BP's Gulf costs touch US$2.7b but denies Hayward quitting
By Michael Kunzelman and Vladimir Isachenkov |
June 29, 2010, Tuesday
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Print Edition
Print Edition
BP'S mounting costs for capping and cleaning up the Gulf of Mexico spill have reached US$2.7 billion, the oil giant said yesterday, but the company denied reports out of Russia that CEO Tony Hayward is resigning.
The company's expenses climbed US$100 million per day over the weekend, according to an SEC filing yesterday, as engineers eyed a tropical storm heading toward Mexico that was expected to miss the oil spill area but could still generate disruptive waves and winds.
It was a rocky start to the week after BP Plc stock fall 6 percent on Friday in New York to a 14-year low. BP has lost more than US$100 billion in market value since the deep-water drilling platform it was operating blew up on April 20, killing 11 workers and starting the massive leak that has fouled the coastline in four states.
British-based BP rushed to deny the report by Russia's state RIA Novosti news agency that a senior Russian Cabinet official had said Hayward was expected to resign as chief executive.
It quoted Deputy Prime Minister Igor Sechin, who was set to meet Hayward yesterday, as saying that Hayward would introduce his successor.
"Hayward is leaving his post, he will introduce his successor," Sechin was quoted as saying by RIA Novosti.
BP spokeswoman Carolyn Copland in London said the report "is definitely not correct." Sheila Williams, also in London, said: "Tony Hayward remains chief executive."
"They are mistaken," United States-based BP spokesman Mark Proegler said of the Russian report.
Hayward was to assure Russian officials of BP's viability and discuss issues related to Russian joint venture TNK-BP, which accounts for about a quarter of BP's reserves and production.
Moscow-based oil analyst Konstantin Cherepanov from the Swiss investment bank UBS said he gave little credence to reports of Hayward's resignation.
"I'm sure there has been a misunderstanding. Hayward's resignation at this time and in this place lacks logic," he said.
"It would make sense that Hayward would finish his job tackling with the oil spill and step down afterwards so that the new CEO wouldn't have his burden on his shoulders."
In a filing yesterday to US securities regulators, BP said the cost of its response to the Gulf of Mexico oil spill had reached about US$2.7 billion, up from US$2.35 billion as of Friday.
The company's expenses climbed US$100 million per day over the weekend, according to an SEC filing yesterday, as engineers eyed a tropical storm heading toward Mexico that was expected to miss the oil spill area but could still generate disruptive waves and winds.
It was a rocky start to the week after BP Plc stock fall 6 percent on Friday in New York to a 14-year low. BP has lost more than US$100 billion in market value since the deep-water drilling platform it was operating blew up on April 20, killing 11 workers and starting the massive leak that has fouled the coastline in four states.
British-based BP rushed to deny the report by Russia's state RIA Novosti news agency that a senior Russian Cabinet official had said Hayward was expected to resign as chief executive.
It quoted Deputy Prime Minister Igor Sechin, who was set to meet Hayward yesterday, as saying that Hayward would introduce his successor.
"Hayward is leaving his post, he will introduce his successor," Sechin was quoted as saying by RIA Novosti.
BP spokeswoman Carolyn Copland in London said the report "is definitely not correct." Sheila Williams, also in London, said: "Tony Hayward remains chief executive."
"They are mistaken," United States-based BP spokesman Mark Proegler said of the Russian report.
Hayward was to assure Russian officials of BP's viability and discuss issues related to Russian joint venture TNK-BP, which accounts for about a quarter of BP's reserves and production.
Moscow-based oil analyst Konstantin Cherepanov from the Swiss investment bank UBS said he gave little credence to reports of Hayward's resignation.
"I'm sure there has been a misunderstanding. Hayward's resignation at this time and in this place lacks logic," he said.
"It would make sense that Hayward would finish his job tackling with the oil spill and step down afterwards so that the new CEO wouldn't have his burden on his shoulders."
In a filing yesterday to US securities regulators, BP said the cost of its response to the Gulf of Mexico oil spill had reached about US$2.7 billion, up from US$2.35 billion as of Friday.
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