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PerformanceMagazine>Trending>KPI>Articles>Keyperformanceindicatorsintheoil&gasindustryBPCompany

Key performance indicators in the oil & gas

industry BP Company
WrittenbyRamonaGligoreaonOctober18,2013.PostedinAroundtheworld,Articles,KPI

BritishPetroleum(BP)isoneoftheworldsleadingoilandgascompaniesoperatingin
over80countries.Meetinggrowingdemandforenergyinaresponsiblemanner
representsBPsstrategytocreatevalueforitsshareholders.Thecompanystrivesto
beaworldclassoperatorandagoodemployer.Focusingonsafetyisthetoppriority
foreveryoneatBP,astheyoperateinahighhazardindustry.
UpstreamanddownstreamarethetwomainbusinesssegmentsofBP.Theupstream
segmentisresponsibleforoilandnaturalgasexplorationactivities,fielddevelopment,
production,storageandprocessing.Thedownstreamsegmentistheproductand
serviceledarmofBP,whichincludesactivitiessuchas:manufacturing,transportation
andsupplyofoil,petroleumandotherservicesrelatedtoretailcustomers.
Referringtohowtheboardevaluatesthegroupsperformance,awiderangeofKey
PerformanceIndicatorsisusedtomeetBPsstrategicpriorities,likesafety,
environmentalandsocialresponsibility,trustandvalue.Thefollowinggraphics
illustratesomeoftheKPIsmonitoredbyBP:

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OthersafetyrelatedKPIscloselymonitoredandreportedbytheBritishPetroleum
companyare:
Workforcefatalities
Daysawayfromwork
Recordableinjuryfrequency(%)
Safetyandenvironmentalfines($)
EachperformanceindicatorusedbytheBritishPetroleumcompanyhasadefinition,a
calculationformula,avisualrepresentationoftheresultsandabriefexplanationabout
whathasinfluencedtheoutcomesduringthefinancialyear.
WecannoticethattheKPInamingisstandardized,butnotallKPIshaveasymbol.
Forinstance,wecanadd#asasymbolforWorkforcefatalitiesandDaysawayfrom
work.Moreover,itisrecommendedtoaddthesesymbolsatthebeginningoftheKPI
name,becauseitiseasiertoreadandunderstandit.
AlltheseKPIsareunderperiodicreviewandtheirrelevancetoBPsstrategic

objectivesisregularlytested.TheoneswiththeRsymbolarereflectedintheannual
bonuselementofexecutiveremuneration,accordingtotargetachievements.The
reasoningbehindthisdecisionwastohelpensurethatthefocusofboardand
managementisalignedwiththeinterestsoftheirshareholders.

FormoreKPIexamplesrelatedtotheindustryyoucanvisitOilandGasKPIsorifyou
areinterestedintheHSSEarea(Health,Safety,SecurityandEnvironment),youcan
findover250KPIsexamplesonthesmartkpis.complatform.
References:
1.BP(2012),Annualreportandform20F2012
2.BP(2012),Safetyperformance

BPCompany

ExpertInterviewAhmedSamy,
DirectorCorporateStrategy
OfficeatWesternRegion
Municipality,AbuDhabi

PhDapplicationcall:Model
BasedPublicPlanning,Policy
DesignandManagement

Tags:KPI,OilandGasperformance,PerformanceinUK

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Imagesource:

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