Bp - bp plc
BP plc (BP), also referred to by its former name, British Petroleum, is one of the world's seven "supermajor" oil and gas companies. It is aBritish multinational company, headquartered in London, England, whose performance in 2012 made it the world's sixth-largest oil and gas company, the sixth-largest energy company by market capitalization and the company with the world's fifth-largest revenue (turnover).It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and production, refining,distribution and marketing, petrochemicals, power generation and trading. It also has renewable energy interests in biofuels and wind power. As of 31 December 2015, BP has operations in more than 70 countries, produces around 3.3 million barrels per day (520,000 m3/d) of oil equivalent, and has total proved reserves of 17.18 billion barrels (2.731?109 m3) of oil equivalent.
Its largest division is BP America in the United States. In Russia BP owns a 19.75% stake in Rosneft, the world's largest publicly traded oil and gas company by hydrocarbon reserves and production. BP has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It has secondary listings on the Frankfurt Stock Exchange and the New York Stock Exchange.
BP has been directly involved in several major environmental and safety incidents. Among them were the 2005 Texas City Refinery explosion, which caused the death of 15 workers and resulted in a record-setting OSHA fine; Britain's largest oil spill, the wreck of Torrey Canyon; and the 2006 Prudhoe Bay oil spill, the largest oil spill on Alaska's North Slope, which resulted in a US$25 million civil penalty, the largest per-barrel penalty at that time for an oil spill.
The 2010 Deepwater Horizon oil spill, the largest accidental release of oil into marine waters in history, resulted in severe environmental, health and economic consequences, and serious legal and public relations repercussions for BP. 1.8 million gallons of Corexit oil dispersant were used in the cleanup response, becoming the largest application of such chemicals in US history. The company plead guilty to 11 counts of felony manslaughter, two misdemeanors, and one felony count of lying to Congress, and agreed to pay more than $4.5 billion in fines and penalties, the largest criminal resolution in US history.
Legal proceedings are continuing, with proceedings set to commence in January 2015 to determine payouts and fines under the Clean Water Act and the Natural Resources Damage Assessment. In September 2014, the judge ruled in the first phase of the case that BP was "reckless" and committed "gross negligence," in a "worst case" ruling that could cost BP $18 billion in additional penalties above the $28 billion already expended on the spill by that time. BP is appealing the ruling, which raised concerns about BP's future. They settled in July 2015 in the amount of $19 billion plus the original amount.
Last month, BP announced that Chief Executive Bob Dudley would receive a 20% bump in his total compensation package in 2015. Though much of this increase related to U.K. reporting requirements that inflated the rise in Mr. Dudley's pension, the oil executive's cash bonus increased to $1.4 million from $1 million in 2014. His total bonus for the year, including a portion paid in deferred BP shares, amounted to $4.2 million. That was the maximum amount he was eligible to receive for the year and was up from $3 million in 2014. Chief Financial Officer Brian Gilvary also received 100% of his possible bonus.