BP Reports $17 Billion Loss In Second Quarter

BP lost more than $17 billion dollars in the second quarter of 2010, the company is reporting. Incoming CEO Robert Dudley, however, is optimistic about the future of the oil giant.

The New York Times quoted Dudley as saying he does “not underestimate the nature of the task ahead, but the company is financially robust, with an enviable portfolio of assets and professional teams that are among the best in the industry.”

Since announcing that Dudley, who will become the company’s first ever American CEO, will take over, BP has also announced that $32.2 billion has gone toward dealing with the Gulf spill disaster, and that the company plans to sell up to $30 billion in assets to limit the financial damage in order to ensure financial stability for the coming months…

- Alexa Gitler