logo-loader
viewBP PLC

BP boss Bob Dudley eyes exit within a year - report

American-born Dudley was appointed chief executive in the wake of the Deepwater Horizon oil spill in 2010

BP PLC chief exec Bob Dudley
Bob Dudley, BP chief executive

BP PLC (LON:BP.) boss Bob Dudley could be replaced with a year by exploration and production chief Bernard Looney, according to weekend reports.

American-born Dudley, who was appointed chief executive in the wake of the Deepwater Horizon oil spill in the Gulf of Mexico in 2010, could leave the role by this time next year, Sky News reported.

READ: Deepwater Horizon is still costing BP billions every year, but its colossal cash generation means it doesn’t really matter

Irishman Looney, who has run the FTSE 100 group’s Upstream business for as long as Dudley has been CEO, is commonly thought of as the most likely new internal candidate for CEO, along with chief financial officer Brian Gilvary.

Dudley, who was previously in charge of the oil behemoth’s Russian unit, took the reins at BP from Tony Hayward shortly after the Gulf of Mexico disaster, which has cost BP around US$70bn in fines, legal bills, compensation and clean-up costs.

In dealing with the Deepwater Horizon fallout he has sold assets and moved into new markets, while managing to continue paying a dividend for all but a few months.

Recent deals have included snapping up BHP's acquiring petroleum assets for US$10.5bn and selling its Alaska operations to Hilcorp Energy for $5.6bn.

Quick facts: BP PLC

Price: 508.9 GBX

LSE:BP.
Market: LSE
Market Cap: £103.41 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Stobart Group PLC reports ' strong strategic and operational first-half...

Stobart Group (LON:STOB) CEO Warwick Brady and CFO Lewis Girdwood highlight what they believe to be the 'significant growth potential' within its aviation division and in particular at London Southend airport. Passenger numbers at the airport increased by 41.8% to 1.2 million in the six...

6 hours, 59 minutes ago

RNS

Transaction in Own Shares

4 hours, 45 minutes ago

Transaction in Own Shares

1 day, 4 hours ago

Transaction in Own Shares

2 days, 4 hours ago

Directorate Change

2 days, 11 hours ago

Director/PDMR Shareholding

3 days, 5 hours ago

Transaction in Own Shares

3 days, 5 hours ago

2 min read