Friday, October 1, 2010

BP's (NYSE:BP) Dudley Doesn't See "Gross Negligence" Over Oil Spill

Newly crowned BP (NYSE:BP) chief executive officer Bob Dudley said he doesn't believe the US Justice Department will end up accusing the company of being grossly negligent in the Gulf of Mexico oil spill.

That decision will be among the largest factors in financial liability relating to the spill.

If they were to be found in gross negligence, it would cost them billions of dollars more, not only in direct fines, but in civil liabilities as well.

It would probably end up with criminal charges against those responsible if that was the ruling.

Dudley said to the Houston Chronicle, "We don't believe we have been grossly negligent in anything we've seen in any of the investigations."

Tony Hayward stepped down yesterday as BP CEO and is a board member of the joint venture TNK-BP.

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