Difference between revisions of "BP Nederland"
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=== Accountant === | === Accountant === | ||
The independent auditor of BP is Deloitte LLP. BP also has an internal audit committee, chaired by Tushar Morzaria, to oversee the financial reporting of the company. | The independent auditor of BP is Deloitte LLP. In the report of Deloitte attached to the Annual Report 2021, the potential impact of climate change and the energy transition on bp is mentioned as a key audit matter.<ref>bp. (2022). Annual Report 2021 Retrieved from <nowiki>https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2021.pdf</nowiki></ref> Also in the report attached to the Annual Report 2019 and 2020, this was a key audit matter.<ref name=":2">bp. (2020). Annual Report 2019, p.132, retrieved from <nowiki>https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2019.pdf</nowiki></ref> <ref>bp. (2021). Annual Report 2020. Retrieved from <nowiki>https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2020.pdf</nowiki></ref> In the Annual Report of 2019, Deloitte writes that because of "''the significant increase in focus on this issue by management and by external stakeholders, and the potential impact on the financial statements as a consequence"''<ref name=":2" /> the potential impact of climate change and the energy transition was identified as a key audit matter. | ||
BP also has an internal audit committee, chaired by Tushar Morzaria, to oversee the financial reporting of the company. | |||
=== Main Activities === | === Main Activities === | ||
Revision as of 09:47, 9 June 2022
| BP Europe SE - BP Nederland | |
|---|---|
 | |
| Quick Facts | |
| Type | Public |
| sector | Oil and gas |
| Headquarters (Benelux Organization) | Europoort Rotterdam, Netherlands |
| Year of Origin | 1996 |
| Emissions (All Scopes) | 2.03 Megatons of CO2 (2020) |
| Total Revenue | USD 164.2 billion (2020)[1] |
| Stock Exchange | LSE (London), FWB (Frankfurt), NYSE (New York), FTSE100 |
| Key People | Karen de Lathouder (CEO) |
| Number of Employees | 2000[2] |
| Subsidiaries |
|
BP Europa SE - BP Nederland, stylized as BP Nederland, is the Dutch branch of BP and is active since 1996. Its main activities are the refining of oil and marketing of petrol and it is headquartered in Europoort-Rotterdam. Its largest operation is the refinery in Rotterdam, Refinery Rotterdam (bpRR), where the company processes about 400,000 barrels of oil a day into LPG, petrol, diesel, kerosine and various other endproducts.[3] Spanning about 390 acres it is one of the largest refineries in Europe. BP Nederland also operates about 350 gas stations in the Netherlands and provides aviation fuel to various sectors in the aviation sector under Air BP. BP Nederland has customers in aviation, agriculture, large industries and various other sectors and employs about 2000 people.
BP plc, stylized as BP, is a British oil and gas company. It is headquartered in London, England and is one of the seventh largest oil and gas 'supermajors'. It operates in about 65 countries and employs about 65,900 people worldwide.[4] Over 2020 it reported a revenue of USD 164.2 billion[5] and produced around 2 billion barrels of oil a day.[6] The main activities of BPs operations include the exploration and extraction of gas and oil, refining, power generation and selling or exporting products such as petrol, kerosine, gas and diesel. The CEO of BP is Helge Lund and its CFO Bernard Looney.
Company Structure
BP plc is governed by a board of directors and a leadership team. The board of directors is in charge of broader policies and strategies and takes responsability for the large scale performances of the company. The leadership team is responsible for the day to day activities and represents the various operational segments of the company. The management structure of BP Nederland is not completely public. The CEO of BP Nederland is Karen de Lathouder. She is also the manager of the Rotterdam refinery. BP Nederland falls under BP europe, which in turn falls under BP plc.
Board of Directors
| Name[7] | Function | Remuneration x1000 £[8] |
|---|---|---|
| Helge Lund | Chair | 804 |
| Bernard Looney | CEO | 4,457 |
| Murray Auchincloss | CFO | 2,438 |
| Pamela Daley | Independent non-executive director | 191 |
| Melody Meyer | Independent non-executive director | 174 |
| Tushar Morzaria | Independent non-executive director | 136 |
| Paula Rosput Reynolds | Senior independent director | 194 |
| Karen Richardson | Independent non-executive director | 135 |
| Sir John Sawers | Independent non-executive director | 148 |
| Johannes Teyssen | Independent non-executive director | 128 |
Leadership Team
| Name | Function |
|---|---|
| Bernard Looney | CEO |
| Murray Auchincloss | CFO |
| Gordon Birrell | Production & operations |
| Giulia Chierchia | Strategy, sustainability & ventures |
| Emma Delaney | Customers & products |
| Anja-Isabel Dotzenrath | Gas & low-carbon energy |
| Kerry Dryburgh | People & culture |
| Carol Howle | Trading & shipping |
| William Lin | Regions, cities & solutions |
| Leigh-Ann Russel | Innovation & engineering |
| Eric Nitcher | Legal |
Accountant
The independent auditor of BP is Deloitte LLP. In the report of Deloitte attached to the Annual Report 2021, the potential impact of climate change and the energy transition on bp is mentioned as a key audit matter.[9] Also in the report attached to the Annual Report 2019 and 2020, this was a key audit matter.[10] [11] In the Annual Report of 2019, Deloitte writes that because of "the significant increase in focus on this issue by management and by external stakeholders, and the potential impact on the financial statements as a consequence"[10] the potential impact of climate change and the energy transition was identified as a key audit matter.
BP also has an internal audit committee, chaired by Tushar Morzaria, to oversee the financial reporting of the company.
Main Activities
In a few sentences, describe the core activities of the company. In a bit more detail than in the introduction.
Government
To what extent can the government influence company policy? (shareholder, licensing authority, client etc.) Has company received NOW support or royal status?
Paris Agreement until Today
What has company done or refused to do since the Climate Accord of Paris? Per company, where applicable refer to research on the benefits of fossil companies in the form of subisidies etc.
Financial Results since 2015
This tabel is meant to indicate that the companies have plenty of money to make their company more sustainable. Clearly distinguish between Dutch data and international data.
| Year | Revenue | Profit | Dividend |
|---|---|---|---|
| 2015 | 226 billion USD | -6.40 billion USD | 6.7 billion USD[12] |
| 2016 | 186.6 billion USD | 0.17 billion USD | 4.6 billion USD[13] |
| 2017 | 244.6 billion USD | 3.47 billion USD | 6.2 billion USD[14] |
| 2018 | 303.7 billion USD | 9.58 billion USD | 6.7 billion USD [15] |
| 2019 | 163.5 billion USD [5] | 4.19 billion USD [5] | 6.95 billion USD [16] |
| 2020 | 109.1 billion USD [5] | -20.73 billion USD [5] | 6.34 billion USD [16] |
| 2021 | 164.2 billion USD [5] | 8.48 billion USD [5] | 4.30 billion USD [16] |
In most of the years, the dividend paid to shareholders was higher than the profit amount. From 2019 onward, the company changed the way revenue was presented. For 2019, it would have been 120 billion higher, had there be no change.
Scandals and controversies
Any dirt on the companies can be added here.
Current Emissions
BP Nederland
The Dutch emission authority (NEA) reports the emissions of the Rotterdam refinery, which accounts for the majority of the emissions of BP Nederland. In the table below, the emissions that they report is shown.
| Total emissions Megatonnes of CO2 | |
|---|---|
| 2018[17] | 2.25 |
| 2019[17] | 2.15 |
| 2020[17] | 2.03 |
| 2021[18] | 2.12 |
BP plc
| Scope 1 | Scope 2 | Scope 3 | |
|---|---|---|---|
| 2020 | 83.2 Megatonnes of CO2 [19] | 4.2 Megatonnes of CO2[19] | 304 Megatonnes of CO2* [20] |
| 2021 | 69.7 Megatonnes of CO2[21] | 2.6 Megatonnes of CO2[21] |
(*) These are the estimated emissions of their upstream oil and gas production and exclude BP's share of Rosneft.
Scope 1 covers the greenhouse gas emissions on an operated and equity share basis.[22] Operational control boundary covers bp-operated assets, whereas bp equity share covers 100% of emissions fromsubsidiaries and the percentage of emissions equivalent to bp's share of joint arrangements and associates.
Climate Policy and Plans
Description of the climate plans and policy of the company, with special focus on the goals for 2030 and 2050. Make sure to include the baseyear for their targets. Do the goals take the entire company and all scopes into account?
BP plc
In February 2022, BP plc announced improved sustainability aims.[23]
Part of the aims for BP plc is aiming for net zero by 2050 or sooner for Scopes 1, 2 and 3.[24]
According to bp's sustainability paragraph[23] bp has a 2025 target and a 2030 aim for reduction (against 2019 baseline) for operations, production and sales, resulting in net zero in 2050. Not clear from the glossary[25] is how the reduction is to be achieved. BP states that net zero means achieving a balance between anthropogenic emissions by sources and removals by sinks of greenhouse gases (...)
.[25] It is questionable if natural or artifical carbon sinks can compensate for anthropogenic emissions.[26]
BP Nederland
Worldwide, and also in the Netherlands, BP is accelerating our electric vehicle (EV) charging ambition (...)
.[27]
At BP's Rotterdam refinery BP builds (with HyCC and the Port of Rotterdam) a green hydrogen plant (powered by offshore wind power, scheduled completion in 2025) to replace the current grey hydrogen at the Port of Rotterdam refinery.[27]
Due Diligence
Keep the broader context in mind. Is the company integer when it comes to deforestation, palm oil, biodiversity, human rights etc etc? Be critical in the sources used here.
Conclusion
Recap of the position and influence of the company. Are the climate plans of the company enough to be in line with goals of the Paris Agreement? Is the company doing enough? Are the companies targets realistic?
References
- ↑ https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-fourth-quarter-2021-results.pdf p. 15
- ↑ https://www.bp.com/nl_nl/netherlands/home/wie-wij-zijn/bp-in-nederland.html accessed 28-3-2022
- ↑ https://www.bp.com/nl_nl/netherlands/home/wie-wij-zijn/bp-in-nederland.html accessed 29-3-2022
- ↑ https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2021.pdf p. 2
- ↑ 5.0 5.1 5.2 5.3 5.4 5.5 5.6 https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2021.pdf p.173
- ↑ https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2021.pdf p. 2 and 15
- ↑ https://www.bp.com/en/global/corporate/who-we-are/board-and-executive-management/the-board.html
- ↑ https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2021.pdf p. 122 and 132
- ↑ bp. (2022). Annual Report 2021 Retrieved from https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2021.pdf
- ↑ 10.0 10.1 bp. (2020). Annual Report 2019, p.132, retrieved from https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2019.pdf
- ↑ bp. (2021). Annual Report 2020. Retrieved from https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2020.pdf
- ↑ https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2017.pdf pp.125-129
- ↑ https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2017.pdf pp.125-129
- ↑ https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2017.pdf pp.125-129
- ↑ https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2018.pdf p. 133
- ↑ 16.0 16.1 16.2 https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2021.pdf p.177
- ↑ 17.0 17.1 17.2 https://www.emissieautoriteit.nl/documenten/publicatie/2021/05/05/ets-uitstoot-2020
- ↑ Nederlandse Emissieautoriteit. (2022). Emissiecijfers over 2021. Retrieved from https://www.emissieautoriteit.nl/documenten/publicatie/2022/04/14/emissiecijfers-2021
- ↑ 19.0 19.1 https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/sustainability/group-reports/bp-esg-datasheet-2020.pdf p. 6
- ↑ https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2021.pdf p. 12
- ↑ 21.0 21.1 bp. (2022). ESG datasheet 2021. Retrieved from https://www.bp.com/en/global/corporate/sustainability/our-aims.html
- ↑ bp. (2022). Sustainability report 2021. Retrieved from https://www.bp.com/en/global/corporate/sustainability/our-aims.html
- ↑ 23.0 23.1 https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2021.pdf p. 51
- ↑ https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2021.pdf p. 21
- ↑ 25.0 25.1 https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2021.pdf p. 378
- ↑ https://www.europarl.europa.eu/news/en/headlines/society/20190926STO62270/what-is-carbon-neutrality-and-how-can-it-be-achieved-by-2050 accessed 1-4-2022
- ↑ 27.0 27.1 https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2021.pdf p. 23