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BP is one of the world's largest oil and gas companies with operations in more than 100 countries across six continents. The company's main businesses are exploration and production of oil and gas; refining, manufacturing and marketing of oil products and petrochemicals; transportation and marketing of natural gas; and BP Alternative Energy, a growing business in renewable and low-carbon power and next generation energy technologies.
BP shares up on news of CEO's departure
Shares in BP (LON:BP) rose almost 3 per cent in early trade as the oil major began to lay the groundwork for the departure of gaffe prone boss Tony Hayward.
He is quitting the company amid bitter recriminations over his role at the centre of America’s worst ever environmental disaster.
Bowing to pressure on both sides of the Atlantic, Hayward is almost certain to be replaced by American Bob Dudley, who was recently appointed to oversee efforts to cap the Deepwater Horizon well and clean up efforts in the Gulf of Mexico.
No details so far have been revealed of what is likely to be a multi-million pound pay-off for the departing BP chief executive.
A board meeting has been called for this evening to formally ratify Hayward’s departure terms and his exit will be officially confirmed tomorrow.
"Any decisions will be announced as appropriate," BP added in a statement issued to the stock exchange this morning.
But expectation that Hayward will leave the business helped the oil giant's shares jump 10.3p to 408.9p – a gain of almost £2 billion.
Hayward’s three months in charge of the disaster relief effort has been a seems to have been characterised by a series of PR blunders as BP struggled and failed to get the leaking well under control.
In the days after the horrific explosion on the oil rig, which killed 11, he called the spill "tiny" and said he "wanted to get his life back" as the crisis deepened.
The comments riled an already under pressure Barack Obama and set the scene for an uncomfortable Congressional grilling.
The move to cut Hayward adrift is seen by BP as the only way to rebuild the company's shattered reputation in the US.
The group, which has been the subject of takeover and liquidation speculation, was hoping to keep Hayward for as long as possible in an attempt to ensure one man took all the flak should a spate of investigations into the accident find BP seriously to blame. But it has realised in recent days that this is impossible.
