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Chapter one | |
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 What defines BP? In industrial terms, we are classified as an oil, gas and petrochemicals company. Competitively, we are one of the leaders in the marketplaces where we do business. Economically, we participate in the global marketplace for an indispensable commodity – energy – in a sector defined by long-term business cycles. But what BP is capable of as a company has been redefined in the past five years – and will be redefined again in another five, as we approach our centennial year in 2008. Why? Because the characteristics of our industry have changed. We contributed to that change. And we are determined to continue to drive further change for the benefit of our stakeholders. In recent years, BP has grown significantly. We have instituted a disciplined financial framework that has provided stability and a platform for growth in a volatile global environment. We have applied a coherent business strategy. And, from several heritage companies, we have become one, with our assets and market positions now assembled within a cohesive group, performing as one of the leaders in our industry. If scale alone created a great company, we might be satisfied with where we stand today. But we are not – not yet. The current competitive landscape requires us to think and perform with a longer view, and to execute at an unprecedented level. Through our focus and new resources, we intend to offer investors the performance – the continuous improvement in productivity, the quality and consistency of our shareholder returns and positive relationships with society – necessary to produce superior long-term value. This is how we see true leadership measured today, and how we believe the world's great companies will be regarded in the future. We intend to be one of them. |
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