The New York Times
Tue, July 27, 2010 -- 3:13 AM ET
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BP Announces $17 Billion Loss, Names Dudley Chief Executive
BP named Robert Dudley as chief executive Tuesday and
reported a record $17 billion loss in the second quarter in
the aftermath of the oil spill in the Gulf of Mexico.
BP set aside $32.2 billion for costs related to the spill,
including $20 billion for an escrow fund announced earlier.
To help cover the costs, the company plans to sell assets
worth $30 billion over the next 18 months.
Mr. Dudley, an American, is to become BP's first non-British
chief executive at the beginning of October, replacing Tony
Hayward, who is stepping down following criticism about the
way he handled the spill.
Read More:
http://www.nytimes.com/2010/07/28/business/global/28oil.html?emc=na
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