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27/07/2010
BP Suffers Massive Losses
Oil giant, BP has announced record losses of £11 billion for the second quarter of the year and also announced that Chief Executive Tony Hayward will step down.
Mr Hayward, who has come under increasing criticism in the wake of Gulf of Mexico oil spill, will be replaced by American Bob Dudley, who was previously head of BP's Russian operation, on October 1. Mr Dudley will be BP's first foreign Chief Executive.
Commenting on the new appointment, BP Chairman Carl-Henric Svanberg said: "The BP board is deeply saddened to lose a Chief Executive Officer whose success over some three years in driving the performance of the company was so widely and deservedly admired.
"We are highly fortunate to have a successor of the calibre of Bob Dudley who has spent his working life in the oil industry both in the US and overseas and has proved himself a robust operator in the toughest circumstances."
BP also confirmed that it will write off £20.8 billion in order to cover the cost of the oil spill, which happened as the result of an explosion on a drilling rig off Louisiana in April and also sell assets for up to £19 billion over the next year and a half in order to maintain financial liquidity.
Mr Hayward said: "The costs and charges involved in meeting our commitments in responding to the Gulf of Mexico oil spill are very significant and this reported loss reflects that. However, outside the Gulf it is very encouraging that BP's global business has delivered another strong underlying performance, which means that the company is in robust shape to meet its responsibilities in dealing with the human tragedy and oil spill in the Gulf of Mexico."
Meanwhile, Greenpeace activists have today closed down BP filling stations in London.
The campaign group claimed that 50 stations were closed, but the oil company said that 35 were affected by the protests, but 18 have now reopened.
The activists are believed to have used a shut-off switch to cut the flow of fuel at the stations.
BP said that they were working to reopen all the stations affected. No-one has been arrested in connection with the protests, but the Metropolitan police said that they were aware of the protests and were monitoring the situation.
Greenpeace said that the protests were held to urge BP to switch to greener energy policies.
(KMcA/BMcC)
Mr Hayward, who has come under increasing criticism in the wake of Gulf of Mexico oil spill, will be replaced by American Bob Dudley, who was previously head of BP's Russian operation, on October 1. Mr Dudley will be BP's first foreign Chief Executive.
Commenting on the new appointment, BP Chairman Carl-Henric Svanberg said: "The BP board is deeply saddened to lose a Chief Executive Officer whose success over some three years in driving the performance of the company was so widely and deservedly admired.
"We are highly fortunate to have a successor of the calibre of Bob Dudley who has spent his working life in the oil industry both in the US and overseas and has proved himself a robust operator in the toughest circumstances."
BP also confirmed that it will write off £20.8 billion in order to cover the cost of the oil spill, which happened as the result of an explosion on a drilling rig off Louisiana in April and also sell assets for up to £19 billion over the next year and a half in order to maintain financial liquidity.
Mr Hayward said: "The costs and charges involved in meeting our commitments in responding to the Gulf of Mexico oil spill are very significant and this reported loss reflects that. However, outside the Gulf it is very encouraging that BP's global business has delivered another strong underlying performance, which means that the company is in robust shape to meet its responsibilities in dealing with the human tragedy and oil spill in the Gulf of Mexico."
Meanwhile, Greenpeace activists have today closed down BP filling stations in London.
The campaign group claimed that 50 stations were closed, but the oil company said that 35 were affected by the protests, but 18 have now reopened.
The activists are believed to have used a shut-off switch to cut the flow of fuel at the stations.
BP said that they were working to reopen all the stations affected. No-one has been arrested in connection with the protests, but the Metropolitan police said that they were aware of the protests and were monitoring the situation.
Greenpeace said that the protests were held to urge BP to switch to greener energy policies.
(KMcA/BMcC)
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BP Chief Executive's pay rise creates "fattest cat"
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