BP Petroleum is a company that deals with gas and oil and has its headquarters in London, in the U.K. It deals with oil exploration, producing, refineries, marketing, distributing and also in trading. It is one of the major energy companies. It is found in almost one hundred countries globally. It has more than twenty two thousand service stations world wide. The BP Petroleum Company produces approximately four million barrels of oil. The company has a subsidiary that is the largest in U.S. of which has got its headquarters in Houston in Texas. The BP Petroleum big refinery, production and trade activities that focus on renewable resources such as biofuels, solar, windpopwer and hydrogen.
The BP Petroleum was inclusive of the mighty companies on which law suits were opened against because more than one hundred water suppliers alleged that its business actions made vast pollution of communal groundwater with hazardous chemicals based on methyl tertiary butyl ether. The BP Petroleum paid $ 423 million as fine and in addition to pay almost three quarter of the clean-up cost. The department of justice in the United States of America fined the BP Petroleum Company of influencing the selling price of propane in the market and it was fined a whooping charge of $300 million. A gargantuan blast occurred in Texas City at its refinery based there. The blast destroyed a gasoline packed tower and claimed fifteen people in its wake and wounded 170 others. The company was found guilty and charged a whopping fine of $ 50 million dollars was slashed to it to co0mpensate the victims. In 1999, BP Exploration Alaska, one of BP’s U.S subordinates was fined $ 22 million as it had illegally dumped dangerous wastes on Alaska North Slope.Also, for its offense it had been charged $ 500,000 and $ 6.5 million in general fines. Also it was ordered to open an environment supervision system worth $ 15 million both inside U.S and outside U.S. It was ordered to support financially $ 20 billion leak response kitty.Seeing that it is spending $ 7 million in one day to control the leakage problem. Come the year 2009, a charge of $ 87 million was slapped on BP after it to pull together very dangerous materials after the explosion that happened in 2005.
The BP Petroleum was fined $303 million in fine by the United States of America government of which of the money, $ 125 was a civil fine to be paid to Commodity Futures Trading Commission, $ 25 million to a company in the U.S. that offers postal services and $ 53 million to be payments of the propane that the BP sold. The oil spill in the Deepwater Horizon almost attributed to its downfall as to fix up the matter, the company uses an amazing $ 7 million per day. By investing in renewable sources with a fund of $5 billion, the BP Petroleum can comfortably produce in environment friendly forms of energy such as the biofuel the power that is tapped from the wind and the solar power.Elecricity power projects like the one in Cedar Creek II Wind Farm in Colorado is also environment friendly and it could save the losses worth billions of dollars that BP Petroleum is incurring. The awareness projects that BP Petroleum get involved in could make its activities environment friendly such as in 1997 when it was the only mighty company that made great steps tackling climate change when it started a project whose main target was to minimize the level of greenhouses that were being emitted.Still, it went ahead by investing more than $ 1 billion every year in the improvement and development of renewable forms of energy sources
There have been a very amazing fall on the stock price in the New York Stock Exchange by over fifty percent from $ 60.57 to $ 20.29.With a very big loss of $ 16.97 in billion and the overall loss since the spillage started being more than $ 32.2 billion. The BP Company can regain its status and recover the very important role threat it had if only precautions are taken to avert future oil disasters of which have greatly affected the financial status of the company. Nevertheless, the company can increase its focus on the forms of energy that are environment friendly among them wind power and solar energy. The company can recover as for instance “the shares of BP Petroleum were down by more than 26 percent but one year later have recovered by more than 65 percent. The company can use risk management factors such as quantitive and qualities risk reviewing to now their level of reputation risk.