Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 474.90
Bid: 474.85
Ask: 474.95
Change: 4.35 (0.92%)
Spread: 0.10 (0.021%)
Open: 472.00
High: 475.70
Low: 471.30
Prev. Close: 470.55
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

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)
More News
12 Apr 2024 15:45

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 14:45

London close: Stocks mixed as data shows UK GDP growth

(Sharecast News) - London's markets closed with a mixed performance on Friday, as investors digested the latest GDP data suggesting an end to the recession in the UK.

Read more
12 Apr 2024 11:51

LONDON MARKET MIDDAY: February data spurs end of UK recession hopes

(Alliance News) - Stocks in London got a boost on Monday at midday, as investors were optimistic that the UK is heading out of its short lived recession.

Read more
12 Apr 2024 11:47

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 11:37

TOP NEWS: BP shares rise after reports Adnoc had pondered takeover

(Alliance News) - Shares in BP jumped on Friday after reports that the state-owned, United Arab Emirates oil company was considering, but had ruled out, a bid for the London-based oil major.

Read more
12 Apr 2024 08:58

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

(Alliance News) - Stock prices in London opened higher on Friday, thanks to new data suggesting the UK economy is out of recession.

Read more
12 Apr 2024 07:56

UAE's ADNOC said to have recently considered BP takeover

(Sharecast News) - The United Arab Emirates' state-owned oil company recently considered buying BP but the deliberations did not progress beyond preliminary discussions, according to a report.

Read more
11 Apr 2024 14:41

Senegal says oil, gas and mine contracts will be reworked if needed

DAKAR, April 11 (Reuters) - Senegal's new Energy and Mines Minister said on Thursday the government would renegotiate oil, gas and mining contracts if necessary once a promised audit is completed.

Read more
10 Apr 2024 08:41

Johnson Matthey and BP win deal for US sustainable aviation fuel plant

(Alliance News) - Johnson Matthey PLC and BP PLC on Wednesday said their technology offering has been selected for use in a sustainable aviation fuel plant being built in the US state of Louisiana.

Read more
10 Apr 2024 07:47

LONDON BRIEFING: Stocks called up ahead of US inflation data

(Alliance News) - Stocks in London are called to open higher, as investors shake off nerves ahead of a key US inflation reading.

Read more
9 Apr 2024 17:26

Slide in defence stocks knocks down Europe's STOXX 600

BP gains on higher quarterly upstream energy output forecast

*

Read more
9 Apr 2024 17:13

FTSE 100 ends down as defence stocks offset commodity gains

Easter food spending lifts UK retail sales in March

*

Read more
9 Apr 2024 16:53

LONDON MARKET CLOSE: Stocks struggle in nervy trade before US data

(Alliance News) - European equities closed lower on Tuesday, with sentiment downbeat ahead of Wednesday's US inflation reading, though impetus could be found in gold, which hit another record high.

Read more
9 Apr 2024 15:12

London close: Stocks slip ahead of ECB, US inflation print

(Sharecast News) - London markets closed lower on Tuesday, as investors braced for a key US inflation reading as well as a policy announcement from the European Central Bank later in the week.

Read more
9 Apr 2024 12:00

LONDON MARKET MIDDAY: FTSE 100 treads water despite boost from miners

(Alliance News) - Equities in London lacked impetus heading into Tuesday, as investors moved with caution ahead of a US inflation print on Wednesday and the European Central Bank's interest rate decision a day later.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.