BP Issues First Annual US Economic Impact Report Detailing its Commitment to American Economy
BP's business activities in the US helped generate more than $147 billion in economic impact in 2012 and support more than a quarter million American jobs, the company's Group Chief Executive Bob Dudley will announce today in a speech at the World Affairs Councils of America in Washington, DC.
In its US Economic Impact Report 2013 released today, BP provides a detailed, state-by-state look at the breadth and impact of its activities in America, from oil and natural gas production and refining to alternative energy and retail gas stations.
Last year, BP spent $25 billion with more than 15,000 vendors across the country on products and services ranging from offshore drilling equipment to wind turbines.
That spending coupled with US investment of $55 billion of capital since 2008 – making BP America's top energy investor – underpin the jobs of more than 20,000 BP employees and over 260,000 total jobs across all 50 states, according to the report.
“Year after year, state by state, supplier by supplier, employee by employee, gas station by gas station, we are part of the fabric of America and that is how we want to remain,” said Bob Dudley. “We are America's top energy investor for a reason. We admire the caliber of the American workforce, the quality of America's natural resources, and the dynamic future ahead of it. Our company strategy is built on a strong US business. We believe the prosperity of the US and BP are inextricably linked.”
BP's business investments in the US include oil and gas production, fuel refining, chemical production, lubricants, shipping, trading, renewable energy and cutting-edge technology research and development. The US is also home to a number of operations that serve BP's global businesses, such as the newly opened Center for High-Performance Computing in Houston, which houses the world's largest supercomputer for commercial research.
As the second-largest producer of oil and gas in the US in 2012, BP produced more than 675,000 barrels of oil equivalent (boe) a day – enough nearly to light the entire country for one year. The company's three northern tier refineries in Indiana, Ohio, and Washington are together capable of processing more than 725,000 barrels of oil per day. And its chemical and lubricant facilities supply materials necessary for modern life, including greases and engine oils marketed under the Castrol brand and chemicals used in polyesters, water bottles and LCD TVs.
In addition to physical assets and energy production, the US is home to nearly 40 percent of BP's publicly traded shares and more BP employees than any other nation. The US is also a center for BP research and recruitment. The company spends more than $100 million a year on academic research, educational initiatives, and recruitment activities at more than 50 US universities.
“Our people are BP's greatest assets,” said BP America Chairman and President John Mingé. “Each day, their commitment to safety, pursuit of excellence and involvement in the community reflect BP's core values and our commitment to being America's premier energy partner.”
At the corporate level, BP contributes more than $35 million a year to charitable and non-profit organizations such as the American Cancer Society and the National Urban League. This includes contributions through BP's unique Fabric of America program in which BP employees may annually designate $300 of corporate funds to a non-profit organization of their choice within the United States. Since the fund's 2007 inception, over $23 million has been given on behalf of our employees, helping to support more than 16,000 organizations in all 50 states.
The investments and spending detailed in the report do not include costs associated with continuing cleanup and restoration activities, nor claims payments related to the Deepwater Horizon accident.