest of the shareholders, partners, and society. Hence, it is true that the corporation strives to be an excellent operator, a good employer and a responsible corporate citizen.

Indeed, the corporation is open and ready to partner with likeminded. This is due to the reason that BP taken bold moves in addressing emerging issues on climate changing as well as acknowledging its contribution to the greenhouse emissions. Therefore, the corporation formed an action plan for cutting down on the internal emissions and joining hands or collaborating with other organizations across the globe to minimize human impact upon climate.

Important recommendations to the British Petroleums (BP) senior management team, in order to realize sustainable competitive advantage in the competitive global energy market are:

Invest in proprietary technology. BP should invest more in the emerging technologies that enhances its growth and development of innovative methods for producing energy. That is, build up a brand that stands out.

Utilize recyclable items along with other inputs. That is, the corporation should focus on gaining competitive advantage by getting accustomed to technologies that convert choice assets into energy rather than only manufacturing wind and power. Hence, produce revenue.

The company should focus on eliminating risks. That is, the company should focus on trading into research of other fuels as well as striving to utilize safe technologies that minimize costs and provide great ability to stay at the apex of the industry.

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