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Bp amoco (b): financing development of the caspian oil fields change management analysis & solution, hbr change management solutions, finance & accounting case study | benjamin c. esty, michael kane, case study description.

British Petroleum and Amoco were the two largest members of the Azerbaijan International Oil Consortium (AIOC), an 11-firm consortium that was spending $10 billion to develop oil fields in the Caspian Sea. As of March 1999, AIOC had completed a $1.9 billion development project known as Early Oil. The two companies, however, had financed their shares of this project in different ways: BP used internal funds (traditional, on-balance sheet corporate finance), whereas Amoco was one of five AIOC partners that raised $400 million of project finance. Following the BP/Amoco merger in December 1998, managers in the combined firm's finance group had to reassess the Early Oil financing strategy and determine the best way to finance its share of the $8 billion Full Field Development Project. Should it use internal funds, project finance, or a mixture of the two?

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What is Change Management Definition & Process? Why transformation efforts fail? What are the Change Management Issues in BP Amoco (B): Financing Development of the Caspian Oil Fields case study?

According to John P. Kotter – Change Management efforts are the major initiatives an organization undertakes to either boost productivity, increase product quality, improve the organizational culture, or reverse the present downward spiral that the company is going through. Sooner or later every organization requires change management efforts because without reinventing itself organization tends to lose out in the competitive market environment. The competitors catch up with it in products and service delivery, disruptors take away the lucrative and niche market positioning, or management ends up sitting on its own laurels thus missing out on the new trends, opportunities and developments in the industry.

What are the John P. Kotter - 8 Steps of Change Management?

Eight Steps of Kotter's Change Management Execution are -

• 1. Establish a Sense of Urgency
• 2. Form a Powerful Guiding Coalition
• 3. Create a Vision
• 4. Communicate the Vision
• 5. Empower Others to Act on the Vision
• 6. Plan for and Create Short Term Wins
• 7. Consolidate Improvements and Produce More Change
• 8. Institutionalize New Approaches

Are Change Management efforts easy to implement? What are the challenges in implementing change management processes?

According to authorlist Change management efforts are absolutely essential for the surviving and thriving of the organization but they are also extremely difficult to implement. Some of the biggest obstacles in implementing change efforts are –

• Change management efforts are made when the organization is in dire need and have fewer resources. This creates silos protection mentality within the organization.
• Change efforts are often targeted at making fundamental aspects in the business – operations and culture. Change management disrupts are status quo thus face opposition from both within and outside the organization.
• Change efforts are often made by new leaders because they are chosen by board to do so. These leaders often have less trust among the workforce compare to the people with whom they were already working with over the years.
• Change efforts create an environment of uncertainty in the organization that impacts not only the productivity in the organization but also the level of trust in the organization.
• Change management is often a lengthy, time consuming, and resource consuming process. Managements try to avoid them because they reflect negatively on the short term financial balance sheet of the organization.

BP Amoco (B): Financing Development of the Caspian Oil Fields SWOT Analysis, SWOT Matrix, Weighted SWOT Case Study Solution & Analysis

How you can apply Change Management Principles to BP Amoco (B): Financing Development of the Caspian Oil Fields case study?

Leaders can implement Change Management efforts in the organization by following the “Eight Steps Method of Change Management” by John P. Kotter.

Step 1 - Establish a sense of urgency

What are areas that require urgent change management efforts in the “ BP Amoco (B): Financing Development of the Caspian Oil Fields “ case study. Some of the areas that require urgent changes are – organizing sales force to meet competitive realities, building new organizational structure to enter new markets or explore new opportunities. The leader needs to convince the managers that the status quo is far more dangerous than the change efforts.

Step 2 - Form a powerful guiding coalition

As mentioned earlier in the paper, most change efforts are undertaken by new management which has far less trust in the bank compare to the people with whom the organization staff has worked for long period of time. New leaders need to tap in the talent of the existing managers and integrate them in the change management efforts . This will for a powerful guiding coalition that not only understands the urgency of the situation but also has the trust of the employees in the organization. If the team able to explain at the grass roots level what went wrong, why organization need change, and what will be the outcomes of the change efforts then there will be a far more positive sentiment about change efforts among the rank and file.

Step 3 - Create a vision

The most critical role of the leader who is leading the change efforts is – creating and communicating a vision that can have a broader buy-in among employees throughout the organization. The vision should not only talk about broader objectives but also about how every little change can add up to the improvement in the overall organization.

Step 4 - Communicating the vision

Leaders need to use every vehicle to communicate the desired outcomes of the change efforts and how each employee impacted by it can contribute to achieve the desired change. Secondly the communication efforts need to answer a simple question for employees – “What it is in for the them”. If the vision doesn’t provide answer to this question then the change efforts are bound to fail because it won’t have buy-in from the required stakeholders of the organization.

Step 5 -Empower other to act on the vision

Once the vision is set and communicated, change management leadership should empower people at every level to take decisions regarding the change efforts. The empowerment should follow two key principles – it shouldn’t be too structured that it takes away improvisation capabilities of the managers who are working on the fronts. Secondly it shouldn’t be too loosely defined that people at the execution level can take it away from the desired vision and objectives.

BP Amoco (B): Financing Development of the Caspian Oil Fields PESTEL / PEST / STEP & Porter Five Forces Analysis

Step 6 - Plan for and create short term wins

Initially the change efforts will bring more disruption then positive change because it is transforming the status quo. For example new training to increase productivity initially will lead to decrease in level of current productivity because workers are learning new skills and way of doing things. It can demotivate the employees regarding change efforts. To overcome such scenarios the change management leadership should focus on short term wins within the long term transformation. They should carefully craft short term goals, reward employees for achieving short term wins, and provide a comprehensive understanding of how these short term wins fit into the overall vision and objectives of the change management efforts.

Step 7 - Consolidate improvements and produce more change

Short term wins lead to renewed enthusiasm among the employees to implement change efforts. Management should go ahead to put a framework where the improvements made so far are consolidated and more change efforts can be built on the top of the present change efforts.

Step 8 - Institutionalize new approaches

Once the improvements are consolidated, leadership needs to take steps to institutionalize the processes and changes that are made. It needs to stress how the change efforts have delivered success in the desired manner. It should highlight the connection between corporate success and new behaviour. Finally organization management needs to create organizational structure, leadership, and performance plans consistent with the new approach.

Is change management a process or event?

What many leaders and managers at the Amoco Aioc fails to recognize is that – Change Management is a deliberate and detail oriented process rather than an event where the management declares that the changes it needs to make in the organization to thrive. Change management not only impact the operational processes of the organization but also the cultural and integral values of the organization.

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CASE STUDY: BP AMOCO (A): POLICY STATEMENT ON THE USE OF PROJECT FINANCE

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Tuncay BABALI, Ph.D

The Caspian region is considered to be one of the next oil and gas frontiers. Along with the re-distribution of political power and the emergence of new balances after the collapse of the Soviet Union, the continuous waves of change also have had significant effects on the prospects for development of energy resources in the region. The objective of this study is to develop a model in order to understand and predict the outcome of the policies of the major actors (governments and companies) in the development and marketing of Caspian Sea energy resources. More specifically, the purpose is to identify the principal factors and their interactions in selecting export routes for the energy resources of the Caspian Basin. My hypothesis in this study is that political factors are dominant in the region. In the final analysis, the political process is more important than economics in determining which pipeline is to be built. The principal inputs to the development of the model will be detailed analyses of; (1) the development of the Baku-Tbilisi-Ceyhan (BTC) pipeline project, and (2) the determination of the export route for Kazakhstan’s giant Kashagan offshore oil field. Such a predictive model can then be applied to other countries in the region, or other similar resource-rich regions of the world. After studying the developments leading to BTC’s success, the promising oil and gas developments in Kazakhstan shall be examined. How will the Kashagan oil field be developed? What alternatives are available to the Kazakh government other than the Russian oil pipeline network? With regard to this question, I put forward the most likely outcome. My methodology will modify Bruce Bueno de Mesquita’s (BDM) model of predicting political events in an attempt to find an answer to the abovementioned central question. Applicability of the BDM model will be tested in the context of energy development, which is different from the original and traditional fields of application for this model.

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In 1993, Azerbaijan was a country at war, suffering heavy human and economic losses. It was then the very example of a failing country in the post-soviet in the aftermath of the collapse of the USSR. More than 15 years after, it is one of the main energy partners of the European Union and is a leading actor in the Eurasian oil sector. How did such a change happen? How can Azerbaijan have become so important in the South Caucasian region in such a short notice? This paper will focus on the Azerbaijani oil transportation network. It will investigate how the Azerbaijani oil company SOCAR and the Azerbaijani presidency are progressively taking over this network, perceived as the main tool of the foreign policy of Azerbaijan. Dealing with the inner dynamics of the network, this paper will highlight the role of clanic and crony capitalist structures in the makings of a foreign policy and in the diversification of an emerging oil company.

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This article outlines the principles of energy diplomacy and power of balance in main directions of country's foreign policy. The first section of this article demonstrates the way in Azerbaijan derived many habits from the Azerbaijan Democratic Republic, the first Muslim democracy in the world. Even though world is differentiated nowadays, some of today's tendencies are acquired from those stated by Fatali Khan Khoyski, the first prime minister of ADR. The study examines principles and main directions of Azerbaijan foreign policy demonstrated by National Security Concept of the Republic of Azerbaijan, adopted in 2007, and Statement made by H.E. Mr. Elmar Mammadyarov, the Minister of Foreign Affairs of the Republic of Azerbaijan at the General debate of the Sixty-Ninth Session of the United Nations General Assembly. The second section of this article shows the directions Azerbaijan evolved from struggling for independence and territorial integrity to act as a relatively strong international actor today. This section studies tendencies in  country's Western-oriented foreign policy associated with oil diplomacy and contracting some multinational oil companies, showing that some of strategic economic steps were not only pure business-wise, but also pivotal for reaching country's political goals.

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British Petroleum Merger with Amoco

• First Online: 30 November 2018

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• B. Rajesh Kumar 2  

Part of the book series: Management for Professionals ((MANAGPROF))

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During 1998, BP merged with Amoco in a deal valued at $48.2 billion. At that time, it was billed as the largest oil industry merger ever. The deal was also the largest takeover of an American company by a foreign company. After the merger, BP Amoco became the largest company in Britain with more than $140 billion in market capitalization and one of the world’s top three oil majors. The merger deal was a share swap deal whereby Amoco shareholders were offered 3.97 BP shares for each share of Amoco common stock. The deal involved exchange of American depository receipts equivalent to 3.97 of its shares for each Amoco share. There were a lot of operational synergies from the deal as a result of complementary strengths. BP’s strength lays in its exploration skills, while the company was weak in the business of refining oil into products and chemicals as well as in areas of marketing and distribution. Amoco had strong marketing and distribution network. The merger consolidated the combined company’s spending on exploration which exceeded that of Exxon and Royal Dutch Shell. The combined entity obtained oil leadership position in Alaska, the Gulf of Mexico, the North Sea, and the Caspian Sea. The merger was a strategic fit as both BP and Amoco operations were purely complementary in nature. It made Amoco less sensitive to natural gas and chemicals and BP less sensitive to crude oil. Though the deal was stated as merger, in fact it had been a friendly acquisition whereby BP controlled 60% of the new merged company. The cumulative returns for BP during the 253-day merger period (−10 to +242) interval were approximately 39%.

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BBC News (1998) Business: the company file BP and Amoco in oil mega merger. http://news.bbc.co.uk/2/hi/business/149139.stm . Accessed 22 January 2018

Ibrahim Y (1998) British Petroleum is buying Amoco in a $48.2 billion deal. https://www.nytimes.com/1998/08/12/business/british-petroleum-is-buying-amoco-in-48.2-billion-deal.html . Accessed 22 January 2018

Oil and Gas Journal (1998) BP Amoco merger creates third supermajor. https://www.ogj.com/articles/print/volume-96/issue-33/in-this-issue/general-interest/bp-amoco-merger-creates-third-39supermajor39.html . Accessed 22 January 2018

Oil and Gas Journal (1999) BP Amoco finish merger after FTC approval. https://www.ogj.com/articles/print/volume-97/issue-2/in-this-issue/general-interest/bp-amoco-finish-merger-after-ftc-approval.html . Accessed 22 January 2018

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Kumar, B.R. (2019). British Petroleum Merger with Amoco. In: Wealth Creation in the World’s Largest Mergers and Acquisitions. Management for Professionals. Springer, Cham. https://doi.org/10.1007/978-3-030-02363-8_24

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BP Amoco (A): Policy Statement on the Use of Project Finance

BP Amoco (A): Policy Statement on the Use of Project Finance ^ 201054

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Following the BP/Amoco merger in December 1998, CFO David Watson asked Bill Young to recommend when and under what circumstances the firm should use external project finance instead of internal corporate funds to finance new capital investments. As part of this assignment, Young and his team must review each firm's current policy regarding project finance and evaluate the various rationales used to justify its use. Following this review, his team created a new policy statement recommending that BP Amoco finance capital expenditures using corporate funds except in three special circumstances: mega projects, projects in politically volatile areas, and joint ventures with heterogeneous partners. Whether the general rule of using corporate funds and whether the specific exceptions to the rule are appropriate for the merged entity are subjects for class discussion.

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Publication date: 20 January 2017

Teaching notes

This case is one of a pair of cases used in a merger negotiation. It is designed to be used with “Amoco Corporation” (UVA-F-1262). One-half of the class prepares only the Amoco case, and one-half uses this case. BP and Amoco are considering a merger, and are in the process of negotiating a merger agreement. Macroeconomic assumptions, particularly forecasting future oil prices in an uncertain environment, and assumptions about Amoco's ability to reduce exploration and production costs make Amoco's future cash flows difficult to predict.

• Mergers and acquisitions bargaining and negotiating valuation

Chaplinsky, S. , Lynch, L.J. and Doherty, P. (2017), "British Petroleum, Ltd.", . https://doi.org/10.1108/case.darden.2016.000051

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Copyright © 2000 by the University of Virginia Darden School Foundation, Charlottesville, VA. All rights reserved.

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The BP Amoco/ARCO Merger: Alaskan Crude Oil

The merger of British Petroleum and Atlantic Richfield as proposed would have made BP the sole operator and 70 percent owner of Alaskas oil fields. The Federal Trade Commission challenged the merger partly out of concern for higher West Coast gasoline prices, and required a divestiture ARCOs entire Alaskan business. However, West Coast crude prices are governed by the cost of the marginal source of supply to the region, imported oil. Because any cutback in sales of Alaskan oil on the West Coast could be offset with higher imports, with minimal impact on the import price, the merger would have raised crude prices by tenths of a penny per gallon at the most. The impact on consumer prices was even more tenuous. More serious concerns, which were given less attention, were that BP might gain monopsony power in bidding for oil leases and perhaps in negotiating with suppliers.

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BP Amoco (A): Policy Statement on the Use of Project Finance

Subjects Covered Capital budgeting Capital expenditures Mergers Project finance Risk management

by Benjamin C. Esty, Michael Kane

Source: Harvard Business School

19 pages. Publication Date: Jan 09, 2001. Prod. #: 201054-PDF-ENG

BP Amoco (A): Policy Statement on the Use of Project FinanceHarvard Case Study Solution and HBR and HBS Case Analysis

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Yahoo Finance

Amoco ultimate® with invigorate® can take you up to 300 miles farther per year¹.

Amoco Ultimate® with Invigorate® can take you up to 300 miles farther yearly, compared to regular fuel in top-selling sedans and car SUVs.

bp's "300 Miles Farther" campaign is an unmatched claim that enables drivers to cover more distance between fill-ups with confidence.

CHICAGO , May 20, 2024 /PRNewswire/ -- bp (NYSE: BP) continues to push the boundaries of driving range thanks to the findings from new research, revealing that drivers can go up to 300 miles farther each year using Amoco Ultimate® with Invigorate® compared to regular fuel¹.

Completed in the fourth quarter of 2023, this comprehensive proprietary research included a range of late-model sedans and car SUVs, representing top-selling vehicles. The results were clear: Amoco Ultimate® with Invigorate® can take you up to 300 miles farther per year compared to regular fuel¹, delivering tangible benefits, and enabling drivers to cover more distance between fill-ups.

"Our consumers have long experienced the benefits of our fuels in their cars and SUVs. Continuous use of our premium fuel, Amoco Ultimate® with Invigorate®, ensures optimal engine performance, providing cleaner engines and unlocking your engine's full potential²," said Mukta Tandon , VP US mobility marketing at bp. "The results of this testing are a testament to the ability to drive farther with fewer fill-ups with Amoco Ultimate® with Invigorate®."

To help promote this new claim, bp is launching the "300 Miles Farther" campaign, which includes both traditional and digital advertising. This campaign showcases the results of the testing and highlights the tangible benefits of choosing Amoco Ultimate® with Invigorate® for drivers looking to turn their cars into clean, mean, driving machines, along with more miles between refueling stops.

As a pioneer in innovation, bp remains dedicated to discovering transformative solutions that drive progress and redefine fuel performance. By providing drivers with a reliable solution to meet their evolving needs on the road, bp reaffirms its commitment to shaping a sustainable and efficient future for transportation.

For more information about bp's latest advancements in fuel technology, please visit bp.com .

¹Claim is based on continuous use over 15,000 miles and using EPA's city/highway annual mileage estimate and driving cycles. Calculation uses average fuel economy difference between 93 octane Amoco Ultimate® and 87 octane Regular minimum detergent E10 fuels and fuel economy restoration through engine cleaning. A representative sample of late model sedans and car SUVs was used for testing. Results will vary based on what you drive, how you drive, and other factors. Use of Amoco Ultimate® with Invigorate® does not provide economic savings.

²Optimizes your engine's performance from the harmful effects of deposits caused by minimum detergent fuels. Requires continuous use. Results depend on what you drive and how you drive.

About bp: bp is investing in America's energy system as we transition from an international oil company to an integrated energy company. With $150 billion invested in the US since 2005, we employ more than 30,000 Americans and support more than 275,000 jobs. We have a bigger footprint here than anywhere else in the world, and we're proud to be a trusted partner for secure, affordable, and reliable energy. To learn more, please visit bpAmerica.com.

Contacts: bp press office, US [email protected]

View original content to download multimedia: https://www.prnewswire.com/news-releases/amoco-ultimate-with-invigorate-can-take-you-up-to-300-miles-farther-per-year-302149566.html