BP To Sell $30 Billion In Assets

According to an article published today by the New York Times, BP has announced that it will sell $30 billion in assets by 2012 to pay for cleanup costs in the Gulf of Mexico.

The article said that while BP enjoyed a second-quarter profit of $4.4 billion last year, it has suffered a loss of $17 billion this second-quarter.

Also, the oil giant confirmed today that outgoing CEO Tony Hayward will be replaced by Bob Dudley, an American-born executive at the company…

- Brandon Kosters

Tony Hawyard's Next Post Might Be In Russia

BP’s CEO Tony Hayward might step down from his post in October. There have been rumors saying Hayward will be reassigned to BP’s joint venture in Russia. BP’s businesses in Russia are approximately the same size as the company’s venture in the U.S. and the position would still leave Hayward with plenty of say-so in the company. 

Managing Director Robert Dudley, current manager of cleanup efforts in the Gulf of Mexico, has been mentioned as a possible successor as BP’s new CEO.