BP loses pound(s)11bn in just three months

BP loses pound(s)11bn in just three months

0 Comments | Evening Times; Glasgow (UK), Jul 27, 2010

Oil giant BP plunged into the red for the first time in 18 years today as it posted a massive loss of pound(s)11 billion.

The firm, which also confirmed the departure of chief executive Tony Hayward, posted the figure for the April-June period after the Gulf of Mexico oil spill.

BP is replacing Mr Hayward with American Bob Dudley and has also set aside pound(s)20.8bn to deal with the bill for the oil spill clean-up operation.

Mr Hayward leaves on October 1 with a pound(s)1 million pay-off – and an pound(s)11m pension pot.

A company shake-up will also see BP sell off up to pound(s)19.3bn of its assets.

* FULL STORY – PAGE 8