BP plc Shares Up 5% On Loss And Dudley CEO Appointment

Investing

Published: July 27, 2010 3:31 am

Last Updated: July 27, 2010 5:18 am

BP plc (NYSE: BP) shares gained as the company reported a loss for last quarter and appointed Bob Dudley as CEO.

The UK-based firm reported a $17.2 billion loss and took $32.2 billion in charges linked to its costs from the Gulf of Mexico spill.The loss compared to a profit of $4.39 billion earned in the year-earlier period. The $32.2 billion pre-tax charge includes $2.9 billion already spent on containment and clean-up efforts in the period to June 30 and the $20 billion escrow compensation fund.BP plans to sell $30 billion in assets to cover extraordinary costs. It has already announced the sale of $7 billion in assets to Apache (NYSE: APA).

Cash flow was almost $9 billion before Gulf charges.

The board said it was “deeply saddened” by Hayward’s resignation. Not likely. Bob Dudley will take the job on October 1. It is hardly an end to the fiasco in the Gulf which could go on for years and costs tens of billions of dollars.

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