Social Performance of Organizations Assignment Example | Topics and Well Written Essays - 1500 words

Social Performance of Organizations - Assignment Example When Iran nationalized the company’s assets in 1951, the company ventured into conducting explorations in other Middle Eastern countries such as Iraq, Libya and Kuwait and in 1954, it was eventually renamed as the British Petroleum Company. In 1987, the British government sold its last shares in the company at a time when BP’s lackluster performance had caused it to start languishing at the bottom of its sector. However, by 1996, the company had been able to effect a turn around that saw it start performing within the oil and gas top quartile. Currently, BP is considered to be the world’s number 3 public traded integrated oil concern (Juhasz, 2011). It explores for gas and oil in over 30 countries and has an proven reserves that are estimated to stand at 17 billion of barrels of oil. Within the United States, it is regarded as the largest gas and oil producer and a top refiner with its 15 plants that are continuously processing an estimated more than 2 million barrels of crude oil per day. Some of the external factors that can possibly affect the success of the company include political and economic factors. Political factors such as government policy such as the overall degree of intervention in the economy can affect the performance of BP. This might include trading policies and lobbying actives that can serve to either improve the company performance or make it difficult for it to trade within a given country. Economic factors can affect the performance of BP include the national economies of the environment in which company is running its business operations. When a country’s economy is not doing too well, the buying power of its citizens is reduced and this will have the effect of reducing the total sales of BP’s products in the country. Conversely, the company performance in countries with good economies is relatively good due to the fact that the company is able to achieve high levels