British Petroleum Financial
British Petroleum (BP) operates through its subsidiaries and has two business segments which include: Exploration and production along with refining and marketing. It is therefore an "integrated" oil and gas company. In the exploration and production field, it includes the activities of oil and natural gas exploration, development and production. It also includes the transportation and pipeline activities with processing activities. The marketing and trading of natural gas, liquid natural gas, and power becomes the last segment of its business which includes refining, manufacturing, supply and trading crude oil, petroleum and petrochemical products and related services. In 2008, British Petroleum registered its subsidiary, BP Exploration Services, in Russia. Today, BP continues its worldwide ventures in the energy field.
BP was the first company to strike oil in the North Sea in 1965, expanding its exploration beyond the Middle East to Alaska. In 1978, British Petroleum gained a controlling interest in Standard Oil of Ohio. In 1998, British Petroleum acquired Amoco (formerly Standard Oil of Indiana) and in 2000, acquired Arco (Atlantic Richfield Company), and Burmah-Castrol. In April of 2004, BP moved many of its petrochemical businesses into a separate business entity known as Innovene, which it had later sold to INEOS, a privately held UK chemical company for the sum of $9 billion.
Then on March 23 of 2005, at BP's Texas City Refinery in Texas City, Texas, an explosion occurred. This third largest U.S. refinery had produced 433,000 barrels of crude oil per day. In the explosion, over one hundred had been injured with 15 confirmed dead. BP had accepted that the accident had been due to mismanagement. A year later, in 2006, one of BP's pipelines in Alaska had leaked and caused an oil spill onto the tundra. BP committed to replacing over sixteen miles of a federally regulated Oil Transit Lines.
Despite these major losses, BP still maintains an excellent growth record and operates in over 100 countries in the world. Since it is the third largest global energy company and fifth largest company in the world, the British Petroleum Financial outlook is good, with sales at 233. 6 billion, an income of almost nine billion dollars and volume of 3.75 million shares of stock, with the total dividend paid equaling to $10, 342 million. With its headquarters in London, England, British Petroleum has 92,000 employees worldwide. This burgeoning company is among the largest private sector energy corporations and one of six "super major" oil exploration, natural gas, and petroleum product marketing companies. This company is listed both in the U.S. NYSE and the London Stock Exchange, as well.
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