British Petroleum (BP), formerly BP Amoco, is the world's #2 integrated oil company, behind Exxon Mobil. The company, which was formed in 1998 from the merger of British Petroleum and Amoco, has grown further by buying Atlantic Richfield Company (ARCO). The company is based in London and operates in more than 100 countries in Europe, the United States, Canada, Russia, South America, Australia, Asia, and Africa. It has exploration and production interest in 26 countries. Almost 40% of its fixed assets are located in the US. It is the largest US oil and gas producer. BP's US operations are headed by Bob Moore, President BP America. A top refiner (3.4 million barrels of oil per day capacity), petrochemicals, and specialty chemicals manufacturer, it has expanded by buying motor-oil maker Burmah Castrol. BP operates 29,000 gas stations worldwide.
The company overall seems to be financially healthy despite natural and man-made disasters. BP lost $2 billion post-tax because of Hurricane Katrina and an explosion at their Texas City refinery. Additionally, it was required to partially shut down the Prudhoe Bay oil field in Alaska in early July because of corrosion in the pipelines that led to several oil spills. Because of these incidents, the company has come under more scrutiny. BP American President Bob Malone will be appearing before a Congressional committee in Washington D.C. on September 7 to answer allegations by lawmakers that BP has been involved in tampering with the oil futures market. The Alaska Oil and Gas Conservation Commission has tentatively scheduled a Sept. 26 hearing to evaluate BP's proposal to install new piping connections to reroute production in Prudhoe Bay. In addition to the Prudhoe Bay problems in Alaska, BP's name has been mentioned in an ongoing FBI investigation of VECO, an Anchorage-based oil-field-services company that maintains and repairs crude oil...