oil spill in the gulf

BP's Hayward quits as spill cost put at $32 billion

Posted on: July 26, 2010

BP Plc chief executive Tony Hayward will step down as head of the oil giant on October 1 and be replaced by fellow executive Robert Dudley. News of Hayward's departure came as the company announced on Tuesday it would take a charge as a result of the Gulf of Mexico oil spill amounting to $32.2 billion, driving BP to a second quarter loss of $16.97 billion. "The tragedy of the Macondo well explosion and subsequent environmental...

July

2010

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Analysis: BP reminds investors that not all risk is macro

Posted on: June 10, 2010

For investors firmly focused on macroeconomic risks from a possible default in the euro zone to China overheating or the U.S. recovery stalling, BP’s travails are a stark reminder that micro risks have a bite all their own. Many asset managers will have been caught off guard by the costs — both monetary and political — that have undermined BP since it started leaking crude into the Gulf of Mexico. How much they have...

June

2010

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