BP Annual Report and Form 20-F 2011 - Company Reporting

Our organization: How BP is changingFollowing the tragic events in the Gulf of Mexicoin 2010, we initiated a wide-ranging programmedesigned to enhance safety and risk managementwithin the group, earn back trust and restore value.Much was achieved in 2011, but there is a greatdeal more to do.Safety andoperational riskRisk managementreviewUpstreamrestructuringValues andbehavioursWe are strengthening ourgroup-wide applicationof enhanced, consistentstandards driven by oursafety and operationalrisk function, which isindependent from thebusiness segments.We are enhancing the clarity,consistency and quality ofthe way risks are understood,reported and acted upon,from front-line operationsto the boardroom.We restructured to createthree global divisions –exploration, developmentsand production. Theseconstitute the biggestchanges in BP’s upstreambusiness for 20 years.We have refreshed ourvalues and behaviours andcontinue embedding theseinto how we work together.In detailSee Safety, page 65In detail See Our managementof risk, page 42In detail See Exploration andProduction, page 80In detailSee Our values, page 32Individualperformanceand rewardContractormanagementTechnologyJoint venturesnot operatedby BPWe have alignedperformance and rewardwith our values andintroduced ‘safety’ and‘taking a long-termperspective’ as keyindicators.We are driving consistentglobal standards,strengthening verification andassurance, and developinglonger-term relationshipswith contractors.Through technology, we arestrengthening our capabilityto manage risks, capturebusiness value and informstrategy development.We initiated a review into ourapproach to the managementof our relationships withsignificant non-operatedjoint venture operators andpartners. This work includessafety and operational riskas well as bribery andcorruption risk.In detailSee Our values, page 32In detail See Working withpartners and contractors, page 69In detailSee Technology, page 74In detail See Our partners in jointventures, page 6936 BP Annual Report and Form 20-F 2011