This essay is in partial completion of MBA unit Global Business Context. The scenario is that I am an independent body elicited by the BP board to write an analytical report (in essay format) on the impact of the spill. I really took it to the wire this time as work has been demanding and the future in-laws are over from China, yet I hope you guys find it ok.
If you like don’t forget to leave a comment 
Introduction
On the 20th April 2010 an explosion on the Deepwater Horizon oil rig off the Gulf of Mexico caused an unprecidented event, an event best described as a tragedy . The tragedy that unfolded involved an explosion, the death of 11 rig workers, the eventual sinking of the rig and an estimated release of 206 million gallons of crude oil into the Gulf of Mexico. (Webber 2010) Its impact shocked a region just on the mends from Hurrican Katrina and has been lauded the largest marine oil spill in history. (Robertson & Krauss 2010) Five months after oil began gushing into the ocean the leak was corked, but its impact has had a deleterious affect on the Gulf region’s ecological and economical milieu: oil soaked birds have engulfed our television screens, whole fishing communities have been left penniless and pondering their future. BP’s response is unprecedented but costly, a necessary reaction to such a global event, but ethical questions remain surrounding the circumstances that led to this catastrophe.
The purpose of this essay is to provide an independent analysis of the impact of the oil spill for review by the BP board. Firstly, this essay will focus on the local impact: how regional economies have been affected, what impact it will have on industry and how a moratorium will further impede local growth. Secondly, I will look at how this event may impact the world, in particular poorly governed countries, where oil flows as freely as corruption, and the environmental impact it has had in our borderless ocean. Thirdly, BP’s Risk Management, Governance and Ethical Issues will be looked at in light of the events leading up to the 20th April 2010 incident and then, finally, the financial impact on BP and shareholder wealth will be reviewed. Conclusions will then be drawn.
Local Impact
The economic impact of the Deepwater Horizon oil spill within the Gulf region has, and will continue to have, a negative effect on the Gulf Region’s key industries and businesses. According to one study, the BP oil spill could potentially impact 7.3 million active businesses throughout Alabama, Louisiana, Florida, Mississippi and Texas and affect 34.4 million employees and $5.2 Trillion in sales volume. (D&B 2010) Below are some key industry findings.
Generations of fish have been destroyed by the spill
The Gulf region fishing industry is estimated at $2.4 billion, yet 19 per cent of the Gulf coast (40,000 square kilometers) was closed as of May 2010. (Bethnis 2010) The problem is further compounded by the fact that this is peak spawning season for popular fish, including crabs and oysters, thus greatly reducing future generations. (Bethnis 2010) In Alabama, Senator Richard Shelby (2010) writing to the President on 17th September, stated, inter alia, that his state’s fishing industry, representing one of the state’s largest economic drivers and accounting for more than $800 million in sales and nearly 18,000 jobs, was “at a critical juncture”. The ubiquitous tourist no longer craves the regions seafood delights.
Reports abound of tourism within the Gulf region reduced to a mere “trickle” after the spill. (Reuters 2010, Pagnamenta 2010, CDNN 2010) One survey of 50 Gulf regional hotels found that 60 per cent of respondents experienced group cancellations. (The Knowledge Group 2010) In a survey by the Louisiana Office of Tourism, (2010) data suggested that perceptions of the state were damaged as a result of the spill and that it was deterring prospective leisure travelers from visiting the region. An analysis by the US Travel Association (2010) projects that the oil spill will impact Gulf Coast tourism for at least three years, and cost the region $22.7 billion but could be greatly reduced if a $500 million marketing effort is initiated, paid for by BP and supervised by the federal government.
The fragility of the Gulf region housing market, a result of the 2008 U.S. housing crisis, was further compounded by the oil spill. The biggest threat to the housing market has been social stigma due to the high degree of uncertainty, with a reported 5-15% decrease in housing value (Clear Capital 2010).
As can be seen from the chart above, at the point of impact, all Gulf region housing sales experienced significant decline. And if financial woes continue due to industry downturn and unemployment vis. The oil spill, it is likely that home purchase in the Gulf region will continue to decline, further impacting the regional economy.
To assist those affected by the oil spill, BP has established a $20bn compensation fund, administered by Lawyer Kenneth Feinburg. At the time of this report, the fund had already paid more than $240m to 19,000 claimants (Kollewe 2010); however, due to the sheer size and complexity of the application process many claimants have signaled their dissatisfaction, from having to file multiple applications through to getting only a stipend of what they have lost, with the process. (Pillow 2010; Heller 2010)
The oil spill has impacted on local tourism
On the other hand, while the Gulf oil spill has been a bust for some, it has been a bonanza for others. In communities where clean-up operations are based, such as Louisiana’s Plaquemines Parish, state revenue increased by 80 per cent as rental properties, hotels, restaurants and other facilities were besieged by clean-up agents. (Associated Press 2010). For the 20,000 workers hired by BP in response to the oil spill, many have taken up staging areas along the coast in Florida, Alabama, Mississippi and Louisiana. (Curran 2010)
Yet the real winners in the region are the 150 plus private companies that have been hired by BP to conduct the clean up. BP’s biggest contractor working on the clean-up is O’Brien’s Response Management, a subsidiary of SEACOR Holdings, which had $USD 1.7 billion in revenue in 2009. SEACOR Holdings environmental services division reported more than a 4,000 per cent increase in second-quarter profits as a result of the clean-up, with April to June profits increasing from $1.8 million in 2009 to $78.8m million in 2010. (SEACOR Holdings Inc. 2010)
Other beneficiaries include:
- Lawyers and law firms: More than 200 lawsuits were already filed as of June 2010 and this figure continues to rise. (Bryce 2010)
- Insurance Companies: Companies working offshore will need more insurance and coverage – this may have a ruinous effect on smaller offshore drilling companies. (Bryce 2010)
- Other larger oil companies: As BP continues to suffer in the court of public opinion the better it is for fellow oil giants. (Bryce 2010)
- Texas: Tourism in Texas’ beachfront is benefiting by the fact that nearly no oil has penetrated their waters. (Bryce 2010) No data exists that supports the notion that the Texan oil companies have benefited from the oil spill. Infact, as the global benchmark contract for crude is failing to reflect supply and demand for energy, Texas crude is losing status. (Shenk 2010)
- P&G’s Dishwashing Liquid: P&G produce the only certified product that can be used to clean oil-soaked animals.
The federal government’s response to the Deepwater Horizon incident has been to impose a six-month moratorium on all deepwater drilling projects, which BP has pledged to pay $100 million to workers affected by the drilling moratorium. However, in a report that investigated the total economic harm associated with the moratorium, Dr. J. Manson (2010) of Louisiana State University proposed that the moratorium will neither address the root cause of the accident, nor stimulate economic recovery in the Gulf region; infact, he forecasted that it would result “in billions in additional lost economic activity in the Gulf,” (p.1) with lost wages totaling $707 million. The Department of the Interior has also weighed in, determining that the moratorium would cause 23,000 people to lose their jobs. (Brady 2010)
Global Impact
The Deepwater Horizon accident will have a costly impact on global oil prices. BP Group Chief Economist Dr. Christof Ruhl, in a visit to Western Australia in June, warned that oil and gas exploration will become more costly for everyone. “This is an accident which will change the industry. Think back to when you had the (1989) Exxon Valdez disaster.” (The Australian 2010) The 1989 disaster triggered dramatic changes in the industry, including the mandatory fitting of double-hauled tanks into oil transport ships. Moreover, Oil and Gas exploration in the Gulf has already come to a grinding halt.
Already the Obama administration has set to task a moratorium that has halted all oil and gas exploration in the Gulf of Mexico; and if the US government implements further regulations on domestic oil and gas exploration, it is likely that the world will look for less regulated options, such as West Africa. In her article, Amanda Wheat (2010) argues that such a move would further destabilize Africa’s fragile politic due to a lack of revenue monitoring and endemic corruption within government. According to corruption watchdog Transparency International, Nigeria, who experienced an oil boom last decade, lost nearly 40 per cent of its wealth to mismanaged government. Africa’s oil curse revolves around greedy and corrupt officials syphoning off oil revenue while the citizens of that particular African country recieve little if any benifit from foreign interest in their oil, further enflaming political tensions and destabalising the region. (Wheat 2010) Luckily for Africa, however, its oil curse has been largely confined to the socio-political realm.
Cleaning the wildlife
Environmentally, the oil spill is catastrophic to flora and fauna. The ocean, like the living creatures above or below it, is free from the artifical boundries such as boarders, but connected and separated by forces beyond the sunjection of man. However, these forces can be catestrophic when caught up in the malestrom of human misendeavour and the consequences to ecosystems irreversable. Take for example the Gray Cheeked Thrust that flies 3,000 miles from Brazil to Canada: It’s tired and hungry, and settles on the Louisiana to rest and eat. Even after the clean-up, oil’s resilience means that it can linger in coastal environments and work its way into food chains that may kill or interrupt migratory patterns of the bird. (Thomson 2010) Other non-sedentary creatures such as whales, in particular sperm whales, bryde’s whales and the critically endangered North Atlantic right whale, all of which pass through the Gulf of Mexico (Whale and Dolphin Conservation Society 2010) are diametrically affected by the oil. According to Dr. Laura Ross (2010), an environmental scientist from Arizona University:
Oil spills have dramatic effects on all types of marine life. In specific regard to whales and dolphins, oil exposure can lead to eye and skin lesions, hypothermia due to changes of conductance in skin, damaged airways, congested lungs, toxicity and organ dysfunction from oil ingestion. Many of these symptoms can immediately or eventually lead to death.
As seen above, the cleavages of the slip runs deep and the net of destruction has been cast wide: from fisherman to the fish they catch. Questions remain, however, regarding BP’s risk management, ethical safe-gaurds and corporate governance imposed at the time: was this a freak accident beyond anybodies foresight or could have stronger oversight avoided this event?
Risk Management, Governance and Ethical Issues
On the 8th of September BP Plc released its official report into the Deepwater Horizon oil rig explosion. The report claimed that no single factor caused the oil spill but that decisions were made by “multiple companies and work teams” that contributed to the accident that arose from “a complex and interlinked series of mechanical failures, human judgments, engineering design, operational implementation and team interfaces.” The report was met with huge criticism: it was self-serving and a way to distribute blame was the common disparagement. (Risk Management Magazine 2010; Nalon 2010)
Furthermore, it has come to light that cost and safety were in implicit competition with one another. In an investigative piece, Chazen et. al. (2010) highlighted the rub between BP’s commitment to safety and its aggressive pursuit to curb expenditures. The article found that since 2007 safety did attract some attention by the executive management team of the Gulf Operation, yet the clear goal, as articulated by communications from executive management, none more so than CEO Tony Hayward, was for a “much stronger performance culture.” (Chazen et. al. 2010) This, a former BP Gulf Operation Health and Safety officer said, created an environment that promoted “high incentive to find short cuts and take risks.” (Chazen et. al. 2010) Speculation of cost over safety has thus thrived on the fact that the Deepwater Horizon Oil rig was the least efficient of BP’s Gulf operation and over budget by 29 million for 2010. (Chazen et. al. 2010) In the days leading up to the explosion BP officials rationalized the “best economic case” for selecting a type of casing for the well known to be the riskier of two options (Urbina 2010) and what ultimately failed to contain leaking oil fumes that rose up to the surface and ignited. (BP is suing Halliburton as of January 2012 – glass-houses maybe?)
This raises ethical questions in relation to the actions by BP executive management that contributed to this unfortunate event. Business ethics can be described as comprising of “business principles and standards that guide behaviour in the world of business.” (Ferrell et. al. 2008, p.6) In a congressional hearing, former BP executive Tony Hayward declared that he could not answer many of the questions because he was not “involved in the decision-making” for the Gulf Operation. Ethical scholar Dr. M. Hoffman (2008, p.180) believes, however, that misconduct is aided and abetted by the failure of boards, as the ultimate guardians of corporate integrity and fiduciary responsibility, to exercise effective ethical oversight of corporate management and show leadership in the development of a culture of integrity. In an Australian Royal Commission finding into the HIH insurance collapse, the commissioner noted that:
Directors can do little if they are misled (or ill-informed). But the question that arises is whether appropriate checks and balances were in place to minimise both the risk of that happening and its effect if it did occur. (Owen 2003)
What is evident from this discussion and the facts presented above is that BP’s corporate management, both its board and the Gulf executive team, regardless of the extent to which blame can be laid, failed “to exercise effective ethical oversight of corporate management and show leadership in the development of a culture of integrity.” Integrity, in this instance, revolved around the genuine pursuit of sound working practices and processes that ensured safety and well integrity. In the pursuit of financial expedience, safety appears to have been compromised because there were higher incentives for both management and workers to find short cuts and take risks.
Company Value and Shareholder Wealth
On the other hand, BP in partnership with the US Government authorities, has conducted an unprecedented, and commendable but necessary, oil spill response activity, which has included a subsea operation response to isolate the well permanently; a surface operation response to remove oil from the water and to protect the shoreline from the oil impact; a claims process and a compensation fund; and a commitment to restoration, research and other donations including, inter alia, a $500 million 10 year research program vis. the oil spills impact. (BP p.l.c 2010) In reporting second (2Q) quarter results, BP revealed that it is sidelining $32.2 billion to reflect the impact of the Gulf of Mexico oil spill, including costs to date of $2.9 billion for the response and a charge of $29.3 billion for future costs, including the funding of the $20 billion escrow fund.
BP’s commitment to the spill notwithstanding, risks associated with the oil spill, i.e., uncertainties over the extent and timing of costs and liabilities, legal proceedings and BP’s brand image, is anticipated to have a material adverse effect on the group’s “business, competitive position, cash flows, prospects, liquidity, shareholder returns and/or implementation of its strategic agenda.” (BP p.l.c 2010 p.33) According to the Interbrand annual survey of the top 100 brands, the “majority of the company’s brand value has been destroyed;” and due to anticipated delays in its 3Q results, BP has been evicted from the FTSE4Good ethical investment index. (Bergin & Kerber 2010) Looking at BP’s 2Q 2010 results, it is evident that shareholder wealth has deleteriously declined:
Return on equity, the amount of net income returned as a percentage of shareholder equity that measures a company’s profitability by revealing how much profit it generates with the money shareholders have invested, is down from 5% in 1Q 2010 to -1.8% in 2Q 2010.
| Fourth Quarter 2009 | First Quarter 2010 | Second Quarter 2010 | |
| Profit After Tax | $4,378m | $6,188m | ($17,048m) |
| Average Equity | $103545.5m | $104,978m | $956,670m |
| Return on equity | 0.042 (4.2%) | 0.05 (5%) | -0.018 (-1.8%) |
.
Before the April 20th accident, PB p.l.c sharemarket value was US$212.6 billion but by mid-June the share price dropped by 40 per cent, and US$77 billion had been wiped off its value. (London Telegraph 2010) And as can be assumed from Average Equity in 2Q 2010, stocks have been “dumped,” which represents a major concern for any publicly listed company.
BP share price free fall
To cover the financial burden incurred by the spill, BP has entered into several agreements to sell upstream assets in the US, Canada and Egypt. (BP p.l.c 2010) In addition, BP is in talks with Chinese state-controlled CNOOC Oil Company about a stake in BP’s Argentinean oil production operation, which could fetch as much as $US9b. (Pagnamenta & Costello 2010)
Still, it is anticipated that BP’s target production expansion will be tougher to achieve due to (a) its financial “whack,” ; (b) tougher and more costly policies on gas and oil exploration that my slow production, and (c) greater scrutinisation due to its declined brand image.
Conclusions
From the presentation of facts, surveys and the discussion above it is evident that there are few winners from the Deepwater Horizon oil spill. The aim of this essay was to provide the board of BP a comprehensive analysis of the oil spill impact on a local and global level. It also sought to identify issues including risk management, ethics and corporate governance for BP. Finally, this essay looked at the financial impact it has had on the BP group and impact on share holder wealth.
This essay looked at the oil spill’s local affect and found that its impact on key industries will have a wide and long-term effect on the local economy. Conversely, this essay identified clean-up operators as the clear winner from this disaster. Globally, tougher regulatory restrictions will mean more costly oil prices, and in search for fewer restrictions, oil companies may court oil-rich countries with bad histories of financial management. It was further found that the oil spill has had a ruinous impact on species that pass through this region.
Issues of risk management, ethics and corporate governance were then discussed. The public is skeptical of BP’s findings into the explosion. This is further componded by the fact that BP’s executive management failed in their ethical obligations to the company by knowingly skimming on safety to increase “efficiency”. BP’s global brand image has suffered greatly and it was revealed that this event has had a significant effect on BP’s finances, to the extent that it is selling off assets to meet the costs associated with the clean-up operation. Consequently, shareholder value has suffered a lot.
References
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Excellent! I’m going to re blog this on my blog. (People who look at my blog will see the first three sentences of your article which will then refer them to your page.)
This is a fine piece of work. Are you submitting it for publication or is it class work?
Anyway, best wishes.
James Pilant
Thank you very much James, your comments are very encouraging. It is a class essay I wrote for an MBA first-year unit called “Global Business Context.”
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Nothing more than what was deserved! You write anything else like this I’ll be pleased to post it. James Pilant
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Thanks Edouard. Do you have an interest in the BP Oil spill?
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