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BP Offers Unique Opportunity Through Summer Program for Integrated Supply and Trading

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BP Offers Unique Opportunity Through Summer Program for Integrated Supply and Trading

Written by Austin Partridge

This past summer, I was fortunate enough to be one of 21 students invited from around the United States to take part in

BP’s Sophomore Experience, a program designed to introduce incoming and outgoing sophomores to BP and its Integrated Supply and Trading (IST) division. The IST division leverages BP’s petroleum infrastructure along with supply and demand information to supply products, trade, and manage risk for the company. After a quick flight to Chicago, we hit the ground running on day one, meeting some of the senior leadership at the company while learning as much about BP and IST as possible. One of the program’s aims was to educate us on how IST makes trades and explain their thought process for making them. We ended up learning about how the industry works and the basics of trading, all on the first day.

The chance to apply our newfound industry knowledge quickly presented itself. We soon found ourselves playing fast-paced supply chain games and working through challenging ethical case studies. Eventually, we sat down for our first trading simulation. In teams of two, we tried anticipating virtual commodities market movements by putting into practice everything we had learned so far, ranging from industry specifics to broad trading tactics. Ultimately, some profited and some lost, but I think everyone would have agreed that it was an incredibly fun learning experience.

While presentations and simulations taught us about IST, the lunches and dinners that we had were what really showed us what working at IST was like. BP wasted no opportunity to expose us to the company. Every meal, my peers and I were accompanied by different sets of people working for BP, including trading managers, current interns, traders, and analysts. I was exposed to about 20-percent of the IST’s team. While the focus was on the IST division, we also met people working in other areas of the company such as Marketing and Origination as well as Ethics and Compliance, giving us a comprehensive view of the company.

My experience introduced me to exciting career opportunities I otherwise wouldn’t have been exposed to. The trip allowed me to spend five days exploring Chicago, eating deep dish pizza, and socializing with students from across the country. On the final day, we even had the chance to meet with BP sponsored Paralympic Athlete Tucker Dupree. For five days, I developed an understanding of BP’s IST division while simultaneously having an amazing time. It was an experience I’d heavily recommend to anyone with even a faint interest in the petroleum industry, trading, or getting to meet great people.

Editor’s Note: BP is currently accepting applicants for their early experience programs offered to freshmen and sophomores, BP STEP, Integrated supply and trading Sophomore Experience and BP scholars program. Applications are being accepted through March 16, 2017.   The IST Sophomore Experience program will be held in Chicago from June 19-23, 2017. To learn more, please go to www.bp.com/us-studentopps.

Internship Spotlight: Shivi Agarwal – BP Integrated Supply & Trading Division

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Internship Spotlight: Shivi Agarwal – BP Integrated Supply & Trading Division

Shivi AgarwalShivi Agarwal is a senior BHP/Finance major with minors in Supply Chain and Psychology. This past summer, Shivi held an internship with BP in their Integrated Supply & Trading division. She enjoyed the experience and decided to accept a full-time offer from BP to join their new Finance & Risk Rotational Program.

BP is currently accepting applicants for their early experience programs offered to freshmen and sophomores, BP STEP, Integrated supply and trading (IST) and BP scholars program. Applications are being accepted through March 15, 2016.   To learn more, please go to www.bp.com/us-studentopps.

What were your specific responsibilities in your internship?

I worked in Power Settlements, working in the back-end operations of the trading sphere. I worked on two main projects. The first was a cash forecasting project in which I was responsible for improving the current cash forecasting model. The Power Settlements team is required by the Treasury to submit a five-week cash forecast every week of how much they think the trades between the various ISO markets, which operate a region’s electricity grid, are going to be. The original forecast had several limitations, including lack of procedural standardization across the regional ISOs and differing timings in the availability of data. I analyzed the current situation for the cash forecasting modelling and provided solutions for possible improvements by holding discussions with analysts. I also created market overview charts, invoicing schedules, and a quantitative variance analysis to allow the analysts to better understand and improve the limitations.

The second major project I worked on was the cataloging project, in which I led the creation and revamping of documentation processes for the entire Settlements division. After presenting my proposal to the Settlements board, I remodeled the cataloging procedure for the division, as well as created a comprehensive SAP manual and an onboarding guide for new hires. Both of those are still being used today!

What is unique about the company and culture of BP?

I really appreciated the open door policy. I was able to meet with high-end executives and managers to find out more about what they do and their personal backgrounds. They were always happy to dedicate one-on-one time with me and offer advice to help me succeed and grow.

BP organized meetings for the interns in which leaders from different IST divisions would share about their role at BP and the nature of their division. These meetings were extremely helpful in understanding the core business and various operations of the company. They also held “Lunch and Learns”, where we learned ways to improve and develop our skills. As an intern, we had to give a final presentation and they helped us prepare for that. They really provided resources for us to understand the company culture, help us improve, and make the most out of the summer.

BP also organized several fun events for the interns, like going to Top Golf and bowling, as well as a group volunteering event with the Boys & Girls Club to give back to the community. As a sponsor for the Olympics, BP even gave us interns the opportunity to meet Olympians and Paralympians and listen o their remarkable stories.

Was there any one experience that really stood out to you?

As part of my Cataloging Project, I was able to present a proposal to the Board of Settlements Division. They responded with a lot of positive feedback and approved my proposal. Seeing my ideas actually being implemented and having a lasting impact on the organization felt incredibly rewarding.

Why did you decide to work there full-time and what will your role be?

I liked the team-oriented culture and found it to be rewarding.  I found there to be a lot of growth potential and I think BP will be a fantastic company to propel my career forward. The presentations by the division managers were very enlightening and helped me understand the unique skillsets I would gain by working with BP. Most importantly, the people of the company were vital in helping me form my decision. Everyone there was so intelligent, supportive, and wanted to help me grow. Ultimately, I wanted to work for a company that would have a positive impact on me, and I felt that BP would provide that.

I will be in the Finance and Risk Rotation Program, a three-year rotation program in the Integrated Supply and Trading division. It is a relatively new program for BP, based out of the Houston office. Because it is a rotational program, I will have the opportunity to get exposure in various realms of the trading business and to increase my experience overall.

What would you say to students who are nervous about going to work in the Oil & Gas industry with the current downturn in that industry?

While the Oil & Gas industry is notorious for market fluctuations, there are several other industries, such as Retail and I-Banking, that are equally as temperamental. However within the O&G industry, there are many sectors that are not as affected by these fluctuations, including Supply and Trading. Do your research on each industry and the various sectors within them. There is a lot of room to learn and grow your career in Oil & Gas. Don’t be deterred and be inspired to take on a challenge.

 

 

BHP Advisory Board Chair, Dominic Sung, Honored with McCombs Rising Star Award

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Dominic Sung, BHP ’03, BBA ’03, recently took on the role of chair for the BHP Advisory Board and is being honored with the prestigious McCombs Rising Star Award during the McCombs Hall of Fame ceremony on November 9. The award is presented to alumni no more than 10 years out from graduation who have been successful professionally and helped strengthen the McCombs Alumni Network. Dominic, who is a Director of Structured Products in the Integrated Supply and Trading Group at BP, is looking forward to enhancing the BHP for future generations of students in his new role as chair of the board. He took the time to chat with us about his role at BP, his time in the BHP, and his plans for the alumni board.

What are you currently doing for BP?

In the Structured Products Americas team, we deal with counterparties that BP transacts with directly over the counter.  We create and execute tailored risk management structures for these customers in order to hedge their energy commodity risk.  Businesses have exposure to price risk around energy commodities due to the input or output of their business, and we help them manage this risk. For example, there might be a steel company that burns natural gas to smelt their steel. Natural gas price changes significantly affect their bottom line. They may call us and talk to us about how to manage this risk in order to meet their objectives, which may involve how they purchase the physical commodity and/or the financial hedging around that. We help create and execute solutions for each counterparty’s unique risk profiles.

You have been with BP since graduation. What do you love about working there?

I like it for the same reason I liked being in the BHP. It is a large company with a lot of assets and a big balance sheet behind it, but I am in a small group, working in a specific industry I enjoy. It is similar to how the BHP provided me a small group within a large university with many assets. I also like that I get to work in a global and exciting environment with no two days that are alike.

How have you determined when you were ready to make a move at BP?

I started in an analyst program, doing four roles in three years. I then found a more permanent role after that. It is a very performance driven environment. Your compensation is directly related to your performance. Many people in this job environment are less worried about titles and more worried about performance. For me, personally, it is about managing what is tantamount to my own piece of business.  When I feel like I have exhausted the growth opportunities within what I am doing and am not challenged at a level I am comfortable with, it is time to move on to something else or change what I am responsible for.

What does the typical work day look like for you?

Every day and every client is different. I cover 200+ clients and they are all very different. I have to work to understand their business, and their needs, and solve those particular problems. I end up having to travel quite a bit to meet with my clients (which always sounds more glamorous than it is).  On those days the schedule can be rough, catching early flights and returning on odd-houred flights to be back in the office for the next day.  On a “regular” day in the office, I’m usually at my desk and booted up by around 7:00AM, eating at the trade desk during lunch, and leaving by about 5:00pm.  While the schedule can be demanding, the work keeps it fun and interesting. I use more of my finance education than I ever thought I would. Because of the complex financial derivatives I am working with, I use it all.

Why did you want to serve on the alumni board?

I have been blessed with many things and have always enjoyed giving back. I got a tremendous amount of benefit from the BHP and UT and want to ensure that the program is as beneficial for those coming after me as it was for me, hopefully improving upon it as well. As the program improves, so does the value of my degree. I feel like it is my responsibility to give back and help out where I can.

How would you like to see the BHP alumni community come together in the next year?

The BHP set us up for success. I want to foster a culture of staying involved. All of us have strong relationships with the people we went through the program with. It is about extending that back to the program and coming together not just for social purposes, but to impact the program. I would encourage our alumni to reconnect with each other and give money, time, or whatever they can to help the program and to build a strong alumni network.

What skills should BHP students have who want to do something similar to what you are doing?

They need to have a high level of intellectual curiosity, mathematical skills and finance acumen. They should also have the ability to process information quickly, be decisive and be adaptable. I think the BHP sets you up for that very well through extensive group work. If you can’t deal with people, you can’t do my job. We sit in very close quarters here and work with a lot of clients.

What advice do you have for current students?

Take advantage of all of the resources that are at your disposal at UT. If you have an interest in something, go and explore it while it’s available to you. There are so many organizations and resources. Business is applicable to whatever you are really interested in. Find what it is that you are passionate about and apply business skills to it.

Internship Spotlight: Samantha Speakmon – Ethics & Compliance for BP

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Internship Spotlight: Samantha Speakmon – Ethics & Compliance for BP

Samantha Speakmon is a BHP/Finance senior who spent the summer working as an Ethics & Compliance Intern at BP, a multinational oil and gas company that is the third-largest energy company and fourth-largest company in the world.

How did you find out about your internship?

The internship was posted on OCR. I emailed a BHP alum who works at BP because the job description wasn’t a normal corporate finance role. She forwarded me a little more information about the team and I applied.

What do you think set you apart from other candidates and led to you getting the position over other candidates?

I think what really set me apart during my first interview was my genuine interest in the industry. I knew a lot of background information on the energy industry, and I came in with good questions that helped me understand the team’s role in the business. I left that interview convinced that it was the best internship for me. So when I had a second interview, I made sure to communicate my confidence that it was a perfect fit.

What were you doing for your internship?

I was working at BP with the Ethics & Compliance team in the natural gas and power trading group in Houston. The E&C team oversees trading activity to ensure that traders are behaving within external laws and internal policies. As an intern, my big project was an assessment of the main risk areas that E&C oversees, which include risks like money laundering, market manipulation, and misleading communications. I also ran daily reports that looked at BP’s positions in the market relative to the mandatory position limits, which are there to prevent market manipulation.

What did you enjoy most from the experience?

I really enjoyed working on a trading floor; it was a great experience. BP’s “one team” culture was very visible, especially in such a fast-paced and high-risk environment. Everyone was friendly and ready to help out, so I was always able to ask questions and network with people, even if they weren’t in my group.

What were the key takeaways for you?

My biggest takeaway is learning about and actually seeing the extent to which regulatory forces affect and change a trading business. When the penalties of market manipulation can be upwards of $300 million, an Ethics & Compliance department is a valuable line of defense. The group decreases the risk of a regulatory breach by monitoring the positions and communications of traders and adapting the business to new legislation like Dodd-Frank.

How do you think this internship will help you with your future career goals?

I have always been interested in the energy industry, but this internship helped me find a few specific career paths that I would enjoy. There are so many more unique opportunities to use a finance degree than I thought. Since I may want to go to law school, I was glad to see areas where I could use both a finance and law degree.