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Big Big Problem; Despite billions in profits, the majors are full of gloom, warning of steadily rising costs and lower prices.(Cover story)
Byline: Rana Faroohar
Under the 11-year leadership of Lord John Browne, BP cultivated a reputation as a different kind of oil company, kinder and gentler on everything from the environment to the issue of women in its work force. Browne has often topped lists of "most-admired CEOs." But in recent months BP has suffered a deadly refinery explosion in Texas City, an oil spill in Alaska, and accusations that the company's trading arm manipulated energy
markets. Key investors have asked whether there is a systemic problem at the company. U.S. congressmen have lambasted BP executives over safety standards. The U.S. Justice Department and other agencies are ...
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