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

BP's Hayward To Receive $18 Million Payout

Tony Hayward announced yesterday that he’ll be stepping down from his position as CEO of BP in October. He will be replaced by Robert Dudley, who will be BP’s first American CEO.

The New York Times has reported that Hayward is stepping away with a payout of $18 million, and with millions more in BP shares in an incentive plan.

- Brandon Kosters

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.