BP Says No Decision Yet On CEO Hayward, Final Spill Costs

26th Jul 2010 07:31

By James Herron Of DOW JONES NEWSWIRES LONDON (Dow Jones)--BP PLC (BP) said Monday that no decisions have yet been made on the future of Chief Executive Tony Hayward or the final charge the company will book for the Gulf of Mexico oil spill in its second quarter results Tuesday. "A board meeting is being held on Monday evening ahead of the announcement of the second quarter results on 27th July. Any decisions will be announced as appropriate," the company said in a statement. The board is negotiating Hayward's departure in a bid by the U.K. oil titan to move beyond the Gulf of Mexico disaster that has undercut his three-year effort to remake the company, people familiar with the matter told the Wall Street Journal Sunday, If that happens as expected, the board is set to name Managing Director Robert Dudley as chief executive on Tuesday, effective October 1, those people said. BP also said the rig that was drilling the relief well in the Gulf of Mexico prior to the arrival of Tropical Storm Bonnie has returned to the well site and is taking the necessary steps to reconnect and resume drilling. "These steps are expected to take a number of days," BP said. The leaking Macondo well has been sealed by a cap since July 15, but completion of the relief well remains the only option for permanently stopping the oil spill that began on April 22. BP shares closed at 399 pence Friday, up almost a third since June 29, as the company has made progress containing the oil spill and has moved to strengthen its financial position. -By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; [email protected] (END) Dow Jones Newswires July 26, 2010 02:31 ET (06:31 GMT)