Pick a Business Essays

Pick a Business Essays Pick a Business Essay Pick a Business Essay Name: Course: Lecturer: Date: Pick a Business Part One Goodrich Petroleum Company is located or has its headquarters in Louisiana, Houston Texas. It was founded in 1970 by Goodrich Senior. It is among the best companies in America able to fight the financial crisis in America. The main reason for choosing this company is due to its renowned nature in the petroleum industry and since it has lived up to its expectation. Additionally, it deals not only with petroleum products but also with aerospace systems products. More so, it is a public listed company in the New York stock exchange under the symbol GDP. This alone proves the company is performing well. Lastly, I picked this company because it was easy to acquire information from the management unlike other companies who were not ready to offer me with information. The company has a user-friendly website where one can easily access the information about Goodrich Petroleum Company. The pictures in the website are also quite friendly contrary to what a person would expect from the company. It includes pictures of people drilling oil and a picture of a firm where drilling is going on. The website has information regarding the company that is extremely helpful to the different potential and existing investors of the company. The website has the latest news update of the upcoming events and other updates that might be of help to the people who might seek affiliation with the company (Goodrich Petroleum Corporation 2011). The company provides mainly petroleum products to the market. It mainly deals with the drilling of oil, acquisition, development, and production of natural gases and crude oil primarily in Louisiana, Houston, East and North Texas (Goodrich Petroleum Corporation 2011). The company deals with oil and gaseous products as its main products. According to the American oil market, it is affected by the financial crisis but Goodrich Petroleum Company has been able to survive the predicaments and excel in the extraction of the different oil a gas wells. It controls most of the oil and gas wells in more than seven states in America only. Goodrich Petroleum Company makes money by supplying their oil and other gases to their customers. Their customers are mainly companies dealing in oil products. What they actually do is they drill oil and natural gases in different potential wells. Once they have seen the oil or the gases they refine them to pure products which are then supplied to their customers for use. The company also has bought other oil and gas wells from other companies that help them in increasing their output so that they can be able to serve their range of customers in the market. Goodrich Petroleum Company is an independent corporation company that is publicly owned. It has its shares listed in the New York Stock Exchange Market with the symbol GDP. The company has more than twenty five thousand six hundred permanent employees. This is estimated to be a 6.7% growth of the employees in the company. This shows it has a wide range of employees who are both in the field ad in the office. The directors’ remuneration or total compensation ranges from $320,000 to $370,000 per year (CNN 2011). This is more than most of the directors in other small companies in the industry. The company is estimated to be attracting revenue of more than $6,966.9m in the year of 2010 alone and a net income of $578.7m. This is an increase in the general growth of the company. Part Two The name of the director of the company is Mr. Goodrich who is the Vice president of the Board of governors. He is the son of the founder of the company. He joined the company immediately after the exit of his father from the industry. He has over fifty years of experience in the oil and gases exploration field. The company has more than twenty six thousand employees and revenue of more than six billion in a year. The company has growth in the employment opportunities in future. The employees in the company have an opportunity to grow both career wise and their salary packages (Forbes.com 2011). According to Mr. Goodrich, the company strengths are one the oil wells the company has. This is because the wells are located in areas where they are rich in oil and gases. A hundred percent of the wells are successful. Therefore, the company is not likely going to luck products. The second strength is the dedicated employees of the company. The company has dedicated employees ready to work to their best. Lastly, the company has a pool of experienced management who are ready to take up the company to the next level. The company has several weaknesses that can pull it down. According to Mr. Goodrich the decision making process of the company is very slow. The company finds it difficult to make timely decisions. The second one is the company’s is inflexibility. This means they are not able to accept changes quickly. The last one is that the company is very slow to embrace technology in the field of drilling. The Company is very reluctant in allowing new technology to be used in the wells. According to Mr. Goodrich, the company has opportunities. The first opportunity is expansion. The company has the capacity and capability to expand to other parts of the country and become a global company. The second opportunity is the company’s ability to increase its employment range and packages for its employees. This means that the employees have the opportunity to grow while working with Goodrich. Lastly, the company has the opportunity to increase their product from oil and gases to spare parts of different automobile machines. On the other hand, Mr. Goodrich notes there are certain threats to the company stability. The first threat is the existing financial crisis in the country. He is quick to say what is seen is not always the true picture because even they have been affected greatly. The second threats to the company are the different competitors of the company. If they are not quick enough they might loose the competitive advantage they have over the other companies. Lastly, company is being threatened by the current changing trends in business and technology. If they fail to change and lag behind, they might never catch up. Goodrich Petroleum Corporation. Goodrich Petroleum Corporation. Goodrich Petroleum Corporation. November 16, 2011. Web. November 16, 2011. Forbes.com. Henry Goodrich. Forbes.com. November 16, 2011. Web. November 16, 2011. CNN. America’s fastest-growing small public companies. CNN. November 16, 2011. Web. November 16, 2011.