BP names new CEO, posts record loss
Top story: BP named Robert Dudley its new CEO on Tuesday. The decision makes Dudley, a Hattiesburg, Mississippi native, the first non-British chief executive in the oil giant's history. He will replace Tony Hayward, who was widely criticized for his handling of the oil spill in the Gulf of Mexico. BP executives and investors are hoping that Dudley can rebuild the company's reputation in the United States, where roughly one-third of BP's business interests are based.
Dudley had previously worked for U.S. oil company Amoco, which was purchased by BP in 1998. He managed BP's TNK-BP joint venture in Moscow, but the partnership ended in a dispute after Dudley clashed with the firm's Russian partners. He was eventually denied a visa to enter Russia.
BP also reported a record $17 billion loss in the second financial quarter, after accepting a $32.2 charge for covering the costs associated with the oil spill. That includes a $20 billion escrow fund that the company established, after meeting with U.S. President Barack Obama, to resolve the claims of Gulf residents whose livelihoods have been affected by the spill. To cover these losses, BP plans to sell $30 billion in assets over the next 18 months.
Body of U.S. sailor found: One of two U.S. sailors missing in Afghanistan has been found dead, a NATO spokesman confirmed on Tuesday. The two service members were last seen driving an armored sports utility vehicle into the eastern province of Logar, which is considered a Taliban stronghold. The Taliban claimed to have killed one of the soldiers in a firefight, and captured the other.
Dudley had previously worked for U.S. oil company Amoco, which was purchased by BP in 1998. He managed BP's TNK-BP joint venture in Moscow, but the partnership ended in a dispute after Dudley clashed with the firm's Russian partners. He was eventually denied a visa to enter Russia.
BP also reported a record $17 billion loss in the second financial quarter, after accepting a $32.2 charge for covering the costs associated with the oil spill. That includes a $20 billion escrow fund that the company established, after meeting with U.S. President Barack Obama, to resolve the claims of Gulf residents whose livelihoods have been affected by the spill. To cover these losses, BP plans to sell $30 billion in assets over the next 18 months.
Body of U.S. sailor found: One of two U.S. sailors missing in Afghanistan has been found dead, a NATO spokesman confirmed on Tuesday. The two service members were last seen driving an armored sports utility vehicle into the eastern province of Logar, which is considered a Taliban stronghold. The Taliban claimed to have killed one of the soldiers in a firefight, and captured the other.
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