BP America

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BP to sell some refineries; not Whiting

From Bloomberg News | BP expects to fetch at least $4.4 billion from selling half of its crude refining capacity in the U.S. and some retail assets as it raises cash to pay for last year’s Gulf of Mexico oil spill. The company plans to focus on refining and marketing networks in the country based around its Whiting, Indiana, and Cherry Point, Washington, refineries.

BP may still drill in Gulf reservoir that blew

BP  said Friday it might someday drill again into the same lucrative undersea pocket of oil that spilled millions of gallons of crude, wrecked livelihoods and fouled beaches along the Gulf of Mexico. “There’s lots of oil and gas here,” Chief Operating Officer Doug Suttles said at a news briefing. “We’re going to have to think about what to do with that at some point.”

BP stock gains ground, but major resistance looms

Shares in BP rose 1.2 percent in London on Friday, taking their bounce since the near 14-year low in June to 45 percent, lifted by the group’s latest progress in plugging the ruptured oil well in the Gulf of Mexico. Get the full story »

BP replaces CEO Hayward, reports record loss

Demonstrators hang signs on a fence they have used to barricade a BP station in London, July 27, 2010. (AFP/Getty Images)

BP’s embattled Chief Executive Officer Tony Hayward will be replaced by American Robert Dudley on Oct. 1, the company said Tuesday, as it reported a record quarterly loss and set aside $32.2 billion to cover the costs of the devastating Gulf of Mexico oil spill.

BP said the decision to replace Hayward, 53, with the company’s first ever non-British CEO was made by mutual agreement. In a mark of faith in its outgoing leader, BP said it planned to recommend him for a non-executive position at its Russian joint venture and will pay him 1.045 million pounds ($1.6 million), a year’s salary, instead of the year’s notice he was entitled to.

“The BP board is deeply saddened to lose a CEO whose success over some three years in driving the performance of the company was so widely and deservedly admired,” BP Chairman Carl-Henric Svanberg said in a statement accompanying the quarterly earnings update. Get the full story »

BP push for Mideast investors may be issue in U.S.

BP’s recent attempts to get Middle Eastern investors to help plug the leak in its blown-out balance sheet could cause more problems for the embattled British oil company. Increased investments in BP from the Middle East could trigger reviews in Washington, given the company’s U.S. subsidiary, BP America, which drills for oil and natural gas through government leases and sells gasoline and other products to consumers and businesses.