These excerpts taken from the BP 6-K filed Jul 28, 2009.
The oil, gas and petrochemicals
industries are highly competitive. There is strong competition, both within the oil and gas
industry and with other industries, in supplying the fuel needs of commerce, industry and
the home. Competition puts pressure on product prices, affects oil products marketing and
requires continuous management focus on reducing unit costs and improving efficiency. The
implementation of group strategy requires continued technological advances and innovation
including advances in exploration, production, refining, petrochemicals manufacturing
technology and advances in technology related to energy usage. Our performance could be
impeded if competitors developed or acquired intellectual property rights to technology
that we required or if our innovation lagged the industry.