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This Is the Year of Consolidation for BP: CEO

This year is one in which BP consolidates and gets its strength back, chief executive Bob Dudley told CNBC after disappointing results that sent its share price lower on Tuesday.

Bob Dudley, the Executive Director of BP, arrives at their headquarters in St James's Square on July 26, 2010 in London, England.
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Bob Dudley, the Executive Director of BP, arrives at their headquarters in St James's Square on July 26, 2010 in London, England.

"It was only a year ago that the oil was flowing into the Gulf of Mexico, the second quarter last year we had a loss of $17 billion. We've stabilised the company, the balance sheet, announcing large divestments those are the things we need to do," Dudley told CNBC in an interview.

BP announced second - quarter profits of $5.6 billion Tuesday – up 13 percent over the same period last year, but amid rising oil prices - as the full impact of last year's Deepwater Horizon accident took effect.

The Company had problems earlier this year when its Russian partners in the TNK-BP joint venture vetoed a deal between the company and state-owned Rosneft.

"This is a year of consolidation, rebuilding the balance sheet, getting the strength back into the company, getting our assets working as we head into next year. We've been clear about what our priorities are. Firstly to make sure we have risk management and safety brought back into the heart of the company. Secondly, rebuilding trust in the company in the States and globally and rebuilding value for the shareholders " Dudley said.

He added that the company was considering a number of options strategically and that it was in good shape to handle the rest of the year.

"For 2011 we are absolutely about getting BP back on its feet, remember where we were a year ago," Dudley said.

Investors have turned their attention to the long - term strategy of the business and Dudley defended the company's reputation in light of the failed Rosneft deal.

"Sometimes you pursue but it doesn't work, you shouldn't pursue things at any cost.
We've got lots of activity going on around the world but in terms of BP and laying down the future it's been a very good year," he said.

Dudley added the company was making good progress on its program of divestments.

"We've announced $25 billion of divestments in properties around the world and we will continue to actively manage our portfolio going forward. We've also announced the sale of 50 percent of our North American refinery operations. This is part of strategy and you will see us carefully work through that."