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Cramer: What keeps BP chief up at night?

In candid comments made on "Mad Money," BP CEO Bob Dudley revealed what keeps him up at night.

The issue surfaced as Dudley and Jim Cramer talked about Russia and the new phase of sanctions targeting Russia's energy sector, which includes restrictions on equipment used by oil companies.

Although other multinationals do business in Russia, the sanctions are of particular concern to BP because it's the biggest foreign investor in Russia with a near 20 percent stake in Russia's biggest oil company, Rosneft. In earlier reports, the company noted that its business could be hurt.




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"Any future erosion of our relationship with Rosneft, or the impact of further economic sanctions, could adversely impact our business and strategic objectives in Russia, the level of our income, production and reserves, our investment in Rosneft and our reputation," BP said in a statement.

On "Mad Money" Dudley added, "I haven't spoken to Putin lately. And I haven't spoken to Rosneft lately."

However, Dudley was also quick to add, the relationship remains good. "We're a long-term business, and we are making decisions based on 30, 40 even 50 years out."

"We will abide by any sanction. But if you asked me what keeps me up at night, it's not Russia," Dudley said. "It's operating safely and reliably every day and getting fair and reasonable resolutions in the Gulf."

That may not be surprising to investors. Cramer noted that the oil and gas business is basically all about making bets and Russia was simply one of those bets.

"That's right. That's part of oil and gas. We work in parts of the world that many people wouldn't go to. But we haven't missed a day of production in Eqypt. And we're in Iraq. We haven't missed a day of production in Iraq. Risk is just part of the oil and gas business," Dudley said.

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Looking at BP as an investment, Cramer has often said he's a fan of the company. In part, his outlook is due to BP's growth in the Gulf of Mexico, after the spill.

"We keep spending there. We were generating a 150,000 barrels a day last year. It's 250,000 this year. And two new projects are coming in. We're very bullish on the Gulf of Mexico and committed to doing business in the U.S.," Dudley said.

"I think you're doing it right," Cramer said. "BP is a big turnaround story. It reported some strong numbers on Tuesday. And the stock generates a bountiful 4.4 percent yield."

(Click for video of this Mad Money segment)

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