BP – PEST Analysis
BP – PEST Analysis
Legal Settlements: After the Deepwater Horizon oil spill in the Gulf of Mexico, BP faced many different legal settlements that were enforceable by court. Many of these settlements were in order to enhance the safety of drilling for oil in the Gulf of Mexico. BP worked to solve the federal criminal claims that came from the Oil Spill, and eventually pleaded guilty of 11 felony counts, related to the loss of 11 lives. Many other misdemeanor counts under different acts including: the Clean Water Act, Migratory Bird Treaty Act, National Fish & Wildlife Foundation and many more.
Economical Recovery Support: Many important industries in the economy were harmed by the Deepwater Horizontal incident in the Gulf of Mexico. BP spent a great amount of time and money trying to help the economic recovery in local communities and two very important industries after the oil spill. Two industries that were affected the most included seafood and tourism. These two industries are very important to today’s economy. To help fix what BP had destroyed they offered $10 billion to the two industries to rebuild themselves after the oil spill. The company gave $1.8 billion alone to the Seafood Compensation Fund. These are very important industries to the economy, and rebuilding them is crucial.
Restoring Trust: The Deepwater Horizon oil spill gave BP a bad reputation. BP had many commitments that they needed to uphold in the Gulf area and fulfilling these commitments was part of BP’s strategic corporate social responsibility. BP had to stop worrying about profits and do something to benefit society, and this time the company needed to help fix the coast. The efforts to help the Gulf Coast did not only include cleaning miles of shorelines, but BP also supported research that would help understand the impact of future oil spills. Fulfilling these corporate social responsibilities helped the company restore trust from society.
Technology Advisory Council: BP’s company has a specific group of people in
charge of technology called the Technology Advisory Council. This specialized group of people oversees everything that goes into developing new or improved technology. They can regulate how much money goes into each technological department. They also determine the capabilities of the company’s technology. Having this specialized council helps put the company ahead of others because they can make advancements in technology faster and at a more cost efficient rate.