when did bp change its name to beyond petroleum
BP Under John Browne, British Petroleum acquired other oil companies, transforming BP into the third largest oil company in the world. British Petroleum merged with Amoco (formerly Standard Oil of Indiana) in December 1998, becoming BP Amoco plc.[81][82] Most Amoco stations in the United States were converted to BP's brand and corporate identity. In 2000, BP Amoco acquired Arco (Atlantic Richfield Co.) and Burmah Castrol.[83][84][85][86] As part of the merger's brand awareness, the company helped the Tate Modern gallery of British Art launch RePresenting Britain 1500â€“2000.[87] In 2001, in response to negative press on British Petroleum's poor safety standards, the company adopted a green sunburst logo and rebranded itself as BP ("Beyond Petroleum") plc.[82]
Deepwater Horizon oil spill The spill had a strong economic impact to BP [256] and also the Gulf Coast's economy sectors such as offshore drilling, fishing and tourism. Estimates of lost tourism dollars were projected to cost the Gulf coastal economy up to 22.7 billion through 2013. In addition, Louisiana reported that lost visitor spending through the end of 2010 totaled $32 million, and losses through 2013 were expected to total $153 million in this state alone.[257][258] The Gulf of Mexico commercial fishing industry was estimated to have lost $247 million as a result of postspill fisheries closures. One study projects that the overall impact of lost or degraded commercial, recreational, and mariculture fisheries in the Gulf could be $8.7 billion by 2020, with a potential loss of 22,000 jobs over the same time frame.[258][259] BP's expenditures on the spill included the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs, including fines and penalties.[260] As of March 2012, BP estimated the company's total spill-related expenses do not exceed $37.2 billion.[261] However, by some estimations penalties that BP may be required to pay have reached as high as $90Â billion.[262] In addition, in November 2012 the EPA announced that BP will be temporarily banned from seeking new contracts with the US government.[26] Due to the loss of the market value, BP had dropped from the second to the fourth largest of the four major oil companies by 2013.[263] During the crisis, BP gas stations in the United States reported a sales drop of between 10 and 40% due to backlash against the company.[264]