Collaborative College / University:

London School of Business and Finance, Singapore

Course Title:
Bachelor of Arts (Honors) in Accounting & Finance (Top-up)

Course Code:
BAHAF

Module Name: __________________________________

Strategic Financial Management

Module Code: ________________

FINA1035

Assignment Title: __________________________

Internal Report 1
Submission Due Date: _______________
1st Aug 2022
Word Count: ____________
2,656

Student Name: ______________________

Adbi Mohammad Farhan

University ID: _____________________

001260578

Local Tutor: _______________

Mr Jeffery
1
INTERNAL REPORT
2016-20
001260578
Strategic Financial Management

Executive Summary

2
British petroleum is one of the world’s seven oil and gas supermajors with a present
market capital of $88.14 billion. The company aims to deliver heat, light and mobility
products and services to customers. The company had been struggling and saw a loss
of $20.3 billion in 2020 due to the impact of COVID-19. With a strong brand name and
value, British Petroleum put itself up as one of the strongest and most valuable Oil and
Gas brands, UK biggest brands and one of the best global brands.

This report focuses on the five-year financial analysis of the company under the
leadership of Bernard looney the chairman. Bernard set out net zero ambition and new
strategies which will help in more investors to invest in the company. Overall positive
financial progress from 2016 to 2019.

Introduction

Founded by William Knox D’Arcy in 1909 and headquartered in London, British Petroleum is an
Oil and Gas industry engaging in the global energy business. British Petroleum operates in
Europe, Asia, North and South America, Australia and Africa. The Companies engages in
delivering heat, light and mobility products and services to the customers all around the world.
Bernard Looney the current chairman set out a new net zero ambition and transformed the
company into an integrated energy company which allows to focus on delivering solutions to the
customers.

British petroleum engages in three business segments which are Upstream, Downstream and
Rosneft. Upstream segments include activities such as gas and oil exploration, production and
field development which includes marketing and the trade of natural gas. The downstream
segment of British Petroleum is responsible for manufacturing operations, global marketing
which includes three businesses such as fuel business, lubricants and petrochemical
businesses. The third Rosneft is responsible for the investment activities.

British petroleum strategy mainly focuses on three areas which are resilient hydrocarbons,
convenience and mobility and low carbon energy. British petroleum operates in four operational
segments which are productions & operations, customer & products, gas & low carbon energy
and Innovation & engineering. Amongst which the highest generated revenue of $297.8 Billion
in 2018 from crude and natural gas sales and production respectively.

3
Finance
Key Highlights 1:
• Revenue had decreased by –10.08% from $186.6 billion in 2016 to $109.7 billion in
2020
• A major loss of $20.3 billion in 2020.
• Operates in 70 countries worldwide.

Profitability Ratio:

1 See case study (Finance)

4
 • According to the analysis Net Profit Margin in 2020 11.26% was lower than in 2019
1.45% because of the lower prices of products and crude.2
• An increase in the percentage of Net Profit margin from 1.41% in 2017 to 3.14% in 2018
according to the graph because of the higher revenue made from sales in the upstream
segment.
• Sales were lower in 2020 due to the lower liquids and gas realizations, lowering
marketing of the gas and therefore the trading revenues were further impacted by the
lower sales volume therefore leading to lower Net Profit Margin in 2020 of –11.26%.3
• Increase in gross profit margin from 15.20% in 2016 to 29.10% 2019 due to sales
growth.
• BP made a profit of $12.7 billion in 2019 double than the previous year and hence led to
an increase in the Gross profit margin.4

2 see case study finance

3 see case study finance

4 See case study finance and Annual report 2019

5
 • Overall growth in gross profit margin mainly because of the downstream business from
2016-2019.
• Although there was an impact of Covid BP on the Industry average of the company, Bp
will meet its required growth in the nearest future due to its further investments in the
upcoming sustainable energy projects.5
• Upstream production lower in 2020 compared to that of 2020 which resulted in lower net
profit margin of –11.26%6

Operating Cash Flow Growth:

• Operating Cash flow growth in 2020 is at -52.81% because the operating cash flow
reflected at the impact of lowering in marketing volumes in the Downstream.7
• Major decline in operating cash flow in 2020 also due to the absence of working capital
release
• Operating cash flow reported in the cash flow statement for the full year was $12.2
Billion in 2019 (12.67%)8
• Overall growth in operating cash flow from 2017 to 2019. 9

5 See annual report 2020

6 See case study finance
7 See case study finance
8 See case study finance

9 See case study finance

6
Liquidity Ratio:

7
 • According to the graph there is a down trend in the current ratio from 2016 to 2020.
• The least value for Current Ratio is 1.01 in 2020.10
• The highest value for the Current Ratio is 1.29 in 2016 this shows the liquidity of BP plc.
• According to the graph in 2020 the current liabilities of BP increased due to the decrease
in assets.
• According to the graph there is an increase in current liabilities in between 2017-2019
made the current ratio down. 11

Segmentation Analysis:

10 https://www.macrotrends.net/stocks/charts/BP/bp/current-ratio
11 https://www.macrotrends.net/stocks/charts/BP/bp/current-ratio

8
9
Upstream Activities:

• In 2020, the sales and operating revenues were lower due to lower liquids and gas
realizations
• Due to Lower sales volume even lower gas marketing and trading revenues were
impacted by which sales in the upstream went low resulting in decrease in profit in
202012
• A loss in Replacement Cost (RC) before interest and tax for the segment in a net
operating charge of $15,768 million13
• For the Underlying RC cost profit for the year 2018 was at $12.7 Billion. This was
due to the high operating performance in the Upstream activities 14
• 8.2% higher Oil and Gas productions in 2018 compared to 201715

Downstream Activities:

• Operating Revenues and Sales were lower in 2020 then in 2019 and this was due to the
lower crude and product prices in demand also the impact of COVID-1916
• There was a replacement cost profit before implementing tax and for 2020 including a
net non-operating gain of $479 millions.17
• Strong marketing in 2018 with help of the convenience partnership model which was
rolled out to approximately 1400 locations across the network giving a growth of more
than 25% in the year. 18

12 See case study finance

13 See annual report 2020
14 See annual report 2019
15 See annual report 2018
16 See case study finance
17 See annual report 2020
18 See annual report 2019

10
Competitor analysis:
Chevron, USA Royal Dutch Shell, UK
•
Ranked 7th in 2020. • Ranked 4th in 2020.
• Chevron in 2020 made a revenue of • Royal Dutch Shell in 2020 made a
$96.33 billion dollars whereas BP revenue of 176.19 billion dollars more
made $136.2 billion. than BP ($136.2 Billion) making it a
• Chevron had a market capitalization huge competitor of BP.
of $162.56 billion whereas • Shell had a market capitalization of
Bp had $70.64 billion. 72.53 billion dollars a little more
• Chevron had an employee strength compared to BP making.
of 47,736 in 2020. • Royal Dutch Shell had an employee
strength of 87000 in 2020 more than
BP.

(See footnote 19 & 20)

(See footnote 21 & 22)

Total, France British Petroleum plc, UK

•
Ranked 6th in 2020. • Ranked 5th in 2020 after Shell.
•
Total in 2020 made a revenue of • Bp in 2020, made a revenue of
$119.76 billion dollars giving BP a $136.2 billion more than Chevron and
tough competition. Total and less than Shell.
• Total had a market capitalization of • BP had a market capitalization of
$144.97 billion dollars in 2020 which $70.64 billion in 2020 less than all the
is more than BP. competitors mentioned here.
• Total had a strong employee • BP had an employee strength of
strength of about 105,476 in 2020. 68,100 in 2020 less than Shell and
Total but more than Chevron.

11
19 20 21 22 23 24 25 26

Finance Conclusion:
• Overall profitability from 2016 to 2020
• Covid impact reduced the operations in the upstream segment in 2019
• Annual gross profit from British petroleum in 2020 $28.20 billion compared to that
of $49.58 billion in 2019. Total of 43.11% decrease.
• Oil demand predicted to recover after Covid impact
• Despite of lower market capitalization than the mentioned competitors, British
petroleum generates more revenue than Total and Chevron
• A proper investment plan would be more profitable to the industry

19 See Finance
20 https://companiesmarketcap.com/chevron/marketcap/
21 See case study finance
22 https://companiesmarketcap.com/shell/marketcap/
23 See case study finance
24 https://companiesmarketcap.com/totalenergies/marketcap/
25 See case study finance
26 https://companiesmarketcap.com/bp/marketcap/

12
HRM
• CEO/Chairman of British Petroleum: Bernard Looney. Since 2020 - till present27.
• Bernard Looney implemented net zero ambition, brought in new strategies,
financial frame and Invester proposition in 202028.

Employees29:

27 See case study

28 See case study HRM
29 https://www.statista.com/statistics/302510/bp-group-employee-number/

13
 2016 2017 2018 2019 2020
Employee 74,500 69,700 73,000 70,100 68,100
Strength

• Has an overall rating of 3.9* rating on Glassdoor based on more than 5,500 reviews left
by the employees 30
• Enhanced gender diversity
• Transparent and inclusive organization
• A positive environment where everyone can do their best regardless of their ethnicity,
gender, sexual orientation or disability.31
• Annual employee engagement positivity score in 2020 was 64%. A percent less
compared to that of 2019 when it was 65%.32

30 https://www.glassdoor.sg/Reviews/BP-Reviews-E9011.htm
31 See Case study HRM
32see case study

14
British Petroleum core value's organizational structure:

British Petroleum Code of Conduct33:

• Safety is priority
• Positive impact
• Making right choices
• Knowing the competition
• Improving
• Being responsible
• Being Kind
• Making team priority
• Helping Others

33 https://www.bp.com/en/global/corporate/who-we-are/our-beliefs-and-code-of-conduct.html

15
British petroleum Culture 34
• Culture at BP is quite open, well co-operative, collaborative, and perform-focused.35

Diversity at BP:

• BP had enhanced the level of gender diversity particularly on the senior levels in 2020. 36

• In 2020 BP increased females in the board representatives from 42% to 45% and female
executive representatives from 15% to 31%.37

34 See case study HRM

35 See case study HRM
36 See case study
37 https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/sustainability/bp-diversity-

equity-and-inclusion-report-2020.pdf

16
 • Overall higher increase of female in the organization compared to male

Ethnicity in BP:

• According to the ethnicity data there was a great increase in American Asian at group
level leaders at 12% in 2020 from 4% in 201938
• There was an increase of Black representation across all levels by 20% in 2020.
• Overall, very diverse and high range of ethnicity

Pay at BP39:

• BP average salary is $140,000 per year with an average base salary of $119,000 and
inclusive of average bonus of $21,000. (USD)
• The most paid employees are the Senior Managers at $141,000 per year.

38 https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/sustainability/bp-diversity-
equity-and-inclusion-report-2020.pdf
39 https://www.payscale.com/research/US/Employer=British_Petroleum_(BP)/Salary

17
 • Whereas the least paid at BP employees are analysts at $49,000 Per year.

Corporate Governance

• Bernard Looney is the current CEO of British Petroleum and he set out a new strategy
for net zero ambition.40
• In 2020, board establishes a new corporate governance framework which targets BP’s
new purpose
• Sustainability frame is the most important foundation to their strategy
• Shareholders report and give feedback to the board.
• Overall organized corporate governance framework

40 See case study

18
HRM Conclusion

• Bernard looney is the CEO of British Petroleum since 2020

• An organization with transparency
• A higher rating of 3.9 on Glassdoor to that of 3.5 in PayScale
• British petroleum to reduce the employee rate
• Industry follows its code of conduct and has flexibility on the working hours

Marketing

• One of the largest integrated Oil and Gas industry in the world
• Ranked 5th in 2020 in the oil industry41
• British petroleum delivers heat, light and mobility products and services to
customers worldwide.42
• Operates through three segments: Upstream, Downstream & Rosneft43

41 See case study finance

42 https://www.bp.com/en/global/corporate/what-we-do/customers-and-products.html
43 See case study finance

19
Products:

(Lubricant)

• Bp products and services are

➢ Fuels and Fuel Stations44
➢ Lubricants and Motor Oils45
➢ Convenience shop46
➢ Chemicals
➢ Natural Gas47
➢ Power
➢ Biofuels
• Products delivered through trading and Shipping.

Pricing:

• Three types of categories: Regular, Silver and Ultimate.48

• BP pricing strategy is competition based and mostly controlled by external factors 49
• BP believes in setting prices economically
• Prices based on exchange rate
• Sharp decline in Oil sector demand and production in 2020 due to the impact of Covid-
19 pandemic, hike in prices.50

44 See case study Marketing

45 See case study Marketing
46 See case study Marketing
47 See case study Marketing
48https://www.bp.com/en_us/united-states/home/products-and-services/fuels.html
49 https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html
50 See case study

20
Place

• Worldwide Operated
• Main focused countries are USA, Germany, China, UK, Australia, Spain, New Zealand
and Canada51
• More than 15 refineries owned in the regions
• Distributes through distributing channels
• Indirect Marketing 52
• Worldwide Retail Network

51
https://www.bp.com/en/global/bp-europa-se/the-countries.html
52
https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/statements/bp-gas-
marketing-limited-2020.pdf

21
Promotion:

• Commercials
• Social Media such as Facebook, twitter, LinkedIn, YouTube, Instagram.
• Billboards
• Gas stations and petrol pumps to advertise products53
• Showcasing products in BP’s portfolio used at car service companies
• Using Brand to promote54

53 See case study

54 https://www.bp.com/en/global/corporate/who-we-are/our-brands/the-bp-brand.html

22
 Branding55

• Brand value of 23.3 billion USD in 202056

• World Ranking 7th in major global companies in 202057
• The logo suggests Heat, Light and Nature

55 https://www.bp.com/en/global/corporate/who-we-are/our-brands/the-bp-brand.html
56 https://www.statista.com/statistics/1189072/brand-value-of-bp-globally/
57 See case study

23
 Boston Matrix

Star

• High production of fuel and motor lubricant Castrol helps more sales to the
customers. This help maintain the amount of profit and the growth of market
share58
• Although Bp ranks 5th It has high potential to grow more and go up against its
competitor Shell59

58 See finance
59 See Finance

24
 Cash Cows

• British petroleum relatively has high market share in the oil industry worldwide.
Therefore, the sales have reached its optimum level. Perhaps to maintain stable
profits BP should maintain its profitable strategy.60

Question Mark

• Although the market share of Wild Bean Café is high the future is not certain.61

Dogs

• As the demand for oil will decrease in the later future as fuels are limited
resources, the demand for sustainable and renewable energy will increase. 62

Marketing Conclusion

• Overall, BP made a great progress in marketing fuel in 2019 and 2020

• Top 10 listed brand name
• BP upstream segment is more efficient
• Investing more in Renewable and Sustainable energy will help BP influence
positive reputation for recent scandals like oil spills.

60 https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html
61 https://www.bp.com/en_gb/united-kingdom/home/products-and-services/our-offer/wild-bean-
cafe/sustainability.html
62 See case study finance

25
Operations

26
Business Model

27
 (See Footnote63

1. Key partners64:
• Equity based funds are provided by Investors.
• Joint ventures Business
• Local Suppliers

2. Key Resources65:
• Crude oil transportations from the extractions point
• Main resource is the crude oil
• Use of processing units in the refinery

63 https://www.bp.com/en/global/corporate/what-we-do/our-business-model.html
64 https://money.cnn.com/quote/shareholders/shareholders.html?symb=BP&subView=institutional
65 See Case study

28
 3. Key activities:66
• Production and refining of gas and oil
• Crude oil to fuels and petrochemicals Conversions
• Marketing
• Exploration of sustainable green energy

4. Customer Segments67:
• Distribution of refined products such as oil, lubricants.
• Selling crude oils to electricity suppliers and to other refineries

5. Customer Relationship68:
• Customers are priority
• Conveniency to customers by selling snacks
• Building relationship by reducing carbon intensity

6. Value propositions69
• Optimization of the value chains in order to increase the integrated value

7. Channels:70
• Gas Stations sell lubricants or petrol
• International trades are made with raw and refined products
• Deals made at the operations in refinery plants.

66 See Case Study Marketing and Finance

67 See marketing and case study

68 See Case study and https://www.bp.com/en/global/corporate/what-we-do/customers-and-products.html
69 https://www.bp.com/en/global/corporate/what-we-do/customers-and-products.html
70 See case study and https://www.bp.com/en/global/corporate/what-we-do/trading-and-shipping.html

29
 8. Revenue streams:71
• Sales of crude oil
• Sales of products such as Lubricants
• Gas and low carbon energy

71 See case study Finance and Marketing

30
Value Chain

31
Primary Activities:

• The primary activities at BP are involved in the production and selling to the targeted
customers.72

1. Inbound Logistics.73
• Building networks and connections with the suppliers
• Receiving, storing and distribution of products such
• Exploring of gas and oil

2. Operations74
• Service and Manufacturing
• Machining, packaging, assembling and testing of the products
• Crude oil refining
• Hydrogen and carbon capture use and storage

3. Outbound Logistics75
• Mobility services
• Processing orders
• Distribution Networks

4. Marketing and Sales76

• Pricing of the products
• Advertising through Television
• Campaigns
• Promotions
• Sales management

72 See case study Operations

73 See Case study Operations
74 See case study Operations
75 See case Study Operations
76 See Case study Operations and Marketing

32
 5. Services77
• After sales maintenance
• Offering installations services via trained engineers
• Training services

Support Activities78
1. Firm Infrastructure
• Management activities such as roles of Directors and Auditors
• Corporate affairs
• Keeping records of the finances

2. HRM79
• Trained and developed staffs
• Talented and diverse workforce
• Co-operative and performance focused environment

3. Technology Department 80
• Field testing and process engineering
• Featuring the designs
• Communication and automation

4. Procurement81
• Sourcing of raw materials, machinery, office equipment

77 See case study operations

78 https://www.bp.com/en/global/corporate/investors/annual-report.html
79 See case study HRM
80 See Case study Operations
81 https://www.bp.com/en/global/corporate/who-we-are/supplying-to-bp/procurement-processes.html

33
Integration

Vertical Integration
1. Forward Integration:
• In 2018, BP made investments in EV vehicles charging companies.82
• In 2019 BP made a $48.2 billion deal with American giant Amoco83.
• BP in 2020 set out a net zero ambition 84
2. Backward integration
• BP plans startup of Low-Carbon energy ideas in 202185
• BP to add approximately 900,000 of barrels from new projects from 2021 86
• Bp expects to invest 18 billion Pounds in UK energy system by 203087

Key Value-added activities

• Offering conveniency via selling snacks, meals and coffee at the retail sites88
• Fuel offers at the gas stations89
• Offering Eletric Vehicle charging conveniency90
• Selling lubricants through numerous channels91
• Providing convenient mobility92
• Adding more value due to strong brand name
• BP provides integrated LNG and gas businesses93

82 See case study

83 See case study
84 See case study
85 https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-update-on-strategic-

progress.html
86 https://www.bp.com/en/global/corporate/news-and-insights/reimagining-energy/bp-strategy-view-to-2021-

five-things-to-know.html
87 https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-to-invest-up-to-18-billion-

pounds-in-uk-energy-system-by-2030.html
88 See Marketing and Operation
89 See Marketing
90 See case study
91 See case study
92 See Case study Operations
93 See Case study

34
Operations Conclusion

• BP functions in three main divisions which are refining and marketing fuels, Exploration
of fuels and power and renewable energy
• BP is a vertically integrated company creating value from its activities
• Well operated value chain

35
Strength and Weakness

STRENGTH WEAKNESS
1. Increase in profitability ratio from 1. A major decline in the net profit margin by
2016 to 2019. 94 11.26%95

1. Even though less market capital of 2. Decline in the upstream segments due to
$70.64 billion the revenues the covid impact97
revenues are higher than its
competitors96

2. A high operating cash flow growth in 3. Loss of $5.7 billion in 202099

2019 of 12.67%98

3. Strong marketing led to higher sales 4. Oils are limited natural resources. A
in 2019100 transition to new industry will include a lot of
investments and time101
4. Strong Brand ranking and name102 5. Oil spills 103

94 See Finance
95 See Finance

96 See finance
97 See Finance

98 See Finance
99 See Finance

100 See Marketing

101 See Marketing
102 See marketing
103 See Marketing

36
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