Turnaround Depends
On Reducing Its Risks,
Fixing U.S. Troubles
By MATTHEW DALTON
January 2, 2008
BP PLC is hoping to reach operational health in 2008, but questions remain about whether problems within U.S. operations could undermine its turnaround.
The oil giant’s two largest U.S. refineries and its oil field at Prudhoe Bay in Alaska are expected to operate at capacity for most of the year for the first time since 2004.
But the main issue isn’t whether the London-based company has fixed problems that several investigations said caused a deadly March 2005 explosion at its refinery in Texas City, Texas. The question is whether BP has diminished the risk of catastrophic events that all companies engaged in the exploration, production and processing of hydrocarbons face.