The strategic analysis of Oil and Gas Company named as British Petroleum (BP) - Essay Example

This report focuses on the strategic analysis of Oil and Gas Company d as British Petroleum (BP). The paper aims to study the current strategic position British Petroleum. Moreover, it covers the structural determinants; environmental analysis and intensity of competition, competitive strategy and implications of strategies for future growth. This report provides insights about the present and future marketing strategies that are designed by the company as a result of pressure from several environmental forces. In this regard, the paper is primarily divided into different sections. In each section, strategic performance of BP has been measured through general analytical techniques which include PESTEL, SWOT, BCG Matrix and Ansoff Grid. At the end, recommendation, suggestion and future strategic option for BP are mentioned with respect to the analysis discussed above. Strategic Analysis of British Petroleum Introduction British Petroleum is considered as one of the largest international oil and gas companies. It serves its customers by providing them energy for light and heat, fuel for transportation purpose, petrochemical products and retail services for day to day use. In business realm, BP is widely known for its active participation through the approach of vertical integration in all the areas of fuel industry except extraction and excavation of oil and refining distribution power. Lately, BP has participated in increasing options for renewable energy resources. The reasons is the wide spread phenomenon which says that at the end of this century, all the fuel reserves and deposits will be wiped out (Britsh Petroleum, n.d.). Operations of BP are spread in 80 different countries. Around 4 million barrels of crude oil are produced each year which make BP the market leader of its industry. Possessing the largest market share, BP is the first company which released the information that within the next twenty years, the future demands of energy is most likely to be increased by 50%. BP has also stated that 80% of this demand is expected to be met by fossil fuels (Britsh Petroleum, n.d.). The business model of BP is to create value across the entire value chain. The value chain starts from the process of exploration and ends at supplying fuel and energy related products to customers for everyday use. The objective of the company is to create value for supplies of energy and to shareholders in a responsible and safe way. They aim of the company is to be a safety leader, responsible corporate entity, world class operator and an excellent employer (BP Annual Report , 2011). The company operates two major business segments which include Refining and Marketing, and Production and Exploration. Through these business segments, company strives to focus on developing and producing required sources of energy and transforming these sources into products that can be useful to fulfill the needs of people. Projects of BP help in generating employment, tax revenues and investment in countries all over the world. The company is committed for demonstrating responsible behavior, building lasting relationship and meeting obligations. The head quarter of the company is located in London, U.K whereas the operations of BP are spread across US, Europe, Russia, Canada, Australasia, Asia, some parts of Africa and South America . Core Brands of BP The most renowned brands of BP include: Source: (BP Annual Report , 2011) Values of BP Values of BP are segmented into three broad categories: What BP does? Delivers energy and fuel to the world What BP stands for? BP states that the company is deeply concerned about how the energy and fuel are delivered to the world. What BP values? Safety Excellence Respect Teamwork Courage Mission Statement of BP The mission statement of BP states that: “Our function is to provide safe, efficient and environmentally responsible marine and shipping solutions for the BP group” The mission statement of BP signifies that the core functions of the organization are to provide efficient, safe and environmentally responsible and friendly shipping and marine solutions to all the subsidiaries of BP group. A good mission statement needs to show concern for its employees, customers and other stakeholders as well. These elements are also required to be integrated in the mission statement of BP. BP should also take into consideration the impact of its business operation towards its stakeholders and responsibility towards environmental factors. Strategic Position of BP Prior to determining the strategic position of BP, it is essential to execute a stakeholder analysis and discover the changes in the attitude of BP towards different stakeholders. The major stakeholder for any company is government, customers, suppliers, press, shareholders, alliance partners and employees. BP needs to develop long term and sustainable relationships with government so as to negate possible restrictions, political risks and limitations. The interest of customer in BP is that the consumption pattern of energy is growing day by day and the demand of oil is ever growing. The groups of customer of BP include car owner service stations (i.e. BP Express, ARCO, Aral, BO Connect and BP2go), users of motor oil, convenience stores users, solar panel users, aero industry and transport industry (Business & Leadership, 2011). As far as generic strategies are concerned, BP has encountered several changes. At the developmental stages, cost leadership strategy was followed by BP. Despite of the fact that company made substantial efforts of remaining the cost leader of its corresponding industry, the cost leader practices led to major incidents for the company including leaks and oil spills. The cost cutting practices averted the company for taking measures related to maintenance and regular repair of infrastructure. Currently, due to these accidents, BP switched from cost leadership to differentiation strategy and therefore, now differentiation strategy is being employed by BP (Business & Leadership, 2011). SWOT Analysis SWOT Analysis determines the company’s positive and negative aspects in the form of strengths, weaknesses, threats and opportunities. SWOT Analysis of BP is mentioned below. Strengths i. Brand Image Strengths of BP include its historical reputation and brand image. The history of BP dictates the stability of the company in its industry. It has strongly established its roots in the major countries of the world which consume a large amount of fuel and energy (JOHNSON, 1997). ii. Largest Producer and Leadership in Oil Industry BP possesses an intimidating and unique infrastructure. It possesses a large range of subsidiaries which overwhelm its competitors. BP is considered as leader in the sector of oil and gas (You Sigma, n.d.). iii. Expanded Geographically BP has been operating in more than 80 countries worldwide. It is listed in FTSE, NSE and LSE. It possesses a wide range of brand portfolio which generates revenue totaling $375 billion each year (You Sigma, n.d.). Weaknesses i. Unstable Oil Industry Despite of being the highest revenue generating industry, yet oil industry is considered as highly volatile which reduces the level of investments (You Sigma, n.d.). ii. Negative Perception of Consumers BP has thrived hard to position itself as environmental friendly, yet the accidents related to oil spill put the consumers in a dilemma pertaining to the brand position of the company (British Petroleum Sustainability Report, 2010). Opportunities i. High Quality and Pricing By considering and implementing flexible pricing strategies, BP can answer the intense competition (Crain, 2008). ii. Tapping New Territories Despite of operating in 80 countries, there are still many untapped countries which can be captured by BP (Crain, 2008). Threats i. Oil Spill BP got alleged for releasing environmental hazard in Mexico and Alaska. Some occasional incidents of fire in oil rigs of BP have also posed a major threat to the image of the company. ii. Dwindling Resources Diminishing natural resources can be another threat for BP (Crain, 2008). PESTEL Analysis Political Factors Instability in government of countries’ where BP is currently operating Strong barriers from government due to issues like climatic disturbance and global warming Volatility in global energy markets due to rising demand of oil Economic Factors Higher demands of oil Alternative sources of energy supply (Strategic Management, n.d.) Social Factors Issues related to emission of CFCs (chlorofluorocarbons) Unavailability of alternative forms of energy (wind or solar energy) Technological Factors Technological advancements for producing other economical ways of substitute energy systems (Goold, n.d.) Environmental Factors Impact of accidents like leaks and oil spills on environment Legal Factors Legal issues are primarily related to oil spills which lead to the issuance of legal notice from legal authorities to BP (Fuller, 2003) Ansoff Matrix Existing Product New Product Existing Market Market Penetration This includes expanding the distribution channels through direct distribution and retail outlets Product Development Developing bio-fuels for solar and wind energy as a sustainable way of producing energy New Market Market Development This refers to acquiring retail outlets in major locations of U.K. It also incorporates flexible pricing, marketing and advertising the pricing policies. Diversification Producing renewable and clean energy systems for businesses, roads and homes Market Penetration For its wide range of products, BP has a focused strategy of market penetration. It markets its products for every segment of market which includes factories, businesses, household etc. The products which BP markets for its consumers include motor oils, lubricants etc. These products are part of BP’s deliberate strategy for market penetration (ComputerWeekly, 2009). Product Development This strategy is utilized when a certain product is either at development stage or decline stage. As the natural resources are dwindling, it has become essential for BP to look for new energy alternatives and sources. According to IEA 2004, BP is currently planning to produce renewable energy sources (Outsourcing Centre, 1999). Market Development BP has always been involved in applying this strategy. By applying this strategy, BP has managed to spread its operations in 80 different countries. BP possesses its own distribution centers besides owning dealer distribution networks. Lately in India, BP has targeted a new product i.e. CNG (Compressed Natural Gas) which is used for domestic purpose. In this market, BP has acquired a substantial market share (Brain Mass, n.d.). Diversification Diversification is considered as the most risky strategies of all. In order to secure the company’s future, $8 billion dollar has been invested in developing reasonable ways of producing alternative and renewable energy sources. This has been done due to a speculation that the usage of solar energy will get doubled in a near future. BP needs to gain expertise over this sector and due to only this reason; BP has invested such hefty amount. BCG Matrix Market Share Market Growth Stars Question Mark Cash Cow Dogs Stars BP is a well-established company and therefore possesses much room for new products i.e. Stars. In terms of revenue generation, BP is fourth largest company followed by Exxon Mobil and Royal Dutch. Question Mark The new ventures in which BP is trying to invest are question marks for BP. They include renewable energy and sustainable energy alternatives. Since, these products possess low market share in a high growth market, it is expected that these products will rise very sharply. The products of BP like CNG can also be considered as question mark as it can be replaced by diesel and petrol and expected to have high growth and market share in a later period of time (Public Relations and News, 2011). Cash Cow BP owns the largest market share in oil and gas industries having its wings stretched in 80 different countries. Due to the saturation of market, SBUs possess highest market share but possess low room for growth. The renowned brands of BP i.e. Castrol, ARAL and ARCO are cash cows for BP (Investopedia, 2010). Dogs The technological innovation and electrification in rail transport system can impact the business of BP. Products of BP which are used for locomotives such as diesels are at dog’s stage. Due to lower market share and relatively slow growth, the market of such products is most likely to be vanished very soon (My Strategic Plan, n.d.). Competitors The global players with which BP competes include: Exxon Mobil Royal Dutch Shell Chevron Valero Energy Conoco Philips Petro bras Sunoco and LUKOIL Distribution Channels BP owns a network of distribution channels as the operations of BP are spread almost all over the world. BP has selected Biesterfeld Plastic Europe as the sole distributor for its polymers products. The operations of this distributor include packaging, distribution and logistics of polymers (British Petroleum, 2002). Apart from this, BP has variety of distribution network which includes its retail stores and wholesale markets (Limited, 2011). Through these distribution channels, BP provides its products to general customers (AMS Management Consultants, n.d.). Current Financial Performance The financial statements of BP provide a comprehensive picture of the financial performance as well as the position of the company. If the most recent income statement of BP is taken into consideration, it provides a comparative analysis of the performance of BP from 2009 to 2011. The performance of the company remained quite healthy in 2009 but showed some real vulnerability in 2010. Again the company bounced back in 2011 with more strategic aims to maintain healthy profits. If individual components of the income statements are analyzed, it can be observed that BP has remained quite effective in enhancing its sales level such that a consistent growth rate of around 25% was maintained by the company. However, due to the accident of Gulf of Mexico oil spill, the company had to incur too much expenses in 2010 such that its production and manufacturing expensed increased to around 2.5 times which caused heavy losses to the for the year 2010 (British Petroleum, 2010) . BP competed with that accident fearlessly such that it managed to cope up after the incident and reduced the above mentioned expense to its original level of 2009. In this way, BP started gaining its lost profits once again with solid earnings for the shareholders (Strategic Plan, n.d.). Existing Financial Position The existing financial position of any company can be best analyzed with the help of its balance sheet which is also named as statement of financial position. If the balance sheet of BP is taken into account, it can be observed that the company performed reasonably well such that its total assets increased by some 8% as compared to 2010. Current assets of BP remained at 2010 level. There is also a very marginal change in the debt position of the company where only 2% increase in the debt was reported for the year 2011. However, a 17% increase in the equity was observed as a result of sound earnings of the current year which also helped the company in maintaining a more balanced capital structure. The debt to asset ratio of BP was near to 65% in 2010 which declined to 61% in 2011 which is quite a promising sign for the company as it has reduced the risk of bankruptcy associated with the company. Future Strategic Options for BP Future challenge for BP includes increased pattern of energy consumption. In future, it is forecasted that total capacity of energy to be consumed by the world’s population will be as much as 16,432 million tons by 2030. Another important concern that must be considered is the probable fluctuations and increase in the process of oil. The company should try its best in avoiding disasters, incidents, accidents and other safety issues which put the company in further serious issues. Despite of these challenges, BP yet can enjoy some opportunities which include increasing demand of renewable energy and growing population. There are various environment pressures and influences on the company and by viewing past, present and future challenges and opportunities, it is suggested that for future option, the company should implement the diversification strategy. As per the Ansoff grid, diversification strategy is referred to as entering with new products into new markets. There are number of factors which explain and verify the choice of future strategic option. Firstly, growing demand of petroleum products, growing instability in geopolitics and political risks being faced by oil producing countries have compelled BP in entering into new geographical markets. Secondly, company may adopt developing and running renewable energy products which have gained substantial popularity in recent times. In such a situation where demand of energy is rapidly growing, prices of crude oil are increasing and consumption pattern is also growing, BP should be very vigorous in implementing the fields of producing renewable sources of alternative energy. Upcoming Projects Due to the expertise of BP in exploring the oil reserves in deepwater, the company also aims to continue pioneering in this area and assessing various different opportunities where such reservoirs can be explored. The company has planned to drill around 12 oil wells all over the world for 2012 and expects to drill around 25 oil wells per annum for the next three years. If the projects of the company are taken into account, 6 mega projects are intended to be commenced in 2012, whereas around 8 projects are highlighted for the next three years. Apart from this, in future the company should also follow offensive strategy. It is suggested that new products and services should be rendered to those markets which are balanced and politically stable. It is predicted that the combination of these strategies will be suitable with the tendencies and changes that will occur in near future in the oil and gas industry. These changes include fluctuating oil prices, energy efficient products, ecological awareness and increasing demand for renewable energy. Financial Objectives As far as the financial strategy of the company is concerned, the company needs to develop such a strategy which is also aligned with the other strategic objectives of the company. Since the ultimate stakeholder of the company is its shareholders. Therefore, most of the efforts should be directed in such a manner that the wealth of the shareholders of BP should be increased by and large. This can happen by increasing the profits of the company on consistent basis. Rather than raising more equity or debt from the capital markets, BP should utilize its existing reserves and internally generated funds to explore and invest into new opportunities. This initiative will increase the wealth of the existing shareholders in the form of an increase in the share price of the company as well as will not dilute the shareholding of the company too much. Broader range of target sales growth of 25% should be consistently focused by the company. Profits of BP should accelerate with double digit growth. It is also anticipated that the cash generated from the operating activities will increase by at least 50% in 2014 as compared to 2011. In order to maintain the profitability of the company, it is also expected that BP will be completing its $38 billion divestments. Other major future objective of the company is that it intends to use half of its earnings for the future investment opportunities and the other half of the earnings are planned to be distributed to the shareholders of BP in the form either dividends or share buyback program or both. In this way, the company would be able to align its financial streamline with other broader strategic objectives of the company. Recommendation & Conclusion On a concluding note, there must be some strategic changes to be undertaken by British Petroleum due to dynamic and turbulent environment which can hamper the performance of oil and gas sector. These dynamic external environment include several government contracts in order to avert political risks and establishing business in more politically stable markets like Northern Africa and India. BP needs to do some acquisitions of the manufactures of solar panel. Investment needs to be done in solar and wind projects. Furthermore, BP needs to do investments in energy efficient products. It is also recommended that BP should move its manufacturing facilities to China. Moreover, actions like getting involved in ‘green’ activities and reducing the content of carbon in its fuel products and enhance the image of BP. In past, the company was compelled to transform its generic strategy to differentiation from cost leadership due to the accidents of leaks and oil spill in order to perform cost reducing activities. These strategies were necessary for BP. The company has been very honest for its CSR activities and projects. It is recommended that as a future strategy, the company should implement the diversification strategy in order to keep on responding to the prospect environmental challenges. The products that it should develop in order to implement the diversification strategy must include the sources of renewable energy that is wind energy, solar energy etc. These products must be manufactured for household as well as for industrial and corporate customers. These products are expected to gain huge familiarity in countries like China and India very the income level is average but consumption pattern is very high and growing fast day by day. Moreover, it is recommended that the company should increase its investments on employee safety and infrastructure maintenance. This strategy will complement other strategies and therefore will prove to have a positive influence on the brand image and corporate reputation of the company which had been ruptured by the recent cases of oil spills and other safety scandals. To conclude, it is essential for BP to continue raising awareness at industrial level and individual consumer level about the renewable energy sources. 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