Society and environment in value statements by hydrocarbon producers

Abstract

• Values stated by 25 hydrocarbon producers are analyzed. • Society is considered by 48% corporations. • Environment is considered by only 40% corporations. Activity by big oil and gas corporations has significant social and environmental impact. The present study focuses on the values publically posted by 25 hydrocarbon corporations on their official web-pages. Five general categories of these values are outlined, namely regarding business itself, staff, society, environment, and 'philosophy'. The analysis allows insights into how business- and staff-related values are projected by the majority of the considered hydrocarbon producers. Social values are announced by 48% of the companies, and environmental values are stated by 40% of the companies. The diversity represented by environmental values is smaller by three times than that of the business-related values. The social values are rather detailed, whereas many environmental values are of very general character. Apparently, society and environment are underrepresented among the values of the major hydrocarbon corporations under consideration. The preliminary geographical analysis shows that the problem of underrepresentation of social and environmental values exists in all regions of the world, especially strong apparently in Africa. Several recommendations for improvement of the stated values are provided.