Case Study: BP (Beyond Petroleum) Focuses on Sustainability
When a person thinks of BP they image a green gas station and gas pumps. But BP has over 100 years of history behind it. BP was formally known as British Petroleum and the Anglo-Persian Oil Company. It was founded in 1908 by William D’Arcy, a rich British man who invested all his savings in his quest for oil in the Middle East. At the time BP was committed to protect the environment and took necessary steps to research areas where they would likely be drilling for oil to minimize habitat disruption and protect the area. But as competition in the area heightened, and shares of the company were sold, and mergers started to occur, their promise and commitment to their shareholders would come under question. BP’s reputation suffered because of their lack of performance, ethical problems, and their lack of innovation and sustainability. While BP has taken steps in the right direction to fix its reputation it is far from being done. This paper will show that to fix the company’s reputation they will need to enforce their new ethics policy from the top down and build shareholder trust again. They will need to invest more in their sustainability by creating new innovative ideas, committing more money for research and current programs, as well as the creation of new policies and procedures so the mistakes of the past will not also become their future.
Problem Identification Stage
BP is one of the most recognizable businesses out there today with its bright green logo “BP” seen at gas stations all over the world. With over 100 years of success in the business it has grown from next to nothing in 1908 when it was founded by William D’Arcy to the huge company that it is today. However in recent times the company has suffered several setbacks from unethical misconduct due to poor environmental stewardship and...