Wednesday, November 3, 2010

BP (NYSE:BP) CEO Says Won't Run from Deepwater Drilling Risk

Taking on a welcome more aggressive posture on behalf of BP (NYSE:BP) recently, CEO Bob Dudley said the company won't run from the risk associated with deepwater drilling, but will get better at managing it.

Dudley said in an interview in London, “Companies like BP, one of the roles they play in the industry is working in riskier areas. BP is now going to become incredibly focused on managing the risks, for example, of deep-water. It’s not going to shy away from the risk, it’s going to get even better at it.”

Dudley also said he's preparing a strategy update which will be revealed in February, and he warned it would be modest and more incremental, rather than radical and aggressive.

“The idea of coming out in February with a massive firework around strategic direction from BP may sound exciting, but it’s not quite realistic,” Dudley said. “You will likely see an immediate set of steps by BP, and further ones to come in 2011 and 2012.”

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