Citigroup Inc. (NYSE:C) analyst Mark C. Fletcher said in a note today that last week, incoming BP (NYSE:BP) CEO Robert Dudley said in a meeting last week that the $20 billion set aside to meet claims against the company may be more than is needed.
Fletcher cited Dudley as saying the $20 billion probably exceeds what will have to be paid out.
Concerning the overall cost of the Gulf of Mexico oil spill, Dudley added the $32 billion estimated should be very close to the actual amount of liability faced by the company.
It is also thought the announced assets to be sold will be the parameters for the company, and there probably won't be a need to sell more than those already in play.
Unless there are new developments, the company also should remain intact and not have to be broken up to pay for liabilities.
Claims from states, which aren't included in the $20 billion fund, shouldn't be too high, said Fletcher, which has been confirmed by some claims already submitted to the company.
A spokesman from BP said he wasn't able to confirm Dudley's statements.
Showing posts with label Robert Dudley. Show all posts
Showing posts with label Robert Dudley. Show all posts
Monday, September 13, 2010
Wednesday, July 21, 2010
Dudley Replacing Hayward as BP (NYSE:BP) Chief
Tony Hayward, Chief Executive Officer is expected to step down from his position with BP (NYSE:BP) within the next two weeks, according to an anonymous source. The person most likely to replace him is Robert Dudley. The announcement of Hayward's successor isn't expected until August or September.
The leadership change is part of BP's strategy to rebuild their image, company, and reputation. Part of this process is raising money for the $20 billion fund by selling off some of their oil fields. The money raised will be used to compensate those in the Gulf Coast region. BP is making good strides in that direction with the agreement with Apache to sell $7 billion of their assets in North America and Egypt.
Hayward has gotten much criticism over public relation blunders. On May 30th he stated, I want my "life back." He took the job in 2007, promising a "laser like focus" on safety while boosting output and reducing expenses.
The leadership change is part of BP's strategy to rebuild their image, company, and reputation. Part of this process is raising money for the $20 billion fund by selling off some of their oil fields. The money raised will be used to compensate those in the Gulf Coast region. BP is making good strides in that direction with the agreement with Apache to sell $7 billion of their assets in North America and Egypt.
Hayward has gotten much criticism over public relation blunders. On May 30th he stated, I want my "life back." He took the job in 2007, promising a "laser like focus" on safety while boosting output and reducing expenses.
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