BP may restart its dividend payments early next year after choosing to suspend them in the aftermath of the explosion of its Deepwater Horizon rig in the Gulf of Mexico in April.
BP, which needs to raise funds to help clean up the worst oil spill in U.S. history, said Tuesday it will sell its operations in Colombia for $1.9 billion to Ecopetrol and the Canadian company Talisman. Ecopetrol is the largest oil company in Colombia.
BP's board appears to be saying yes. They're betting the American who has become the face of BP's Gulf Oil spill cleanup has the right stuff to not only end that nightmare but to lead an overhaul of BP's corporate culture to one that stresses safety as well profits.
Investors got an early jump on BP's earnings announcement, sending the stock about 4% higher in Monday in a positive reaction to the oil giant's anticipated ouster of CEO Tony Hayward in favor of Gulf cleanup czar Bob Dudley.
BP CEO Tony Hayward is negotiating the terms of his departure ahead of the oil company's results announcement, British media said Sunday. Citing unidentified sources, the BBC and Sunday Telegraph said detailed talks regarding Hayward's future had taken place over the weekend. The BBC said a formal announcement on Hayward's exit is expected in the next 24 hours; the Telegraph said it would be made in the next 48 hours.
Apple has hurriedly called a press conference Friday to discuss the iPhone 4's antenna problems. But Jobs & Co. may have a BP problem -- it urgently needs to address the phone's defect much more candidly and restore its customers' confidence.
When voices such as the Financial Times and Warren Buffett call for an overhaul of top management, including Chairman Svanberg and CEO Hayward, it's time to listen. BP won't regain investors' confidence until it does so.
Embattled BP CEO Tony Hayward traveled to Abu Dhabi to meet business partners, with rumors flying that the company is seeking to raise funds to help the company pay for the clean up operation in the Gulf of Mexico. Hayward arrived in the Emirati capital on Tuesday and plans to stay "a couple of days," company spokesman Andrew Gowers told the Associated Press. Gowers declined to comment on whether or not Hayward would be meeting with investment funds.