MARKET TALK: BP Positions For Tough Times - Hargreaves
27th Jul 2010 08:31
0731 GMT [Dow Jones] BP (BP) is moving aggressively to position itself for the tough times ahead, says Richard Hunter, Head of UK Equities at Hargreaves Lansdown Stockbrokers, while significant challenges remain. "The triple-pronged approach of increased provisions, asset sales and a new CEO should
Read moreUPDATE: BP's Prioritizes Restoration Of US Reputation With New CEO
27th Jul 2010 08:13
(Adds CEO comment, background.) By James Herron Of DOW JONES NEWSWIRES LONDON (Dow Jones)--BP PLC (BP) said Tuesday 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 October 1 when embattl
Read moreBP Chmn: Still Much Work To Do To Make Oil Spill Right
27th Jul 2010 08:00
LONDON (Dow Jones)--BP PLC (BP) will change the way it operates and sell up to $30 billion of assets to fund its massive liabilities from the Gulf of Mexico oil spill, but the company will not be fundamentally changed and will continue to explore for oil in frontiers like deep water, senior company
Read moreMARKET TALK: BP Will Only Gradually Rebuild Reputation-Panmure
27th Jul 2010 07:53
0653 GMT [Dow Jones] BP (BP) takes a hefty charge, replaces its CEO and announces a $30B disposal program, doing everything it can to clean the slate following the Gulf of Mexico oil spill, says Panmure Gordon analyst Peter Hitchens. Still, it will be a long time before it rebuilds its reputation. A
Read moreUK MARKET TALK ROUNDUP: BROKERS COMMENTS
27th Jul 2010 07:53
Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 0653 GMT [Dow Jones] BP (BP) takes a hefty charge, replaces its CEO and announces a $30B disposal program, doing everything i
Read moreMARKET TALK: BP Poised For Positive Outlook With Strategy Shift
27th Jul 2010 07:42
0642 GMT [Dow Jones] BP (BP) changes its management and shifts strategic direction in moves that should lead to "a positive trading outlook for the company in the medium term," says ING analyst Jason Kenney. Sees asset disposal program of $30B over 18 months as indicative of the quality of the compa
Read moreUK MARKET TALK ROUNDUP: BROKERS COMMENTS
27th Jul 2010 07:42
Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 0642 GMT [Dow Jones] BP (BP) changes its management and shifts strategic direction in moves that should lead to "a positive t
Read moreLondon pre-open: Early slip expected
27th Jul 2010 07:34
Footsie is tipped to open slightly lower. Oil giant BP has confirmed Tony Hayward is to step down as chief executive of the group on October 1 to be succeeded by fellow executive director Bob Dudley. Dudley currently runs the recently-established unit responsible for clean-up operations and compens
Read moreTNK-BP 2Q Net Profit Down 8% To $1.16 Bln
27th Jul 2010 07:27
By Jacob Gronholt-Pedersen Of DOW JONES NEWSWIRES MOSCOW (Dow Jones)--Russian oil producer TNK-BP International said Tuesday its second-quarter net profit fell 8%, but that the company remains on track to boost output as it posted production growth for the eleventh successive quarter. Th
Read moreBP Takes $32.2B Pre-Tax Charge On Gulf Spill;Selling $30B In Assets
27th Jul 2010 07:18
LONDON (Dow Jones)--BP PLC (BP) Tuesday said it would take a pre-tax charge of $32.2 billion--including the $20 billion escrow compensation fund previously announced--and sell up to $30 billion in assets over the next 18 months to pay for the Gulf of Mexico oil spill. "We expect we will pay the
Read moreBP Makes $17B 2Q Net Loss On Gulf Oil Spill Costs
27th Jul 2010 07:17
By James Herron Of DOW JONES NEWSWIRES LONDON (Dow Jones)--BP PLC (BP) Tuesday posted a $17.15 billion loss for the second quarter as it made provision for $32.2 billion dollars in costs related to the Gulf of Mexico oil spill. BP also announced that Chief Executive Tony Hayward will ste
Read moreBP posts record loss after $32bn charge
27th Jul 2010 07:06
Troubled oil group BP has taken a £$32.2bn charge in respect of the Gulf of Mexico oil spill, including the $20bn it has already committed to putting in escrow. As a result the company reported a headline replacement cost pre-tax loss of $16.97bn for the second quarter, compared to a profit of $3.1
Read moreBP's Prioritizes Restoration Of US Reputation With New CEO
27th Jul 2010 07:05
By James Herron Of DOW JONES NEWSWIRES LONDON (Dow Jones)--BP PLC (BP) said Tuesday 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 October 1 when the embattled Chief Executive Tony Hayward
Read moreDudley to replace Hayward at BP
27th Jul 2010 06:57
Oil giant BP has confirmed Tony Hayward is to step down as chief executive of the group on October 1 to be succeeded by fellow executive director Bob Dudley. Dudley currently runs the recently-established unit responsible for clean-up operations and compensation programmes in the Gulf of Mexico. He
Read moreTuesday newspaper round-up: BP, Equitable Life, UKFI
27th Jul 2010 06:39
Tony Hayward is to be offered a non-executive role on the board of BP's highly profitable Russian joint venture as part of an exit package that includes early entitlement to a £600,000-a-year pension. A meeting of the oil giant's board broke up last night after discussions about the future of the c
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