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Share Price: 475.35
Bid: 475.30
Ask: 475.45
Change: 4.80 (1.02%)
Spread: 0.15 (0.032%)
Open: 472.00
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Low: 471.30
Prev. Close: 470.55
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2nd UPDATE: BP Prioritizes Restoration Of US Reputation With New CEO

Tue, 27th Jul 2010 09:35

(Adds CEO comment, background.) By James Herron Of DOW JONES NEWSWIRES LONDON (Dow Jones)--BP PLC (BP) said Tuesday that Robert Dudley, the executive director who heads the company's oil spill response effort in the Gulf of Mexico, will lead the entire company from October 1 when embattled Chief Executive Tony Hayward steps down. "It will be a different company going forward, requiring fresh leadership supported by robust governance and a very engaged board," Chairman Carl-Henric Svanberg said in a statement. In sacrificing Hayward and choosing Dudley, BP's board of directors has made it clear that restoring the company's reputation in the U.S. is its top priority, said analysts. In a conference call with reporters, Hayward acknowledged that he had become, "a lightning rod for public anger," over the spill and it was necessary to have a new face at the top of the company if BP is to move forward in the U.S. "The Gulf of Mexico explosion was a terrible tragedy for which--as the man in charge of BP when it happened--I will always feel a deep responsibility," Hayward said in a statement. BP is still politically weak in the U.S.--facing investigations into its safety record and a push from Capitol Hill to exclude it from future oil and gas licenses in the U.S. It is vital that BP continue as a viable long-term business in the U.S. Around a quarter of its oil and gas production, and the greater part of its growth ambitions, come from that country. "Hayward became the sacrificial lamb," aimed at preserving BP's status in the U.S., said Oppenheimer analyst Fadel Gheit. The decision to change leadership, "is nothing to do with (Hayward's) business judgment, it's what is politically convenient," he said. "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 U.S. and overseas and has proved himself a robust operator in the toughest circumstances," said Svanberg. Dudley, who was born in one of the Gulf states affected by the spill, has a reputation as a BP troubleshooter. Until 2008 he ran BP's joint venture with a group of Russian billionaires, TNK-BP, which is Russia's third largest oil company. Given the politically sensitive nature of Russia's oil and gas industry, Dudley was required to be a diplomat as much as an oil man. From 2003 to 2008, he appeared to have mastered this role as TNK-BP avoided many of the troubles faced by other oil companies, notably Royal Dutch Shell PLC (RDSB), and grew to be a major source of both production and reserves for BP. However, Dudley ran into trouble in 2008 as long running tensions between BP and the Russian billionaires over control of the venture boiled over into public acrimony. He was eventually forced to step down and became an executive director at BP. As Dudley looks to reshape BP's U.S. operations, he may benefit from the experience in the early years of his career, when he worked for Amoco Corp. in Chicago. BP took over Amoco a decade ago and a lot of BP's safety problems in the U.S. have been with former Amoco assets, said ING analyst Jason Kenney. "(Dudley) knew Amoco inside out," he said. "BP America needs wholesale change. That might require that the top of the whole division will have to be removed. Dudley has to be a little bit ruthless," said Gheit. -By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; james.herron@dowjones.com (END) Dow Jones Newswires July 27, 2010 04:35 ET (08:35 GMT)
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11 Feb 2024 09:27

PRESS: BP to book USD700 million windfall on UK tax changes - FT

(Alliance News) - BP PLC is set to book a USD700 million windfall due to UK tax changes aimed at boosting corporate pension fund investment in the economy, the Financial Times reported on Saturday.

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9 Feb 2024 11:44

LONDON MARKET MIDDAY: European markets quiet heading into afternoon

(Alliance News) - European stock markets were quiet heading into Friday afternoon, as investors eye the annual US consumer price index benchmarks revisions.

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8 Feb 2024 16:06

UK dividends calendar - next 7 days

Friday 9 February 
AJ Bell PLCdividend payment date
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BlackRock Latin American Investment Trust PLCdividend payment date
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Origin Enterprises PLCdividend payment date
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Tracsis PLCdividend payment date
Tufton Oceanic Assets Ltddividend payment date
Monday 12 February 
no events scheduled 
Tuesday 13 February 
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Future PLCdividend payment date
Mondi PLCspecial dividend payment date
Wednesday 14 February 
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Ecora Resources PLCdividend payment date
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Oxford Metrics PLCdividend payment date
Supermarket Income REIT PLCdividend payment date
Unicorn AIM VCT PLCdividend payment date
Unicorn AIM VCT PLCspecial dividend payment date
Thursday 15 February 
Alternative Income REIT PLCex-dividend payment date
Aquila European Renewables PLCex-dividend payment date
Balanced Commercial Property Trust Ltdex-dividend payment date
BioPharma Credit PLCex-dividend payment date
BP Marsh & Partners PLCex-dividend payment date
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Elixirr International PLCdividend payment date
Gabelli Merger Plus+ Trust PLCex-dividend payment date
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Greencoat UK Wind PLCex-dividend payment date
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Henderson Opportunities Trust PLCex-dividend payment date
ICG Enterprise Trust PLCex-dividend payment date
Impax Environmental Markets PLCex-dividend payment date
Imperial Brands PLCex-dividend payment date
Invesco Perpetual UK Smaller Cos IT PLCex-dividend payment date
Invesco Select Trust PLC Global Equity Incomedividend payment date
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JPMorgan European Growth & Income PLCex-dividend payment date
Knights Group Holdings PLCex-dividend payment date
M Winkworth PLCdividend payment date
Majedie Investments PLCex-dividend payment date
Mattioli Woods PLCex-dividend payment date
Mobeus Income & Growth 4 VCT PLCex-dividend payment date
Mountview Estates PLCex-dividend payment date
Murray Income Trust PLCex-dividend payment date
NCC Group PLCex-dividend payment date
NextEnergy Solar Fund Ltdex-dividend payment date
Pershing Square Holdings Ltdex-dividend payment date
PRS REIT PLCex-dividend payment date
Ramsdens Holdings PLCex-dividend payment date
Schroder UK Mid Cap Fund PLCex-dividend payment date
Shell PLCex-dividend payment date
Triple Point Venture VCT PLCex-dividend payment date
Troy Income & Growth Trust PLCex-dividend payment date
UK Commercial Property REIT Ltdex-dividend payment date
  
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A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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6 Feb 2024 17:39

London close: Stocks manage gains as oil prices rise

(Sharecast News) - London's financial markets finished with a positive performance on Tuesday, driven by encouraging data from the UK construction sector and BP's share buyback expansion.

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6 Feb 2024 17:04

LONDON MARKET CLOSE: BP and Prudential help snap FTSE losing streak

(Alliance News) - Stock prices in London pushed higher on Tuesday, with the FTSE 100 registering its first rise in four trading days, with oil major BP the star performer.

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6 Feb 2024 12:10

LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

(Alliance News) - The FTSE 100 was higher at midday Tuesday, despite lingering unease in equity markets on US interest rate worries, while BP led the way among London's large-caps as it announced a buyback plan.

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6 Feb 2024 09:04

TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

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6 Feb 2024 08:53

LONDON MARKET OPEN: BP jumps after unveiling share buyback

(Alliance News) - The FTSE 100 in London opened higher on Tuesday, with oil major BP at the top of the index, thanks to its new share buyback programme.

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6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

(Alliance News) - Stocks in London are called to open higher, ahead of a slew of construction purchasing managers' index readings from the eurozone, the UK and Germany.

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6 Feb 2024 07:02

BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

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2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

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2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

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2 Feb 2024 12:27

TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

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2 Feb 2024 12:09

LONDON MARKET MIDDAY: Airlines up but oil falls on Middle East talks

(Alliance News) - Stock prices in London were higher at midday Friday, ahead of the afternoon's US jobs data, as earnings from tech behemoths overnight lifted investor morale.

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2 Feb 2024 08:54

LONDON MARKET OPEN: European stocks lifted on Wall Street's gains

(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

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