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Tag: oil and gas industry

  • ExxonMobil: Leading the Energy Evolution

    In today’s fast-paced world, energy is at the heart of everything – from the cars we drive to the cities we power. For over 140 years, ExxonMobil has been at the forefront of fueling that energy responsibly and sustainably. With operations in more than 60 countries, their team of 62,000 strong – including scientists, engineers, and researchers – is dedicated to meeting the world’s energy demands safely, while pushing for innovations that improve lives.

    ExxonMobil – Company Highlights 

    Name ExxonMobil
    Headquarters Spring, Texas
    Sector Energy, Chemicals, Lubricants and Lower-Emissions Technologies
    Founder Lee Raymond and Lucio Noto
    Founded 30 November 1999
    Website corporate.exxonmobil.com

    ExxonMobil – About
    ExxonMobil – Industry
    ExxonMobil – Founders and Team
    ExxonMobil – Startup Story
    ExxonMobil – Mission and Vision
    ExxonMobil – Name, Tagline and Logo
    ExxonMobil – Business Model
    ExxonMobil- Revenue Model
    ExxonMobil – Employees
    ExxonMobil – Challenges Faced
    ExxonMobil – Shareholders
    ExxonMobil – Investments
    ExxonMobil – Mergers and Acquisitions
    ExxonMobil – Advertisements and Social Media Campaigns
    ExxonMobil – Awards and Achievements
    ExxonMobil – Competitors
    ExxonMobil – Growth
    ExxonMobil – Future Plans

    ExxonMobil – About

    What began as a small kerosene marketer in the U.S. has grown into one of the largest publicly traded petroleum and petrochemical companies globally. More than just a fuel provider, ExxonMobil products drive modern transportation, and power industries and supply the building blocks for thousands of everyday goods.

    At ExxonMobil, the main focus is shaping a sustainable, net-zero future and leading the charge with innovations that advance modern living. Good governance is a cornerstone of everything they do, ensuring that their operations create long-term value for the communities they serve. Simply put, they’re here to power today while building a brighter tomorrow.

    ExxonMobil – Industry

    Delivering Industrial Solutions

    Beyond traditional energy solutions, ExxonMobil is also focusing on low-carbon initiatives, such as large-scale carbon capture and storage, to help reduce emissions across industrial and commercial sectors.

    Transforming Transportation

    Decarbonizing transportation is no small task and ExxonMobil is tackling it with a science-backed, multifaceted approach. From driving efficiency improvements to innovating cleaner fuels, ExxonMobil is committed to paving the way for a more sustainable transportation future.

    Materials for Modern Living

    Whether it’s high-tech, lightweight plastics for smartphones and medical devices, high-performance fuels for aircraft, or advanced lubricants for wind turbines, their innovative solutions are all around us. Materials that enhance sustainability, like flexible films that extend food preservation.

    Securing the Energy Supply

    Their goal is clear: strengthen energy security, support a net-zero future, and deliver value to both shareholders and stakeholders.

    Driving Toward Net-Zero Ambitions

    • 140+ years as a leading energy supplier
    • Targeting net-zero from operated assets by 2050
    • Pioneering large-scale carbon capture and low-carbon solutions

    Shaping the Future with Innovation and Policy

    Even though the future is unpredictable, they’re prepared to tackle it with technologies that can reduce emissions, support global energy needs, and ensure the long-term sustainability of their business and the planet.

    ExxonMobil – Founders and Team

    ExxonMobil’s leadership is stacked with talented and experienced individuals who have steered the company to success through their diverse backgrounds and commitment to integrity. Each director brings something unique to the table, so let’s dive into who they are and how their journeys led them to ExxonMobil.

    Darren W. Woods

    Darren Woods - Chairman and CEO, ExxonMobil
    Darren Woods – Chairman and CEO, ExxonMobil

    Darren Woods is the Chairman and CEO of ExxonMobil.

    Darren Woods grew up in Wichita, Kansas, and took the engineering route early on, earning a bachelor’s degree in electrical engineering from Texas A&M University. He followed that up with an MBA from Northwestern University’s Kellogg School of Management. Woods joined Exxon in 1992, and after 24 years of building his career, he stepped into the CEO role in 2016, succeeding Rex Tillerson. Unlike his predecessor, Woods’ expertise is rooted in the refining and chemical side of the business, which ended up being a major contributor to ExxonMobil’s $7.8 billion net income in 2016. His focus is on maintaining operational excellence while navigating the company through the constantly evolving energy landscape.

    Michael J. Angelakis

    Michael J. Angelakis - Director, ExxonMobil
    Michael J. Angelakis – Director, ExxonMobil

    Michael Angelakis is the independent director of ExxonMobil.

    Michael Angelakis brings a wealth of experience across both public and private sectors. A graduate of Babson College, with additional training from Harvard Business School’s Owner/President Management Program, Angelakis’ career spans multiple industries. He currently sits on the boards of Bowlero Corporation, Clarivate PLC, ExxonMobil, and TriNet Group, among others. In addition to his corporate work, he previously chaired the Federal Reserve Bank of Philadelphia and served on boards for Duke Energy, Groupon, and Hewlett Packard Enterprises. His extensive experience in corporate governance makes him a key asset on ExxonMobil’s board.

    Angela F. Braly

    Angela F. Braly – Independent Director, ExxonMobil

    Angela Braly is the Independent Director of ExxonMobil.

    Angela Braly is a powerhouse in the healthcare industry. After graduating from Texas Tech University with an undergraduate degree and earning her Juris Doctor from Southern Methodist University School of Law, she made a name for herself in corporate America. Braly took the helm at WellPoint, Inc. (now Elevance Health) as president and CEO in 2007 and became chair of the board in 2010. Under her leadership, WellPoint became the largest health insurer in the U.S., serving 34 million Americans and generating more than $60 billion in revenue. Braly now sits on several boards, including Brookfield Corporation and ExxonMobil. Her passion for philanthropy led her to co-found The Policy Circle, which is focused on promoting civic engagement among women.

    Each of these leaders brings a unique perspective and a wealth of experience to ExxonMobil’s leadership team, helping steer the company toward its goals of operational excellence and sustainable energy innovation.

    ExxonMobil – Startup Story

    Exxon Mobil’s journey began in 1870 when John D. Rockefeller and his partners founded the Standard Oil Company in Ohio. Fast forward to 1911, the U.S. Supreme Court decided to split Standard Oil into 33 different companies. Among them were Standard Oil of New Jersey (later known as Jersey Standard), Socony Oil, and Vacuum Oil, along with others that kept the Standard Oil name.

    Jersey Standard introduced its products under the name “Esso,” which is the phonetic spelling of “S” and “O” for Standard Oil. However, in some states, other Standard Oil companies objected to this branding, so Jersey Standard marketed under different names—Enco (short for Energy Company) and Humble, a company they had acquired. In 1972, Jersey Standard became Exxon Corporation, and by 1999, it merged with Mobil Oil Corporation (formerly Socony-Vacuum Oil) to form what we know today as ExxonMobil.

    Throughout its history, ExxonMobil has been a trailblazer in energy products and technology, shaping the way the world consumes energy. Here are some of their most notable innovations:

    Octane

    In 1938, at a Humble Oil plant in Texas, they pioneered the first commercial production of Alkylate, which allowed for the creation of iso-octane—a key blending agent. By 1976, Mobil developed a new process for converting methanol into high-octane gasoline. Today, every gallon of gasoline in North America contains octane, with fuel grades based on octane ratings.

    Motor Oil

    In 1952, the Jersey Standard introduced Uniflo, the first motor oil suitable for use in both summer and winter conditions. Then in 1974, Mobil revolutionized the industry with the launch of Mobil 1™, the first synthetic motor oil, which remains the world’s leading synthetic motor oil brand today.

    Detergent Gasoline

    Mobil led the way in 1968 by developing the first detergent gasoline, which helped reduce deposits inside fuel injectors. Today, all Exxon and Mobil gasoline grades contain these detergent additives, and they exceed the minimum requirements set by the EPA.

    Pay at the Pump

    In 1986, Mobil was the first gas retailer in the U.S. to introduce pay-at-the-pump convenience. A decade later, in 1997, Mobil launched the Speedpass™ key tag, the first mobile payment device for fueling. This innovation continued with the release of the Speedpass+™ app in 2015 and the Exxon Mobil Rewards+™ app in 2019, combining payment and rewards in one easy-to-use tool.

    Gasoline for Better Mileage

    In 2016, Mobil introduced its ‘Synergy™; gasoline, a result of 130 years of engineering. With seven key ingredients designed to improve fuel efficiency, Synergy represents its commitment to advancing fuel technology.

    ExxonMobil’s legacy is built on innovation and they’re proud to continue shaping the future of energy.

    ExxonMobil – Mission and Vision

    At ExxonMobil, their mission is to be the world’s foremost petroleum and chemical manufacturer. To reach this goal, they strive for outstanding financial and operational performance, all while upholding unwavering ethical values. The following principles shape their approach to working with shareholders, customers, employees, and the communities they serve:

    Shareholders

    By ensuring responsible and profitable business operations, they aim to provide their shareholders with strong, sustainable returns.

    Customers

    Mobil is dedicated to offering innovative, high-quality products and services that meet market demands, all while staying competitive in pricing and remaining responsive to changing preferences.

    Employees

    To maintain their competitive edge, they focus on attracting top talent and providing ongoing development opportunities to help them thrive. They also foster a diverse and inclusive workplace, where safety, fairness, open communication, and mutual trust are top priorities.

    Communities

    As a global organization, ExxonMobil is committed to being a responsible and ethical corporate citizen. Safety and environmental stewardship remain central to everything they do.

    They are focused on maximizing efficiency and productivity by learning, sharing knowledge, and applying best practices across the organization.

    Mobil’s long-term success depends on a clear, focused approach. How? By carefully evaluating capital investments and pursuing opportunities that align with their goals, prioritizing the development of cutting-edge technologies that offer a strategic advantage.

    By adhering to these principles and executing its plans with precision, Exxon Mobil aims to remain at the forefront of the energy industry, continually pushing boundaries and delivering on its promises!

    ExxonMobil Logo and Tagline
    ExxonMobil Logo and Tagline

    The ExxonMobil logo features three important design elements: the interlocking X’s, the red color, and the tagline “Energy lives here.” The crossed X’s honor the company’s original name, Esso, blending its historic roots with a modern identity while symbolizing dependability. When Exxon and Mobil merged in 1998, the combined logo represented the unyielding spirit of both companies, signifying their resilience even in the face of adversity. The red color conveys power and vitality, while the tagline emphasizes the brand’s ongoing mission to fuel the world.

    ExxonMobil – Business Model

    ExxonMobil operates across three key business areas, delivering essential products that power modern life, including energy, chemicals, lubricants, and low-emission technologies. With a world-leading portfolio, they are among the largest global companies in the fuels, lubricants, and chemicals industry.

    Leading the Way in Low-Carbon Solutions

    ExxonMobil is at the forefront of reducing emissions by providing innovative solutions to industrial and commercial customers. Their efforts focus on expanding carbon capture, hydrogen, and biofuels, paving the way for a more sustainable future.

    Driving Innovation in Product Solutions

    Through the integration of its downstream and chemical operations, ExxonMobil develops advanced, lower-emission products and fuels. These innovations play a critical role in supporting a cleaner, more efficient energy landscape.

    Enhancing Upstream Operations

    Their upstream business focuses on boosting energy security by expanding efficient, low-cost oil and natural gas production. By optimizing their operations, ExxonMobil ensures a reliable energy supply while delivering strong returns.

    ExxonMobil- Revenue Model

    Upstream Operations

    ExxonMobil is engaged in the exploration and production of crude oil and natural gas across the globe. Utilizing cutting-edge technology and deep expertise, the company identifies and extracts hydrocarbon reserves. Revenue in this segment comes from the sale of crude oil, natural gas, and related products, making it a crucial contributor to the company’s overall financial performance.

    Refining and Marketing

    ExxonMobil operates refineries that transform crude oil into valuable refined products like gasoline, diesel, jet fuel, and lubricants. These products are distributed through a vast global network, reaching wholesalers, retailers, and distributors worldwide. By meeting diverse consumer demands, ExxonMobil generates significant revenue from the sale of its refined products.

    Chemical Operations

    ExxonMobil’s chemical division produces and sells petrochemicals and specialized chemical products. Its integrated refining and chemical manufacturing processes create chemicals used in industries ranging from automotive to packaging, construction, and electronics. Through global sales of these chemicals, the company generates substantial revenue across a variety of sectors.

    Liquefied Natural Gas (LNG)

    In the LNG market, ExxonMobil is involved in the production, liquefaction, and sale of liquefied natural gas. By developing and operating LNG facilities, the company converts natural gas into a liquid state for easier transport and storage. ExxonMobil supplies LNG to a diverse set of customers globally, including utilities, industrial businesses, and other energy providers.

    Technology and Licensing

    ExxonMobil also monetizes its proprietary technologies by licensing them to third-party companies. Its advanced expertise in oil and gas operations is in high demand, allowing the company to earn royalties and fees from these licensing agreements. Additionally, ExxonMobil engages in trading and hedging activities to manage price risks and capitalize on market opportunities, enhancing its operational and financial flexibility.

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    ExxonMobil – Employees

    A key driver of EExxonMobil’s success is their ability to attract and retain top talent from around the globe. Their people are their greatest asset and their expertise gives the company a strong competitive edge. Developing their teams and nurturing a vibrant company culture is central to their strategy and critical to achieving their long-term goals.

    ExxonMobil prioritizes building a diverse and inclusive workforce, where individual and cultural differences are valued. Their aim is to foster a work environment where employees are encouraged to reach their full potential, take on meaningful challenges, and contribute to the company’s overall success. In return, they offer unmatched opportunities for personal and professional growth.

    Here’s a snapshot of their workforce:

    • Over 20,000 scientists and engineers
    • 28% of women in their global workforce
    • 32% minorities in their U.S. workforce
    • 5% veterans in their total U.S. workforce
    • 64% of their employees are based outside the U.S.

    ExxonMobil’s commitment to diversity and development strengthens both its organization and its ability to innovate and lead.

    ExxonMobil – Challenges Faced

    Meeting the world’s ever-growing energy demands is no small feat. Ensuring a steady, reliable supply of affordable energy is crucial for global economic growth and improving people’s quality of life. ExxonMobil, with its expertise and resources, is in a strong position to tackle the major challenges facing the energy industry today.

    These challenges include:

    • Safely and consistently producing oil, natural gas, and other essential hydrocarbon products.
    • Discovering and developing new energy sources to meet future needs.
    • Maximizing the value of existing resources and assets.
    • Enhancing energy efficiency while minimizing environmental impacts.
    • Cultivating the next generation of skilled scientists and engineers.

    To navigate these obstacles, ExxonMobil relies on a long-term approach. Their strategy combines a consistent, structured business model with the flexibility to adapt to changing market conditions. They emphasize investing in people, cutting-edge technology, and innovative projects to ensure growth for both the company and its shareholders. At the heart of their efforts are leaders who prioritize integrity, operational excellence, and community development.

    ExxonMobil – Shareholders

    ExxonMobil’s shareholders are Vanguard Group Inc., BlackRock Inc., and State Street Corp.

    • ExxonMobil Low Carbon Solutions: This division focuses on commercializing low-carbon technologies like carbon capture and storage (CCS). The company has committed to investing $3 billion in lower-emission energy projects through 2025.
    • As of October 2024, ExxonMobil has a market cap of approximately $514.56 billion. 
    • Over the trailing 12 months (TTM), it generated $340.6 billion in revenue and achieved a net income of $40.69 billion.
    • ExxonMobil’s stock saw an 11% increase in one month.
    • Wall Street analysts projected a 24% upside for the stock.
    • The company also reported a 10% growth in lube sales for the year. 
    • Additionally, ExxonMobil has been involved in driving Indonesia’s growth into a carbon capture hub.

    ExxonMobil – Investments

    • On Feb 8, 2022, Exxon Mobil invested in Global Clean Energy Holdings for $125 million.
    • On May 19, 2024, the company laid the foundation stone for a new lubricant-manufacturing plant in Maharashtra, marking a significant investment of INR 900 crore (US$110 million). This is projected to be operational by the end of 2025.

    ExxonMobil – Mergers and Acquisitions

    ExxonMobil and Pioneer Natural Resources have agreed on a major merger! 

    ExxonMobil will acquire Pioneer in an all-stock deal valued at $59.5 billion. Based on ExxonMobil’s stock price from October 5, 2023, each Pioneer share will be worth $253. For every Pioneer share, shareholders will receive 2.3234 ExxonMobil shares once the deal closes. When factoring in net debt, the total value of the transaction comes to about $64.5 billion.

    This merger brings together Pioneer’s vast, high-quality undeveloped land in the Midland Basin with ExxonMobil’s expertise in developing resources in the Permian Basin. The combination is expected to drive greater efficiency, lower costs, and significantly boost production, positioning the merged entity to lead in both capital performance and resource development.

    Acquisition Date Acquired Company Acquisition Price
    October 11, 2023 Pioneer Natural Resources Company $64.5 billion
    July 12, 2023 Denbury $4.9 billion

    ExxonMobil – Advertisements and Social Media Campaigns

    Sponsorships and Partnerships

    ExxonMobil leverages strategic sponsorships and partnerships to boost its brand presence and connect with a wider audience. By aligning itself with high-profile events, sports teams, and organizations that resonate with its values and target demographic, ExxonMobil enhances its visibility in key markets.

    ExxonMobil Partnership with Formula F1
    ExxonMobil Partnership with Formula F1

    One of its notable partnerships is with Formula 1 racing, a long-standing relationship where ExxonMobil highlights its technical expertise and the performance of its products. The demanding world of motorsports serves as the perfect platform for ExxonMobil to showcase the quality and reliability of its fuels and lubricants under extreme conditions.

    Digital Advertising

    Recognizing the power of digital advertising, ExxonMobil effectively uses online platforms like websites, search engines, and display ads to engage its target audience. By focusing on specific segments—whether it’s industry professionals or environmentally conscious consumers—the company can deliver tailored messages and track the impact of its campaigns.

    For example, one of their digital campaigns featured comedian Jenni Pulos, humorously highlighting the busy pace of modern life and the importance of fuel efficiency. The goal was to show how ExxonMobil’s products can help save time by improving fuel economy.

    #PoochaKyunNahi Campaign
    #PoochaKyunNahi Campaign

    In another creative campaign, ExxonMobil promoted its Speedpass+ mobile payment system by collaborating with social influencers. The 2019 campaign in India, called #PoochaKyunNahi, featured Bollywood star Javed Jaffrey and rapper SlowCheeta. This humorous yet informative campaign encouraged viewers to ask the right questions about engine oil, emphasizing the importance of using the right products for optimal vehicle performance. Through these partnerships, ExxonMobil was able to reach a broad audience engagingly and memorably.

    ExxonMobil – Awards and Achievements

    • ExxonMobil recently earned the prestigious Seatrade Award for Innovation in Ship Operations for its Mass Flow Metering System (MFMS) technology. 
    • Nathalie Freeman, Global Marketing Project Advisor, and Iain White, Global Marketing Manager at ExxonMobil, accepted the award at the 28th Seatrade Awards held at London’s Guildhall. 

    ExxonMobil – Competitors

    The main competitors of ExxonMobil include:

    • Chevron Corp.
    • Royal Dutch Shell
    • ConocoPhillips

    ExxonMobil – Growth

    ExxonMobil Q2 2024 Financial Highlights (NYSE: XOM):

    • Revenue: $91.3 billion, up 12% year-over-year.
    • Net Income: $9.24 billion, a 17% increase from Q2 2023.
    • Profit Margin: 10%, consistent with the previous year.
    • Earnings Per Share (EPS): $2.14, up from $1.94 in Q2 2023.
    Annual Revenue of ExxonMobil From 2013 to 2023
    Annual Revenue of ExxonMobil From 2013 to 2023

    ExxonMobil – Future Plans

    • ExxonMobil is ramping up its commitment to lower-emissions initiatives, with plans to invest over $20 billion in such projects by 2027. This marks the third increase in just three years, up from an initial $3 billion in 2021. 
    • The company recently boosted its efforts further with a $5 billion all-stock acquisition of Denbury, providing access to the largest CO2 pipeline network in the U.S. and expanding its carbon capture and storage capabilities.
    • ExxonMobil is also exploring opportunities in lithium, hydrogen, biofuels, and carbon capture and storage (CCS). These ventures are projected to deliver returns of about 15% and have the potential to cut third-party emissions by more than 50 million metric tons annually by 2030. These efforts align with ExxonMobil’s strengths and its ongoing commitment to addressing climate change.
    • The company has begun work on its first lithium production phase in southwest Arkansas, an area known for its rich lithium deposits. Production is expected to start in 2027.
    • In the Permian Basin, ExxonMobil is progressing toward its goal of achieving net-zero emissions in its unconventional operations by 2030. The company also plans to accelerate Pioneer’s net-zero target by 15 years, moving the goal from 2050 to 2035, and leveraging its greenhouse gas reduction strategies in the region.

    FAQs

    What is ExxonMobil?

    ExxonMobil has grown from a local kerosene marketer in the United States into one of the world’s largest publicly traded petroleum and petrochemical companies. They operate globally and are recognized by our well-known brands: Exxon, Esso, and Mobil.

    Who is the CEO of ExxonMobil?

    Darren Woods is the CEO of ExxonMobil since 2017.

    Who is the biggest competitor of ExxonMobil?

    Chevron Corp. is considered to be the biggest competitor of ExxonMobil along with Royal Dutch Shell and ConocoPhillips.

  • Bharat Petroleum Success Story | How This Oil and Gas Producer Is Leading the Indian Economy?

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Bharat Petroleum.

    The most important global industry is the oil and gas industry as they use Earth’s resources to generate their source of revenue. Oil and gas industries are among the six core industries in India. They play a crucial part in boosting India’s economy. As a sector, it is the most growing sector and gives a wide range of scope for investors and promises a great deal.

    This sector dates back to 1889 when oil was found in Digboi in the state of Assam. Around the 1960s, the oil and gas industries started picking up.

    Read about Bharat Petroleum, one of India’s leading oil and gas company’s founders, how it started, its business model, revenue model, shareholders, competitors, challenges faced, and more in this article.

    Bharat Petroleum – Company Highlights

    Startup Name Bharat Petroleum
    Headquarters Mumbai, Maharashtra, India
    Sector Energy: Oil and Gas
    Founder Government of India
    Chairman Arun Kumar Singh
    Founded 1952
    Revenue $54.2 billion (FY22)
    Website bharatpetroleum.in

    Bharat Petroleum – About and How Does It Work?
    Bharat Petroleum – Industry
    Bharat Petroleum – Founder and Chairman
    Bharat Petroleum – Startup Story and Growth
    Bharat Petroleum – Mission and Vision
    Bharat Petroleum – Name, Logo, and Tagline
    Bharat Petroleum – Business Model
    Bharat Petroleum – Revenue Model
    Bharat Petroleum – Shareholding
    Bharat Petroleum – Competitors
    Bharat Petroleum – Awards and Achievements
    Bharat Petroleum – Advertisements and Campaigns
    Bharat Petroleum – Mergers and Acquisitions
    Bharat Petroleum – Challenges Faced
    Bharat Petroleum – Future Plans

    Bharat Petroleum – About and How Does It Work?

    It was in 1889 during the British rule, when oil was first discovered in Digboi, Assam. Soon after, this discovery sparked the emergence of the oil and gas industry, and by 1960 the industry began to pick up.

    Founded in 1976, Bharat Petroleum Corporation Limited (BPCL) is a Government of India owned company with three manufacturing plants situated in Bina, Kochi, and Mumbai.

    Bharat Petroleum is all about exploring and producing oil and gas. As per reports in India, most of the petroleum sector is administered by Bharat Petroleum Corporation Ltd (BPCL). The Ministry of Petroleum and Natural Gas is in control of BPCL. The company is also the second-largest government-owned downstream oil company in India.

    Refining and Marketing Activities, which encompasses the Downstream petroleum industry is the single segment in which the corporation works. They also work on hydrocarbon exploration and production (E&P).

    Bharat Petroleum produces oil for motorists-fleet owners, aviation services, and other industries and commercial purposes. Besides this, the company is also involved in many CSR activities.

    Bharat Petroleum – Industry

    India is the third largest energy and oil consumer in the world after China and the USA. With the huge potential for growth in the oil and gas industry India aims to reduce oil and gas imports dependence by 10% by 2022.

    It is one of India’s leading integrated energy firms and is also a Fortune Global 500 company that refines crude oil and markets petroleum products. It has a major presence in both the upstream and downstream of the oil and gas industry. BPCL now enjoys the prestigious Maharatna designation.

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    Bharat Petroleum – Founder and Chairman

    Bharat Petroleum is a government-owned oil and gas company.

    Shri Arun Kumar Singh is currently the Chairman and Managing Director at Bharat Petroleum Corporation Limited.

    Bharat Petroleum Chairman and Managing Director - Arun Kumar Singh
    Bharat Petroleum Chairman and Managing Director – Arun Kumar Singh

    Arun Kumar Singh

    Arun is a Mechanical Engineer who graduated from the National Institute of Technology, Patna. BPCL appointed Arun Kumar Singh as the Chairman and Managing Director in 2021. Arun has over 36 years of experience in the oil and gas industry. In these years, Arun has headed Business Units and Entities in BPCL, such as Retail, LPG, Pipelines, Supply Chain Optimization, etc.

    He also played the role of President (Africa & Australia) in Bharat PetroResources Ltd., a wholly-owned subsidiary of BPCL, engaged in the exploration of Oil & Gas mainly overseas. He is also the Chairman of Indraprastha Gas Ltd and serves as the Director on the Board of Bharat Gas Resources Ltd.

    Bharat Petroleum – Startup Story and Growth

    The origins of Bharat Petroleum go back to 1928 when India was under British rule and had incorporated the Burmah Shell Oil Storage & Distribution Company in India.

    The Britishers started to bring in petroleum products to India and grew the business rapidly. After achieving the leadership position in India Burmah Shell Oil Storage & Distribution Burmah Shell refineries set up a refinery in Mumbai that led to the incorporation of Burmahshell Refineries Limited (BSR). Under this operation, the refinery company introduced LGP as a cooking fuel for Indian homes.

    Burmah Shell (now Bharat Petroleum) is responsible to unveil the first pump station in 1928. The addition of a sizable glass cylinder that was connected to the pump, which was retrofitted to existing pumps, allowed the client to see exactly how much fuel he was buying. The clock-style meter, which predominated on gas pumps in the early 1930s, later replaced the visible cylinder.

    In those times, the company also offered lubricants that met the highest quality standards and were staffed by workers with specialised training and a state-of-the-art quality control lab. The lubricant was the largest and most modern in the East – at Wadi-Bandar (known as Wadilube installation).

    Wadilube currently offers the whole spectrum of lubricants and blends 349 distinct lubricant grades into 841 SKUs.

    Fast forward to 1976, the company name was changed to Bharat Refineries Limited (BRL). It was then the company that was taken over by the Government of India. Later after one year, the company was renamed Bharat Petroleum Corporation Limited.

    Bharat Petroleum introduced the PetroBonus Program in 1999. It is the country’s first pre-payment-cum-rewards programme for the oil industry, and it uses cutting-edge microprocessor-based smart cards that are simple to use.

    Today, the company developed into the country’s first modern refinery, representing the nation’s industrial might and utilising the most recent technological improvements to enable digital transformation.

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    Bharat Petroleum – Mission and Vision

    The company’s vision lies in seven core values, which are:

    • Trust
    • Customer Centricity
    • Development of People
    • Ethics
    • Innovation
    • Collaboration
    • Involvement

    The company’s mission is to offer services that ethically help the society and environment. It aims to grow as a great organisation on both professional and personal levels.

    The company wants to establish sustainable development and be the change by transforming the existing crisis into unique strengths that will help build a better nation.

    Their CSR vision reads, “Be a Model Corporate Entity with Social Responsibility committed to energizing lives through Sustainable Development”

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    Bharat Petroleum – Name, Logo, and Tagline

    Bharat Petroleum - Logo and Tagline
    Bharat Petroleum – Logo and Tagline

    Bharat Petroleum used to be known as Bharat Refineries Limited (BRL) after the Government of India took over Burmahshell Refineries Limited (BSR) in 1978.

    The logo of the company features a thick white circular outline inside a solid blue circle with a yellow “Yin and Yang” (meaning shade and sun) contained within it. While bringing lightness and balancing the dense and intense emblem, the white line kept the solidity and stability intact.

    Bharat Petroleum boasts with its tagline, “energising lives”

    Bharat Petroleum – Business Model

    The company type is Public and is owned by the Government of India. The company’s IPO was launched on Sep 29, 2000.

    Its business mostly involves engaging in the following services:

    Fuel and Services

    It offers numerous product options, including premium fuel products like Speed and Speed 97, that ensure a superior driving experience for enthusiasts, along with gasoline, diesel, automotive LPG, and compressed natural gas. With the rising demands of the contemporary world, the company also offers exceptional and innovative services.

    This covers specific Fuel Station formats such as Ghar, Highway Star, Pure for Sure, Smart Fleet, Petro Card, Smart Drive, Door-to-Door Fuel Kart, BPCL SBI Card, and other similar services that ensure a seamless customer experience.

    MAK Lubricants

    This is to deliver lubricants and greases in India and international markets. They offer a wide range of 400+ grades throughout numerous categories to meet the varied and constantly changing needs of the industrial sector and the automotive segment.

    Aviation Services

    Bharat Petroleum is in the charge of Aviation fuel business. It is involved in every step of the value chain, including the manufacturing of jet fuel at refineries, its transportation and storage, Intoplane services, fuel operating systems that adhere to international quality standards, and other value-added services.

    Industrial and Commercial Business

    Under this, the business model of the company is B2B with industrial and commercial oil and has a customer base across various industrial sectors like Cement, Heavy Industries, Power, Railways, Paints, Petrochemicals, and others.

    Oil Refineries

    It operates the following refineries:

    • Bina Refinery – This is located in Bina, Sagar district, Madhya Pradesh. The plant produces 7.8 million metric tonnes per year. This is a joint venture between Bharat Petroleum and Oman Oil Company known as the Bharat Oman Refineries Limited (BORL).
    • Kochi Refinery – It can produce 15.5 million metric tonnes annually and is located in Kochi, Kerela.
    • Mumbai Refinery – This refinery can produce 13 million tonnes per year.

    International Trade

    Bharat Petroleum also operates its business by undertaking the activities of the International Trade Department such as:

    • Crude Oil Import and Indigenous Procurement.
    • Chartering of crude and petroleum products including coastal movements.
    • Risk Management.
    • Petroleum Products – Imports/Exports and related operations.

    Proficiency Testing

    For the first time in the petroleum business, the brand is now organising Proficiency Test (PT) programmes to meet the demands of petroleum sector laboratories in India and neighbouring regions. The testing lab is situated in Mumbai and is successfully accredited by the NABL (National Accreditation Board for Testing and Calibration Laboratories), an independent authority under the Department of Science and Technology.

    SAP Training

    Bharat Petroleum is also engaged in providing SAP training. SAP is one of the leading software solutions which is a very demanding course currently. SAP solutions are required by almost all industries today. An initiative as the Bharat Petroleum SAP Training Center focuses to provide class training to aspiring SAP consultants.

    Bharat Petroleum – Revenue Model

    Bharat Petroleum Corporation Ltd. Revenue from March 18 to March 22
    Bharat Petroleum Corporation Ltd. Revenue from March 18 to March 22

    The company generates its revenue from its subsidiaries like Bharat PetroResources Ltd. (BPRL), Bharat Oman Refineries Limited (BORL), Bharat Gas Resources Limited (BGRL), Bharat Renewable Energy Limited (BREL), and more.

    The company recorded a revenue of $54.2 billion (₹432,569 crores) in the year 21-22 compared to $38 billion (₹3,04,274 crores) in the year 2020-21.

    The consolidated Net profit was recorded to be $1.4 billion (₹11,681 crores) during the same period.

    Bharat Petroleum – Shareholding

    The Promoter & Promoter Group (Government of India) owns 52.98% of shares in Bharat Petroleum. The shareholding of Public shareholders is 46.71% which includes Mutual funds, Foreign Portfolio Investors, Financial institutions/banks, and insurance companies. Non-Promoter-Non Public holds 0.32% and Shares held by Employee Trusts also stand at 0.32%.

    Bharat Petroleum – Competitors

    In India, many oil and gas industries give cut-throat competition for Bharat Petroleum. Some of the biggest competitors are as follows:

    • Reliance Industries
    • Oil and Natural Gas Corporation (ONGC)
    • Indian Oil Corporation Ltd. (IOCL)
    • Hindustan Petroleum Corporation Ltd. (HPCL)
    • Mangalore Refinery and Petrochemicals Limited (MRPL)
    • Oil India
    • Jindal Drilling
    • Asian Energy
    • Selan Expl. Tech
    • Aban Offshore
    • Duke Offshore

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    Bharat Petroleum – Awards and Achievements

    Some of the biggest awards in the petroleum industry have continuously gone to BPCL. The following is the list of awards and recognition that the company has received in these last few years are:

    2022

    • Dun & Bradstreet has awarded #BPCL the Top performer in the Oil – Refining & Marketing sector.
    • Business Performance in Cargo/Ship handling at Cochin Port” for 2021.
    • National Health Safety Security and Environment Award at Global Safety Summit 2022.
    • Award from Joint Secretary Refinery, for Implementing Best Energy Efficient Project.
    • PCRA confers Best EnergEfficiency Award for FY 2021, on BPCL’s LPG Bottling Plant in #Sultanpur.
    • BPCL and The Government of Odisha sign a five-year MOU for #GreenInitiatives.
    • Water Sustainability Award at the first Water Sustainability Awards 2021-22.
    • Global CSR Excellence and Leadership Award.

    2021

    • Certificate on Excellence in Sustainable EHS at the World Sustainability Congress.
    • The Sustainable Growing Corporate of the Year Award’ at FIPI Awards 2021.
    • The Energy & Environment Foundation recognises #BPCL with Global Platinum Award 2021.
    • Best Digital Customer Experience Strategy Award.
    • SAP ACE Disruptor award 2021, for Excellence in Customer Experience Management.

    2020

    • Global Platinum Award 2020 on Sustainability from The Energy and Environment Foundation.
    • Special Recognition in SHRM Award for Excellence in Learning and Development.
    • CII Environmental Project Awards.
    • Corporate Citizen of the Year -2020.
    • Manufacturing Supply Chain Award.

    2019

    • Golden Peacock Award for Sustainability for FY 2018-19.
    • Grant Thornton Social and Business Enterprise Responsible Awards (SABERA).
    • Global CX Summit Exceptional Experience Awards for Best Social Media Strat.

    Bharat Petroleum – Advertisements and Campaigns

    BPCL New Year, New Journey Advertisement

    Earlier this year, the company did a video campaign on the occasion of the New Year. Through the campaign, the brand wanted to aim at the obstacles and challenges one goes through its journey and directed them to stay motivated through the support of BPCL.

    The company is also active in engaging with its customers by having a solid social media presence. You can follow the company on Facebook, Instagram, Twitter, and LinkedIn, or reach out to them by email.

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    Bharat Petroleum – Mergers and Acquisitions

    In 2021, the company, which earlier merged with Oman Oil in BORL bought the company for $24 million for 36.62% equity. This allowed BPCL to own BORL in its entirety as a subsidiary.

    The company has made two major investments. The most recent investment was on Aug 24, 2018, when Medtel Healthcare raised ₹10 million. Before that BPCL was also a lead investor in FINO PayTech, when it raised $37.6 million on 29 July 2016.

    Bharat Petroleum – Challenges Faced

    Recently, the company announced a decline of 82% in its net profit in the quarter that ended in March 2022. The reason for this is due to the uncertainties attached to fuel prices even though there was a hike. Many oil marketing firms have also witnessed this loss. This comes after international crude oil prices stayed beyond $100 per barrel.

    According to BPCL, refinery throughput decreased from 8.39 million tonnes a year earlier to 8.12 million tonnes in the January-March quarter. Nevertheless, its market sales increased from 11.17 million tonnes to 11.82 million tonnes.

    Bharat Petroleum – Future Plans

    The company has an upcoming project called the ‘Petrochemical Diversification“. It plans to diversify in this area to provide an attractive higher value addition over transportation fuels. The company plans to invest around Rs 13,000 crores in this project.

    FAQs

    Who is Bharat Petroleum’s owner?

    The government of India is the owner of Bharat Petroleum with a shareholding of 52.98%.

    Is BPCL in profit or loss?

    BPCL has recorded an attributable net profit of 11,681.50 crore INR in the year 2021-22, as against 17,319 crore INR in the previous year.

    What is Bharat Petroleum’s revenue for 2022?

    Bharat Petroleum recorded consolidated revenue of $54.2 billion for FY22.

    What is the use of the BPCL card?

    SBI launched the BPCL SBI credit card in collaboration with Bharat Petroleum Corporation Limited. The card offers a value-back of 4.25% on fuel purchases at BPCL petrol pumps. The card also offers other rewards in categories like movies, dining, grocery shopping, etc.

    What’s the market capitalization of BPCL?

    BPCL has a market capitalization of 72,377.12 crores INR.

    Which petroleum company is best in India?

    The following are the best petroleum companies in India:

    • Bharat Petroleum
    • Reliance Petroleum Limited
    • Oil and Natural Gas Corporation (ONGC)
    • Hindustan Petroleum
    • Indian Oil Corporation Ltd. (IOCL)
    • Oil India

    Is BPCL getting Privatised?

    The government was willing to sell its entire stake of 52.98% in Bharat Petroleum for privatization. However, for now, the centre has withdrawn this offer as two out of three companies that showed interest in the offer walked out of bids.

  • Oil & Gas Industry in India 2022: Market Size, Key Players, Recent Plans

    The Oil and Gas Industry has been playing a vital role in the development of the Indian Economy as well as being a crucial sector among the eight core industries in India. Apart from the agricultural, Automobile, Chemical, and other major industry sectors, the oil & gas industry lobbying an impact on the Indian economy since its commencement.

    Back in time, people considered petroleum, gas, oil, diamonds, gold, and other high-priced metals, as a source of income in trading them. Moreover, India stands as the 3rd Largest consumer of oil in the world and fourth place as the biggest refiner in the world.

    The industry accomplishes every task that they have planned to do before the deadline, and ultimately became an on-demand energy industry globally. Whereas, India was the second top net crude oil products importer as of 2019. Regardless, the industry is also planning to enhance as much as an investment to result in the top oil & gas industry in the world.

    The journey began in 1889, when India discovered the first oil deposits and gas fields in the town of Digboi, Assam. Later, India magnified the natural gas and oil industry in the 1960s and dilated the services to a pinnacle industry, and eventually bolstered the economy as a prominent industry in India.

    The Oil and Gas Industry in India built reserves & Petrol stations etc. Besides, it cast the Indian economy in good terms of Imports, trading, refining, consumption, distribution, and foreign trade.

    Classification of Oil & Gas Industry in India
    Market size of Oil & Gas Industry in India
    Recent plans of the Oil & Gas Industry in 2022
    Key Players to Look Out for in the Oil & Gas Industry in India

    Classification of Oil & Gas Industry in India

    The oil and gas industries are further breakdown into three distinct parts. These parts are named Upstream companies, Midstream companies, and Downstream companies. The basic details about all the three companies are given below.

    Classification of the Oil and Gas industry into three different companies
    Classification of the Oil and Gas industry into three different companies

    Upstream Companies:

    The Oil and Gas Industry in India looks for dormant underground crude oil or natural gas by penetrating exploratory wells and extracting the resource to the surface. Notable Oil and Gas Industry in India Upstream attributes to the exploration and production sector.

    Midstream Companies:

    On the other hand, those extracted resources are meant to process, stored, marketed, and traded as exports. Therefore, Midstream companies function as a connection between the production area and the ultimate consumer location (marketplace).

    Downstream Companies:

    The third category of the Oil & Gas industry operates the part of oil refineries, petroleum products distributors, planters of petrol chemical stations, and retail outlets of natural gas.

    Market size of Oil & Gas Industry in India

    The Indian Oil & Gas industry became the third-largest consumer of oil in 2021 and planning to accomplish the position of the largest contributor to non-OECD petroleum consumption thrive.

    As mentioned above, India attains as one of the topmost crude oil production abreast importers in the world. In recent times, a provisional refinery has been installed on the concurred of Government to burgeon as the Largest Domestic refiner at a worth of crude processing capacity of 1.24 million Barrels Per Stream Day (BPSD).

    Last year the world faced a down economy because of the ongoing pandemic. According to the reports for the Financial year 2021, the industry faced a drawback in the exports of petroleum products which are estimated to fall from 65.7 to 56.8 MMT. However, with the change in the world stability, crude oil imports were recorded to rise sharply with the worth US $94.3 billion in FY 2022.

    Export of Petroleum Products from India (MMT)
    Export of Petroleum Products from India (MMT)

    Nevertheless, still, the oil & gas industry in India showed a spiked percentage of 3.7% in the consumption of petroleum products which is comparable to the financial year 2019. In 2020, the Gas Authority of India Ltd. held the largest share of the country’s natural gas pipeline network.

    For the year 2021, the industry anticipates enticing US corporations to invest around 25 billion dollars in Upstream companies by 2022. Additionally, the Oil & Gas industry in India showed a reduction in crude oil production which stood at 30.5 MMT for FY21, analogous to the 32.2 MMT in FY20.

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    Recent plans of the Oil & Gas Industry in 2022

    The major plans and schemes for the Oil and Gas Industry can be seen in the Union Budget. The government has allocated funds worth INR 12,480 crores for direct benefit transfer of LPG and INR 1078 crores for feedback subsidy to BPCL / AssamGas Cracker Complex in the year 2021.

    Prime minister Narendra Modi in February 2021, declared that INR 7.5 trillion will be invested by the Indian Government in improving Oil and Gas Infrastructure in the upcoming five years.

    An LNG (Liquified Natural Gas) policy draft was published by the petroleum and Natural gas ministry and it aims at increasing the LNG regasification capacity of India.

    In February 2022, Mr. Hardeep Singh (the minister of petroleum and natural gas) was noted to announce that India will increase its oil and gas exploration area to 0.5 million sq. km by the year 2025. He was also noted to further clarify that the exploration area will be increased to 1 million sq. km by the year 2030. These changes will be applied to increase the domestic output from the oil and gas sector.

    Key Players to Look Out for in the Oil & Gas Industry in India

    There are not many players in the Oil and gas sector of India. Yet, amongst them all, the top players in the Oil and Gas Industry in India that have made their mark are:

    Key players for Oil and Gas industry in India
    Key players for Oil and Gas industry in India

    Reliance Industries Limited (RIL):

    Reliance Industries Limited trades in the research and analysis of Oil and Gas and production is also a key part of the business concern. Reliance Petroleum headquartered in Ahmedabad, Gujarat founded in 2008 falls under the petroleum and natural gas industry. It was merged with Reliance Industries Limited in 2009.

    Oil and Natural Gas Corporation (ONGC):

    Oil and Natural Gas Corporation is a government-owned corporation that handles in production and distribution of crude oil and natural gas in India. In India, ONGC is the largest company that produces and explores oil and gas reserves. The company is owned by the petroleum and natural gas ministry of India and was founded in 1956.

    Indian Oil Corporation Limited (IOCL):

    Indian Oil Corporation is a publicly owned conglomerate. It is a property that is in the possession of the petroleum and natural gas ministry, Government of India. It is headquartered in New Delhi and was founded in June 1959.

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    Conclusion

    India with its increasing population has increasing needs and this is true in the case of Oil and Gas procurement and usage in India. India is the third-largest consumer of Oil in the world. Petroleum products have the highest share of 14 percent in Indian exports.

    This points out that the Oil and Gas industry is one main source of revenue for the country and the increasing energy demands of the country can only signify the rapid growth of the Oil and Gas Industry in India in the future.

    FAQs

    Where is India’s largest oil field located?

    The largest oil field in India is Bombay high. It is known to be situated 161 km north of the Bombay coast in Mumbai, Maharashtra.

    What is the future of the oil and gas industry in India?

    The industry of oil and gas in India will be seen a decline in the use of biofuels, batteries, and hydrogen rather than consuming more non-renewable resources to fulfill the demand of citizens.

    Who produces gas in India?

    The major of the gas is produced in the Gujarat state of India. About 11% of gas is produced by Gujarat and the remaining is made by a bunch of states such as Andhra Pradesh, Assam, Tripura, Tamil Nadu, and Rajasthan.

    What is the GDP percentage for the oil and gas industry in India?

    The oil and gas industry is counted among the 8 core industries contributing to the Indian GDP. The oil and gas industry stands for 15% of the country’s Gross Domestic Product (GDP).

  • Royal Dutch Shell Success Story- Safely Marketing and Distributing Energy and Petrochemical Products

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Royal Dutch Shell.

    The United States itself utilised an estimated 20.5 million barrels of petroleum per day in 2018, according to the US Energy Information Association. This equates to around 7.5 billion barrels per year or about 22% of estimated worldwide petroleum consumption.

    As world economies and infrastructure keep relying significantly on petroleum-based commodities, the world’s dependency on oil and gas is escalating. Even with a weakening world economy and dwindling oil supplies, discussions about when the world’s oil and gas output would peak seem to remain on the outskirts.

    Nevertheless, the oil and gas industry maintains to have great weight in global economics and politics, notably in employment conditions, with the US oil and gas industry employing at least 10 million people.

    Shell is an oil & gas multinational business headquartered at The Shell Centre in London, United Kingdom. Shell is a publicly-traded corporation based in the United Kingdom that is primarily traded on the London Stock Exchange (LSE).

    It is one of the “largest companies” in the oil and gas sector. Shell is one of the world’s largest corporations in terms of sales and earnings, consistently ranked in the top ten of the Fortune Global 500 since 2000.

    Here’s learning all about Royal Dutch Shell, its Founders and Team, Funding and Investors, Business and Revenue Model, Growth, Challenges Faces, Name, Tagline, Logo and more.

    Royal Dutch Shell – Company Highlights

    Startup Name Royal Dutch Shell
    Predecessors Royal Dutch Petroleum Co. (1890); Shell Transport and Trading Co. of the United Kingdom (1897)
    Headquarters London, England, United Kingdom
    Industry Energy: Oil and gas
    Founders Marcus & Samuel Samuel
    Founded April 1907
    Areas Served Worldwide
    Current CEO Ben van Beurden
    Website www.shell.com

    About Royal Dutch Shell
    Royal Dutch Shell – Latest News
    Royal Dutch Shell – Industry
    Royal Dutch Shell – Name, Logo, and Tagline
    Royal Dutch Shell – Founders
    Royal Dutch Shell – Startup Story
    Royal Dutch Shell – Vision, and Mission Statement
    Royal Dutch Shell – Employees
    Royal Dutch Shell – Business Model, and Revenue Model
    Royal Dutch Shell – Funding, and Investors
    Royal Dutch Shell – Investments
    Royal Dutch Shell – Acquisitions
    Royal Dutch Shell – Growth
    Royal Dutch Shell – Competitors
    Royal Dutch Shell – Challenges Faced
    Royal Dutch Shell – Future Plans

    About Royal Dutch Shell

    Royal Dutch Shell is a multinational oil and gas business. The corporation looks for and produces oil and gas in traditional fields and sources such as tight rock, shale, and coal. It owns and runs refineries and petrochemical plants all around the world.

    Shell sells lubricants, bitumen, and liquefied petroleum gas, as well as petrochemicals such as raw ingredients for plastics, paints, and detergents. In Brazil, the firm is a major biofuel producer. It’s also involved in liquefied natural gas (LNG) and gas-to-liquids (GTL) projects.

    In Europe, Asia, Oceania, Africa, North America, and South America, the corporation sells its products directly and indirectly through distributors. The Hague, the Netherlands, is where Shell’s headquarters are located.

    The business is categorized into three groups: upstream, downstream, and corporate.

    • The Upstream section searches for and extracts crude oil and natural gas, develops fields, produces oil and gas, mines oil sands, extracts bitumen, cools the gas, regasifies LNG, converts gas to liquid goods, and generates wind energy.
    • Oil refining into fuels and lubricants, petrochemical manufacturing, biofuel development, trading, rental sales, carbon dioxide emissions management, business-to-business sales, and alternative energy firms are all part of the Downstream segment.
    • Shell’s non-operating businesses, including its assets and treasury organisation, its headquarters and central services, and insurance firms, are included in the Corporate section.

    Shell operates in over 99 countries, produces roughly 3.7 million barrels of oil equivalent per day, and has over 44,000 service stations throughout the world. Shell had total proven reserves of 11.1 billion barrels of oil equivalent, as of now.

    One of its greatest businesses is Shell Oil Company, its main subsidiary in the United States. Royal Dutch Shell owns 44% of Razen, a publicly-traded joint venture with Cosan that is Brazil’s third-largest energy firm by revenue and a significant ethanol producer.

    Royal Dutch Shell – Latest News

    10 Jan 2022 – Oil and gas firm Royal Dutch Shell has surfaced as an unexpected bidder for Sprng Energy, Actis Llp’s Indian renewable system that is available for auction. Shell, the largest global seller of liquefied natural gas, will compete for the possible billion-dollar purchase alongside Macquarie, an Australian infrastructure fund, and CPP Investment Board (CPPIB), a Canadian pension fund.

    After an initial round of screening from a list of over 20 possible applicants who had signed non-disclosure agreements, all three were selected last week. Shell’s non-binding equity bid of $1.2 billion is said to have beaten out all others. These assets have a $960 million debt.

    Dec 15, 2021 – Indore-based green consultant EKI Energy Services will enter into a partnership with oil company Royal Dutch Shell that would invest $1.6 billion over five years to supply “environment-based solutions” to Indian industries.

    As part of Shell’s strategy to develop in India’s renewables area, the joint venture would aim to produce 115 million carbon credits in the next five years. Shell will control the remaining 49 percent of the joint venture, with EKI Energy owning 51 percent.

    Nov 16, 2021 – As the energy giant swings away from oil and gas, Royal Dutch Shell would ditch its dual share structure and relocate its headquarters to the United Kingdom from the Netherlands, forced out by Dutch taxation and facing climate pressure in court.

    The business plans to delete “Royal Dutch” from its name, which has been an essential part of its brand since 1907, into becoming Shell Plc. It has previously faced challenges from investors about its dual structure and was recently struck by a Dutch court ruling over its climate ambitions.

    Shell has been in a long-running legal battle with the Dutch government over the country’s 15% dividend withholding tax, which it attempted to dodge through its two share classes.

    Shell’s new unitary structure would alleviate this problem and enable it to complete sales and acquisitions more quickly. The main Dutch state pension fund, ABP, said that it will withdraw Shell and all fossil fuels from its portfolio, further severing ties with the Netherlands.

    Royal Dutch Shell – Industry

    Oil prices have reached their greatest levels in six years, and the oil and gas industry has returned well during 2021. While the sector’s comeback is stronger than projected, market dynamics in the future year remain unpredictable.

    After going negative in April 2020, oil prices have recovered to roughly $80/bbl. However, common thinking suggests that when oil prices are high, oil and gas firms would have less capital discipline and will focus on their core business rather than sustainable marketing options.

    As a result, it is frequently considered that high oil costs will stifle the energy shift. Oil prices above $60 per barrel, according to 76 percent of questioned O&G executives, will most likely increase or enhance their energy revolution shortly.

    The 2020 oil price fall resulted in the sharpest layoffs in the industry’s history. Since then, prices have roughly doubled, and yet only approximately half of the jobs being lost have returned. The industry’s credibility as a dependable employer is being harmed by periodic staffing and firing, and a tenured, ageing workforce is limiting potential talent.

    In a congested labour market, it would be difficult for O&G firms with advanced initiatives and sound balance sheets to stand out to employees. Although a commitment to decarbonization may be the most compelling recruiting pitch, more than 75 percent of survey respondents believe that flexible and agile workforce structures that empower remote, hybrid, and cross-border teams will help companies compete for and retain talent in today’s tight labour market.

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    Royal Dutch Shell – Name, Logo, and Tagline

    Once the firm combined with Royal Dutch to become the Royal Dutch Shell Group in 1907, ‘the Shell’ part of the company name started to deteriorate for a short time, but the newly established corporation rapidly became known as Shell for short.

    Shell Logo
    Shell Logo

    Royal Dutch Shell’s tagline says, “You Can Be Sure of Shell.”

    Royal Dutch Shell – Founders

    The Royal Dutch Shell Group was formed in February 1907 by the merger of two competing firms: the Royal Dutch Petroleum Company and the United Kingdom’s “Shell” Transportation and Trading Company Ltd.

    When King William III of the Netherlands granted a Royal charter to a small oil exploration and production company known as “Royal Dutch Company for the Working of Petroleum Wells in the Dutch East Indies,” Jean Baptiste August Kessler and Henri Deterding founded the Royal Dutch Petroleum Company in 1890.

    Marcus Samuel and his brother Samuel Samuel formed the “Shell” Transport and Trading Company in 1897 in the United Kingdom.

    Royal Dutch Shell – Startup Story

    The Royal Dutch Shell Group was formed in February 1907 by the merger of two competitor companies: the Royal Dutch Petroleum Company and the United Kingdom’s “Shell” Transport and Trading Company Ltd. It was mainly motivated by the necessity to compete with Standard Oil on a worldwide scale.

    According to the conditions of the merger, the Dutch arm would hold 60% of the new company and the British would own 40%. A comprehensive merger or acquisition of either company would be prohibited by patriotic sentiments.

    Koninklijke Nederlandsche Petroleum, a Dutch business, was in charge of production in The Hague. The Anglo-Saxon Petroleum Company, located in London, was founded to oversee the storage and transportation of the goods.

    Shell was the primary fuel provider to the British Expeditionary Force during WW 2. This was the only source of aircraft fuel and 80 percent of the TNT used by the British Army. Also, it offered the British Admiralty all of its vessels.

    Shell purchased the Mexican Eagle Petroleum Company in 1919 and founded Shell-Mex Limited in 1921, which sold products in the United Kingdom under the “Shell” and “Eagle” trademarks. Shell Chemicals was formed in 1929. Shell was the world’s top oil business by the end of the 1920s, generating 11% of the globe’s crude oil supply and holding 10% of the world’s tanker traffic.

    Royal Dutch Shell – Vision, and Mission Statement

    Royal Dutch Shell’s mission statement says, “To safely market and distribute energy and petrochemical products while offering innovative value-added services.”

    Royal Dutch Shell’s vision statement says, ” They make the difference through our people, a team of dedicated professionals, who value our customers, deliver on our promises and contribute to sustainable development. “

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    Royal Dutch Shell – Employees

    • Samuel Samuel – Founder
    • Michiel Brandjes – Company Secretary and General Counsel
    • Simon Henry – Shell Oil Company Investor Relations
    • Steve Mutch – Next Generation ERP COE Lead
    • Daniel Jeavons – VP Computational Science & Digital Innovation
    • Ed Daniels – Executive Vice President – Strategy & Portfolio
    • Gillian Hynes – Senior Talent Advisor, Downstream
    • Nick Feast – Special Advisor, Exploration

    Royal Dutch Shell – Business Model, and Revenue Model

    The company’s primary business is hydrocarbon exploration, production, processing, transportation, and marketing (oil and gas). Shell also has a sizable petrochemicals company (Shell Chemicals) and a fledgling renewable energy sector that is exploring wind, hydrogen, and solar power.

    The business is categorized into three groups: upstream, downstream, and corporate.

    • The Upstream section searches for and extracts crude oil and natural gas, develops fields, produces oil and gas, mines oil sands, extracts bitumen, cools the gas, regasifies LNG, converts gas to liquid goods, and generates wind energy.
    • Oil refining into fuels and lubricants, petrochemical manufacturing, biofuel development, trading, rental sales, carbon dioxide emissions management, business-to-business sales, and alternative energy firms are all part of the Downstream segment.
    • Shell’s non-operating businesses, including its assets and treasury organisation, its headquarters and central services, and insurance firms, are included in the Corporate section.

    Royal Dutch Shell – Funding, and Investors

    Royal Dutch Shell has secured $750 million in a single round of fundraising.

    Date Round Amount Lead Investors
    Oct 27, 2021 Post-IPO Equity $750M Third Point

    Royal Dutch Shell – Investments

    Royal Dutch Shell has invested in 18 companies.

    Date Organisation Name Round Amount
    Jan 6, 2022 Silicon Ranch Private Equity Round $775M
    Dec 16, 2020 Silicon Ranch Private Equity Round $225M
    Aug 21, 2020 RVE.SOL Grant –
    Apr 16, 2020 Haishangxian Funding Round –
    Dec 12, 2019 Esco Pacific Corporate Round –
    Nov 5, 2019 Powergen Renewable Energy Series B $15M
    Apr 3, 2019 EcoSmart Solution Corporate Round –
    Dec 19, 2018 Cleantech Solar Corporate Round –
    Aug 28, 2018 Zhenkunxing Series C $129M
    Aug 28, 2018 Zhenkunhang Series C $129M

    Royal Dutch Shell – Acquisitions

    Royal Dutch Shell has acquired 13 companies.

    Acquiree Name About Acquiree Date Acquisition Amount
    Savion Savion develops utility-scale, greenfield solar photovoltaic power projects across the country for renewable and cost-effective energy. Dec 14, 2021 –
    Inspire Energy Capital Inspire Energy Capital offers renewable energy to customers via a variety of innovative services. Jul 28, 2021 –
    Next Kraftwerke Next Kraftwerke is the operator of a Virtual Power Plant (VPP ) & a trader on various European power markets. Feb 25, 2021 –
    ubitricity Ubitricity focuses on developing charging infrastructure for electric vehicles. Jan 25, 2021 –
    Eolfi EOLFI is an independent company specializing in wind energy. Nov 5, 2019 –
    Sonnen Sonnen is a pioneer for intelligent lithium-based energy storage. Feb 15, 2019 –
    Greenlots Greenlots delivers innovative software, services, and expertise that empowers utilities, cities, communities, and automakers. Jan 30, 2019 –
    Hazira LNG and Port Hazira LNG and Port is an energy company that is engaged in creating long-term wealth for the benefit of the country. Jan 9, 2019 –
    First Utility First Utility is an independent energy supplier in the UK which helps customers save money on their energy bills. Dec 21, 2017 –
    NewMotion Electric Mobility Service Provider Oct 12, 2017 –

    Royal Dutch Shell – Growth

    • Royal Dutch Shell’s revenue for the quarter ended September 30, 2021, was $61.555 billion, up 37.65% from the previous year.
    • Royal Dutch Shell’s revenue for the year ended September 30, 2021, was $227.462 billion, up 1.89 percent from the previous year.
    • Royal Dutch Shell’s yearly revenue in 2020 was $183.195 billion, down 47.97 percent from 2019.
    • Royal Dutch Shell’s yearly revenue in 2019 was $352.106 billion, down 11.21 percent from 2018.
    • The yearly income of Royal Dutch Shell was $396.556 billion in 2018, up 27.15 percent from 2017.

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    Royal Dutch Shell – Competitors

    Top competitors of Royal Dutch Shell are :

    • Imperial Oil Limited
    • ConocoPhillips Company
    • Chevron Corporation
    • Exxon Mobil Corporation
    • BP p.l.c
    • Petro-Canada
    • Hess Corporation. 2,075
    • ADNOC

    Royal Dutch Shell – Challenges Faced

    For more than a century, the oil sector has been immersed in operations globally, and it has seen many hazards connected with working in diverse nations at the same moment. Shell, which is operating in more than 70 countries around the globe, experienced several issues as a result of its business methods, technology, and operational environment.

    The company had the most serious issues which include its business in Nigeria, where it was a victim of oil theft and pilferage, resulting in massive setbacks; its Arctic venture, where it encountered technical difficulties as well as issues with local environmental conservation groups; and its US shale operational processes, where Shell received no returns despite significant investments.

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    Royal Dutch Shell – Future Plans

    As of May 2021, Shell’s proposal got 88.74 percent of shareholder votes, according to the firm. The executive of the Anglo-Dutch oil company had asked for endorsement for its Energy Transition Strategy, which received the first vote of its sort in the energy industry.  

    While the outcome was not binding, it was considered likely and theoretically gives Shell a shareholder authorization to pursue its goals to achieve net-zero emissions by 2050. However, 11% of Shell’s stockholders voted against the company’s own climate goals. In contrast, up to 99 percent of investors accepted management advice on 19 other resolutions proposed during the online AGM.

    At this time, over five years after the Paris Agreement was approved by almost 200 nations, no oil and natural gas major has revealed how it plans to meet its ambitions of being a net-zero firm by 2050 or before.

    The historic climate change agreement is largely seen as vital to averting an irreparable global calamity. Shell’s Energy Transition Strategy, which was released earlier this year, detailed the company’s goals to achieve net-zero emissions by 2050.

    It plans to cut net carbon emissions by 6% to 8% by 2023, compared to 2016 levels. By 2030, the goal has risen to 20%, 45 per cent by 2035, and 100 per cent by 2050. The firm has said that it would alter its strategy every three years until 2050.

    Royal Dutch Shell – FAQ

    What does Shell do?

    Shell is an oil & gas multinational business headquartered at The Shell Centre in London, United Kingdom. It owns and runs refineries and petrochemical plants all around the world. Shell sells lubricants, bitumen, and liquefied petroleum gas, as well as petrochemicals such as raw ingredients for plastics, paints, and detergents.

    How does Shell make money?

    The company’s primary business is hydrocarbon exploration, production, processing, transportation, and marketing (oil and gas). Shell also has a sizable petrochemicals company (Shell Chemicals) and a fledgling renewable energy sector that is exploring wind, hydrogen, and solar power.

    Which companies do Shell compete with?

    Imperial Oil Limited, ConocoPhillips Company, Chevron Corporation, Exxon Mobil Corporation, BP p.l.c, Petro-Canada, Hess Corporation. 2,075, and ADNOC.

    When did Shell come to India?

    Shell entered India with its retail fuel business in November 2004.

  • What is the new PPP project process announced by FM Nirmala Sitharaman?

    The PPP (Public Private Partnership) Projects in India have provided mixed results. The country had faced problems in regards to land acquisitions, overextended balance sheet, contract disputed and lack of a mechanism for the resolution of disputes.

    Certain projects have left the large public sector banks to end up with bad loans. However, the Finance Minister has announced a new policy to fasten the PPP projects. In this article let’s look at the new project announced by the government.

    PPP Projects – Latest News
    What are PPP Projects?
    The New PPP Policy
    Other Details about PPP
    Assets that will be covered in PPP
    FAQ

    PPP Projects – Latest News

    The Finance Minister of the country, Nirmala Sitharaman on 28 June 2021 had conveyed a new simpler and more efficient and effective approval process for the PPP projects as well as financing of the core infrastructure projects that will be formulated in the country.

    This new formulation will help the CPSEs (Central public sector enterprises) to fasten up the asset monetization. The Finance Minister announcing various economic relief measures had conveyed that the current measure requires a lot of approvals for Public Private Partnership projects and was really long.

    What are PPP Projects?

    PPP projects are the process where the public services are delivered by the private entities which are awarded through a competitive bidding process. These projects are typically run on the lines where the private entity would build it, operate it for some time and later transfer it.

    This method of undertaking the projects is favored by various Governments on a global basis as it makes up for the shortfall of the investments the Government of a particular country can undertake.

    Experts convey that the PPP strategy holds promise for the creation of infrastructure if the financing sector is tied up.

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    The New PPP Policy

    The new policy for the approval and the appraisal of the public private partnership proposals and financing of the core infrastructure projects, including the one through InvITs (Infrastructure Investment Trusts) is aimed at providing and assurance for a faster way towards clearance of projects and to provide support and facilitate the efficiencies of private sector in regards to monetize construction and the management of the infrastructure.

    Nirmala Sitharaman added that, this new policy will help in moving ahead with the proposal of budget regarding the financing of assets.

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    Other Details about PPP

    T V Somanathan, who is the expenditure secretary has conveyed that the further details of the project will be announced by the Department of Economic Affairs. In the Budget Speech of 2021-22, Nirmala Sitharaman had announced that operating the public infrastructure assets is a very important financing operation for the new construction.

    She had stated that there would be a launch of a national monetization pipeline of a potential brownfield infrastructure asset.

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    Assets that will be covered in PPP

    Some of the core infrastructure assets that will be covered under the asset financing programme are the toll roads that are operated by NHAI, transmission assets of the PGCIL, the oil and gas pipeline of GAIL, HPCL and IOCL, AAI airports in the tier II and tier III cities.

    The other core infrastructure assets included under this programme are railway infrastructure assets, sports stadiums, warehousing assets of the Central Public Sector Enterprises such as the Central Warehousing Corporation and NAFED.

    Conclusion

    The new PPP project policy that is stated by the Finance Minister seems to have scope for undertaking a fast track on completing the infrastructure projects and to facilitate the efficiency of private sectors in regards to monetization on the projects.

    FAQ

    How do PPP projects work?

    Public-private partnerships allow large-scale government projects, such as roads, bridges, or hospitals, to be completed with private funding.

    What does PPP mean?

    Public-private partnership (PPP), partnership between an agency of the government and the private sector in the delivery of goods or services to the public.

    How many active PPP projects are there in India?

    There are around 1,069 active PPP Projects in India.

  • List of Fuel delivery Startups around the world

    The Covid-19 restrictions around the world has led to an opportunity in the market for the fuel delivery startups. The companies would be able to see an increase in demand for their services as the consumers would prefer staying indoors and to avoid much exposure. Here are the list of fuel delivery startups around the world.

    Yoshi
    Booster
    Zebra Fuel
    Filld
    51autogo
    MyPetrolPump
    FuelBuddy
    Pepfuels
    Humsafar
    FAQ

    Yoshi

    Yoshi is an online platform which enables users to order fuel when there is a requirement. The company also provides a feature of scheduled refueling. The gas and refueling service provided by the company are on a contactless basis.

    The users will just have to provide the location of their car and the fuel would get delivered according to their convenience. Yoshi was started in the year 2015 and has its company located in Palo Alto, United States.

    Booster

    Booster is also an online platform that provides the delivery of gasoline and diesel. They were formerly known as Booster fuels. Users will just have to provide the location details of where their car is parked and open the gas tank. The company executives would arrive, fill it and the invoice would be provided through the mobile application.

    Apart from fuel delivery the company also provides services such as cleaning tires and washing windows. Currently the company operates in the San Francisco Bay and the Dallas Fort Worth areas of United States. It was founded in the year 2014.

    Zebra Fuel

    Zebra fuel is also a mobile application-based fuel delivery startup. According to the requirement of the users the company would send a minivan and an executive who would fill the fuel according to the requirement.

    The company claims that their price to be competitive compared to the inner-city fuel as they purchase the fuel for a whole sale price. The startup also charges a small amount as a service fee according to the timings of the requirement. The startup was founded in the year 2016 and has its headquarters in London, United Kingdom.

    Filld

    Filld is also a mobile application-based fuel delivery startup. According to the request placed by the user the company would send an executive to the location with the fuel. The user will have to pay a small delivery fee and the local average price for the fuel.

    The startup was founded in the year 2015 and has its headquarters located in Palo Alto, United States.

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    51autogo

    51autogo is a mobile application which helps the users in finding the gas stations. The users will be able to locate the nearest fuel station according to their location. The startup was founded in the year 2015 and has its headquarters located in Beijing, China.

    MyPetrolPump

    MyPetrolPump is an online platform which lets user buy fuel according to their requirement. It offers fuel according to the demand with a door step delivery. Users will have to book the required amount through their app and they would source the fuel from the local fuel station and deliver it.

    The mobile application is available for both Android and iOS users. The startup was founded in the year 2016 and has its headquarters located in Bangalore, India.

    FuelBuddy

    FuelBuddy claims to be the first legal startup in India to have permissions to provide the delivery of fuel across the country. Their mobile application is available for both Android and iOS users. They provide fuel according to the required quantity and the scheduled time by the customers.

    FuelBuddy had acquired MyPetrolPump as the latter company focuses on bulk orders and MyPetrolPump provides retail individual services.

    Pepfuels

    Pepfuels is also a fuel delivery startup. The users will have to book the required amount of fuel through the website of the mobile application of the company. They will have to register their details and provide the information about the location.

    The startup was founded in the year 2017 and provides services in the Asia-Pacific region.

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    Humsafar

    Humsafar is also another fuel delivery based startup. The user will have to install the mobile application, enter the details and place the order. The startup provides services to sectors such as construction sites, manufacturing and mining industry, hotels, hospitals, schools, automobile industry, earth moving equipment and gensets, agriculturists

    The company was founded in the year 2016 and has its headquarters located in Delhi, India.

    FAQ

    What is fuel delivery system?

    The fuel delivery system consists of all the components which supply the engine with fuel.

    Can I buy petrol online?

    You can place your order online and get fuel delivered at your location.

    Can I get petrol delivered?

    Yes, you can get petrol delivered to your doorstep.

    Conclusion

    The fuel delivery startups in India are expected to grow in the recent years. It is estimated that INR 2,000 crore market has been opened for the fuel delivery startup in the country. In the same way the fuel delivery startups across the world have seen an increase in demand.

  • Reasons How Castrol India witnessed a huge profit in Q1 2021

    In the first quarterly results of the leading lubricant player Castrol India, there was a huge rise in their profit and almost doubling of their net income compared to the previous year. It was announced during the company board meeting which was held on 26 April 2021. Let’s look at the reasons why Castrol India saw a huge profit in the Q1 of 2021.

    About Castrol India
    Results of Castrol India
    Reasons for the Profit
    FAQ

    About Castrol India

    Castrol India is an automotive and industrial lubricant manufacturing company. The company owns around 20% of the market share in the overall Indian lubricant market. The company was founded in the year 1910 and has its headquarters located in Mumbai, India.

    The company comes under the oil and gas industry. Some of the products of the company include Oil, petroleum, petrochemical and lubricants. In India, Castrol India is the 2nd largest manufacturer of automotive and industrial lubricants.

    In various parts of the country, there has been a slowdown in the industrial activities due to the second wave of the pandemic. The company has said that there have been disruptions in the supply of base oil, availability of raw materials and certain other challenges such as logistics and rupee depreciation.

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    Results of Castrol India

    On 26 April 2021 during the board meeting of Castrol India, the company had announced that its net income had more than doubled itself compared to the previous year. The first quarter net income for the month of January to March was about INR 243.6 crores against the previous quarterly results which were about INR 125.2 crores.

    The revenue of the company had grown to INR 1,138.7 crores in the first quarter from the previous year of INR 688 crores. The revenue of the company for the previous year which ended in December 2020 was about INR 2,996.9 crores and the net income of the company was around INR 582.9 crores.

    For the first quarter of 2021, the company’s revenue from operations has seen a growth of around 66% which amounted to INR 1,138.7 crores and Castrol India had seen their profit grow to more than double to INR 243.6 crores compared to the previous quarters INR 125.2 crores.

    The quarterly results were said in a statement by the Managing Director of Castrol India, Sandeep Sangwan.

    Total Income of Castrol India Ltd.
    Total Income of Castrol India Ltd.

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    Reasons for the Profit

    One of the main reasons for the increase in profits and the net income of the company is due to its exponential growth of the revenue of Castrol India. The Managing Director Sandeep Sangwan said that, the good numbers that were seen in the quarterly results were mainly due to the focused investment activities, actions and the interventions made by the company during the second half of 2020.

    The above set of actions included the steps such as the building of the brand, corrective pricing, Increasing the marketing and spending on advertisements for building brands and the introduction of new products.

    The achievement of the huge profit has also been supported by the improvement according to the trends and demand especially in the sales of SUV and tractor during the first quarter of 2021.

    He said that the increase in cash from operations that is INR 269 crore in the first quarter of 2021 was mainly due to the implementation of a cost efficiency programme and judicious working capital management. The cash from operations of Castrol India is equivalent to 1.1 times of the net income.

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    FAQ

    Is Castrol an American company?

    Castrol is a U.K.-based producer of industrial and automotive lubricants for a global market.

    Who is Castrol oil owned by?

    Castrol is a wholly-owned subsidiary of BP PLC.

    What does BP stand for now?

    BP stands for British Petroleum Company Limited.

    Conclusion

    The covid-19 pandemic has made it hard for most of the industries and Castrol India has also conveyed that the second wave will have an adverse impact on their demand and supply. This may be seen in the further quarterly results announced by the company.

  • How Rockefeller built his trillion-dollar oil empires

    How many wealthiest Businessmen or tech giants are living today? There are plenty of them who have worked their path through to the billionaire. But the only name topping the chart died almost a century ago. The businessman who continues to rank as one of the richest men in modern times built a trillion-dollar oil empire. This is the story of John Davidson Rockefeller(1839-1937).

    He is still one of the great figures of Wall Street, reviled as a villain, applauded as an innovator, but universally recognized as one of the most powerful men in history.  

    Early Stage of Rockefeller

    John was a smart individual since childhood. He got his hands into a lot of tasks, including raising turkeys and doing chores for neighbors, to make any money for his survival.

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    He received an unusually good education for his time till the age of 16 and then found a job as an assistant bookkeeper at a company called Hewitt & Tuttle, but he left that position in order to form a business partnership with oil driller Maurice Clark, that would later become Rockefeller, Andrews & Flagler, a company that focused on oil refineries rather than drilling.

    Frustrated with the low wage rate at the Bookstore, he decided not to invest his more time into the job and get some higher paying work. He then managed to secure a loan and started selling food products, such as grain and meat.

    The business boomed and John made some serious money. He was far from a millionaire though, but he didn’t do too bad for an inexperienced teenager. He was only 18, but the banks, impressed with his commercial acumen, were ready to loan him more money.

    Standard Oil

    In 1865, Rockefeller had borrowed some money to buy some of his partners and take control of the refinery. Over the course of the next few years, he acquired new partners and expanded his business in the growing oil industry. In 1870, Rockefeller formed the Standard Oil Company of Ohio, along with his younger brother, and a group of other men. John Rockefeller was himself the president and largest shareholder.

    Standard Oil Company
    Standard Oil Company

    Rockefeller’s Oil Monopoly

    In 1859, the first oil well in the United States was discovered. And so there began the oil rush and rise in demand. A lot of passionate entrepreneurs, including Rockefeller, rolled up their sleeves and prepared to grab their slice of the pie.

    When a bunch of determined, ruthless, pioneering entrepreneurs see an opportunity, they don’t show any mercy to their competitors. These people are relentless and won’t settle for anything but the first spot.

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    John Rockefeller not only sold refined crude oil but he also squeezed profits from byproducts like paraffin wax, tar, and naphtha. He didn’t buy wooden barrels from other businesses, he bought a forest and used his own wood to produce barrels to store oil.

    The revenue kept coming and Rockefeller made all the small competitors surrender to his authority. Rockefeller incorporated his company as the Standard Oil Company in 1870.

    But there was one thing that was still bothering him. There were four more competitors left and Rockefeller, who was raised in a crowded household and earned 50 cents a day, wasn’t a big fan of sharing.

    Rockefeller’s Standard Oil gained a state of monopoly in the oil industry by buying rival refineries and developing companies for distributing and marketing its products around the globe. In 1882, various companies were combined into the Standard Oil Trust, which would control some 90% of the nation’s refineries and pipelines.

    By 1890, his company, Standard Oil, was gaining major profits, which he used to buy out competitors. While Rockefeller’s offers were usually readily accepted, he had ways of persuading holdouts.

    He bought up all the oil barrels to cause a shortage that crippled smaller companies. Orchestrating price wars between wholly-owned subsidiaries, forcing holdouts to sell at losses. Also, Secretly bribing legislators.

    Limiting the number of trains available for shipment by leveraging his close relationship with the railroad companies. Purchasing all of the equipment and the equipment suppliers, then refusing to sell replacement parts to holdouts.

    Rockefeller’s Journey to Trillion Dollar Empire

    Standard Oil Trust

    After his failure to reorganize the rail industry, Rockefeller decided to restructure his sprawling empire. He and his partners innovated a first of its kind trust, where they swapped their individual holdings for shares in the trust. Rockefeller now wielded centralized control and veto power on all of the corporate boards within his conglomerate. The immediate benefits included even lower costs, lower kerosene prices, and standardization across the industry. Rockefeller’s company now had the assets and wealth to build pipelines and other infrastructure, on a scale that was previously unthinkable.

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    Standard Oil also employed chemists who developed ways of increasing the types and quality of combustible fuels and created methods of converting waste into usable substances. The petroleum coming out of the ground was being refined into various products, such as diesel fuel, varnish, and hair gel. As the new products became cheaper to produce, the company increased its global economy of scale.

    Standard Oil had its hands in many ancillary industries, such as iron, copper, steel and coal, but it also grew its presence in more unexpected areas, such as general stores. Rockefeller wisely forced shops to carry his products alone, where he was able to draw on the empire’s war chest to slash prices, thereby driving non-compliant shop owners out of business. Standard Oil likewise bought up newspapers to promote its version of events. It also owned its own boats, railroad cars, and warehouses, while manufacturing its own sulfuric acid.

    Rockefeller’s later life

    After retiring in 1896, Rockefeller channeled his energies towards philanthropic deeds, donating millions of dollars in the latter years of his life. With his son’s help, he created the Rockefeller Foundation, to carry on his work after he died. His business practices and charities have nonetheless benefited millions of people.