The biggest challenge for Dudley is going to be reconfiguring the company culture toward rigorous accountability. Going forward, corporate social responsibility (CSR) will have a new found meaning at BP.
Citing what a busy day it was, a meeting facilitator explained to investors and analysts that “Carl-Henric has other commitments he must fulfill” and that “unfortunately, he has to leave us now.” Mr. Svanberg had taken just four questions from callers.
With the gush of oil apparently stopped in the Gulf of Mexico, BP will now focus on repairing its image and fixing the battered coastline, new company CEO Robert Dudley told CNBC.
Only one permit for shallow offshore drilling has been issued since June 18, effectively leading to an "unofficial mortatorium," Hercules Offshore CEO John Rynd said on CNBC Monday morning.
For those in Congress who insist they are guided by the Almighty, would they not want to alleviate the suffering caused around the world by climate change, massive oil spills and oil wars?
"I'm hearing from them constantly." That's what Kenneth Feinberg, the administrator of a $20 billion oil spill compensation fund, told members of Congress. Them? Real estate agents and brokers. "They make a credible argument," he adds.
The federal government's spill chief said a relief tunnel should finally reach BP's broken Gulf of Mexico well by the weekend, meaning the three-month-old gusher could be snuffed for good within two weeks.
Two years after gasoline prices hit a record high of more than $4 a gallon, light trucks, SUVs and crossovers are popular again. "The further we get past the gas crisis, the less people remember it,” says one industry analyst.
The US ban on offshore drilling could have long-term consequences on oil prices, Nobuo Tanaka, executive director of the International Energy Agency, told CNBC Monday, on the eve of the three-month anniversary of the BP Gulf of Mexico oil spill that led to the moratorium.
The administrator of a $20 billion Gulf oil spill compensation fund says fishermen and others with lost income claims would be "crazy" to bypass the fund and take their chances in court.
Many have dubbed the Gulf oil spill as the worst environmental disaster in American history. In my view, it’s not even close. Here are the 10 worst ones.
It’s no secret that bond funds are where the action has been over the past year, with most new fund money going their way. What is a secret—or at least something that never gets discussed—is the cost of investing in bond funds.
BP finally gained control over one of America's biggest environmental catastrophes by placing a carefully fitted cap over a runaway geyser that has been gushing crude into the Gulf of Mexico since early spring, though no one was declaring victory just yet.
BP shares surged at the open Friday after the company said a tightly fitted cap was successfully keeping oil from gushing into the Gulf of Mexico.
BP and Apache are closing in on a deal. Apache's financing for the deal is key. Bankers tell me the company is seeking a bridge loan between $6 and $7 billion for the purchase.
BP started shutting off the flow of oil through a new cap on its gushing Gulf of Mexico oil well Wednesday, possibly coming within hours of stopping the gusher for the first time since April.
In pursuit of growth and profits, BP has taken monumental risks and suffered the consequences. But its record shows that it has been unable or unwilling to learn from its expensive mistakes. The NYT reports.
The President and CEO of Diamond Offshore, Larry Dickerson, said, "With new contracting severely restricted in the Gulf of Mexico as a result of the uncertainties surrounding the offshore drilling moratorium, we are actively seeking international opportunities to keep our rigs fully employed."
Here's what analysts and others say they're watching before the bell Tuesday.
Apache has a reputation of grabbing mature assets on the cheap and squeezing substantial value out of them. There is a distinct possibility that the reported $10-plus billion asset sale could include BP's Alaska operations.