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Share Price Information for BP (BP.)

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Share Price: 475.30
Bid: 475.25
Ask: 475.35
Change: 4.75 (1.01%)
Spread: 0.10 (0.021%)
Open: 472.00
High: 475.70
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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BP appoints Aviva boss Amanda Blanc as senior independent director

(Sharecast News) - Oil giant BP said on Friday that it has appointed Aviva chief executive Amanda Blanc as senior independent director with effect from after the annual meeting on 25 April.

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IN BRIEF: BP promotes Aviva chief executive officer to senior director

BP PLC - London-based oil major - Non-Executive Director Amanda Blanc will be appointed as a senior independent director, effective from April 25 at the conclusion of BP's annual general meeting. Blanc joined BP's board in September 2022. She has been group chief executive officer of Aviva PLC since July 2020. Company also says Senior Independent Director Paula Reynolds will retire at the AGM's conclusion, having served on the board for nine years. Non-Executive Director John Sawers will also be retiring.

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BP pays Auchincloss £8m in 2023, claws back £1.8m from Looney

(Sharecast News) - BP chief executive officer Martin Auchincloss was paid £8m for his services in a particularly prosperous year, it was revealed on Friday, as it managed to claw back a further £1.8m from its former head Bernard Looney.

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London close: Stocks languish ahead of Wednesday's Budget

(Sharecast News) - London's stock markets finished in the red on Monday, reflecting investor apprehension ahead of the impending Spring Budget.

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Jefferies upgrades BP to 'buy'

(Sharecast News) - Jefferies upgraded BP on Monday to 'buy' from 'hold' and lifted the price target to 570p from 520p.

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LONDON BROKER RATINGS: Jefferies says buy BP; UBS says buy Compass

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

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(Alliance News) - Stock prices in London opened mostly lower on Monday, as investor attention remained primarily on the release of the UK Spring budget on Wednesday.

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(Alliance News) - Stocks in London are called to open lower, ahead of a busy week of economic news.

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LONDON MARKET CLOSE: Stocks in green despite UK hit by recession

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London close: Stocks manage gains despite UK recession news

(Sharecast News) - London markets had a mixed but ultimately positive day of trading on Thursday, despite news that the UK fell into a technical recession at the end of 2023.

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LONDON MARKET MIDDAY: FTSE 100 flat as strong start fades

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BP hails arrival of LNG vessel at project off Senegal and Mauritania

(Alliance News) - BP PLC on Thursday celebrated the arrival of a gas vessel offshore west Africa, which it called a "major milestone" for its project there.

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BP and Adnoc form gas joint venture in Egypt to boost capabilities

(Alliance News) - BP PLC on Wednesday said it will form a joint venture with Abu Dhabi National Oil Co in Egypt, under which BP will contribute its interests in three development concessions.

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14 Feb 2024 10:27

BP and Adnoc agree Egyptian joint venture

(Sharecast News) - BP has agreed a new joint venture in Egypt with long-standing partner Adnoc, it was confirmed on Wednesday.

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