July 28, 2009

BP said 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 Oct. 1 when embattled Chief Executive Tony Hayward steps down.

The company, which is facing heavy costs in the wake of the oil spill, swung to a net loss of $17.15 billion in the second quarter, compared with a net profit of $4.39 billion a year earlier.

BP booked a pre-tax charge of $32.2 billion related to the Gulf of Mexico oil spill. The group said it plans to dispose of assets valued at up to $30 billion over the next 18 months, including $7 billion from the recently announced disposals to Apache Corp.

http://online.wsj.com/article/SB10001424052748703700904575392370217753444.html?mod=djemalertNEWS

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