PracticeConsultingBusiness Week – Radical times and Russian oil deal boost BP Amoco.

Business Week - Radical times and Russian oil deal boost BP Amoco.

Octane boost to BP Amoco after fuel company issues third quarter

As oil stocks were the focus of last weekend’s meeting of producers and consumers in Riyadh, BP Amoco was gearing up for the publication of its fourth-quarter and year-end results, writes Michelle Perry.

BP Amoco, one of the world’s leading oil companies, has experienced one of the most progressive periods in its history.

‘If anyone were to write a corporate history of BP the last three years would be seen as the most radical transformation.

‘It is the period of the largest changes within the company,’ said a company spokesman.

BP’s chief financial officer, John Buchanan, has presided over this turbulent but seemingly lucrative time since his appointment in 1996. A chemist by trade, Buchanan nevertheless plays a pivotal role in developments in the world of accounting as a member of the UK Accounting Standards Board and non-executive director of Boots.

It is a crucial time for both Buchanan and BP following the numerous acquisitions over the past three years.

According to announcements made following the third-quarter results, the integration of the recent acquisitions of Arco and Burmah Castrol, finalised in April and July 2000, are bedding down well. But internal changes continue. BP confirmed this month it is planning to sell its 7% stake in Lukoil, Russia’s leading oil group, as part of reorganisation plans of its investments within the country.

And it has agreed to sell to TotalFinaElf its 9.5% stake in the Caspian Sea’s Kashagan oil field, rated as one of the potentially biggest finds in recent years.

Created in December 1998 through the merger of the USA’s Amoco Corporation and the UK’s British Petroleum, the new company kicked off a new lease of life with a decision to rebrand the company with an environmentally-friendly image.

A move undoubtedly hoped to fit in with the growing public demand for socially and environmentally responsible companies.

All that remains for the company is to put the name change – BP Amoco will be known as just BP standing for Beyond Petroleum – to its shareholders for a formal vote at its April agm.

BP Amoco product and company information can be found at www.bp.com.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

3m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

9m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

10m Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

11m Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

11m Stephanie Wix, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

10m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

10m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

10m Kevin Reed, Writer