BP taps new American CEO, reports $17 billion loss
July 27th, 2010 . by TexasFredBP taps new American CEO, reports $17 billion loss
NEW ORLEANS (AP) - The American picked to lead oil giant BP as it struggles to restore its finances and oil spill-stained reputation pledged Tuesday that his company will remain committed to the Gulf region even after the busted well is sealed.
Robert Dudley will become BP PLC’ (BP)s first non-British chief executive, the company said as it reported a record quarterly $17 billion loss and set aside $32.2 billion to cover costs from the spill.
BP ended weeks of speculation by confirming that gaffe-prone Tony Hayward will step down Oct. 1. The London-based company is seeking to reassure both the public and investors that it is learning lessons from the April 20 oil rig explosion that killed 11 workers and set off the worst offshore spill in U.S. history.
“We are taking a hard look at ourselves, what we do and how we do it,” BP Chairman Carl-Henric Svanberg told investors during a webcast presentation on the company’s earnings. “What we learn will have implications for our ways of working, our strategy and our governance.”
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BP taps new American CEO, reports $17 billion loss
I have had a few things to say about BP and the Deepwater Horizon disaster, this being my most verbose offering, Workers on Doomed Rig Voiced Concern About Safety, but I have to tell you, I have no sympathy for BP or anyone connected to this travesty, especially the POTUS.
I bear more intense animosity towards Barack Hussein Obama over HIS words, and lack of deeds, than I do against BP CEO Tony Hayward for his stupid “I want my life back” remark.
I suggest you watch this video.
Oil Spill Timeline from RightChange on Vimeo
There is very little that BP can ever do to restore their credibility. There is absolutely nothing that Barack Hussein Obama can do to instill ANY level of confidence or credibility in his so-called, highly touted, but not yet exhibited leadership.
I detest people like James Carville, Keith Olbermann and Chris Matthews, they are left wing shills, that’s all they are and all they will ever be. So, that leads me to ask this; how damned bad is President Barack Hussein Obama when the likes of the aforementioned lefty shills are blasting him? We know they’re not doing it out of a sense of *Fair and Balanced* journalism.
And just when you think it can’t get ANY worse…
Oil spewing from well near Louisiana marsh
Adding insult to the Gulf’s injury, an oil platform hit by a tugboat early Tuesday is now spewing oil and natural gas near a Louisiana marsh area.
While there was no estimate of how much oil was gushing, officials said the mile-long slick it created was small compared with the Gulf spill.
The oil and gas is shooting up 100 feet into the air, officials said, as a private contractor was called in to try to cap the well.
While small in size, the spill weighed heavy on locals. “We cannot catch a break,” Deano Bonano, Jefferson Parish emergency management director, said in a note to parish officials.
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Oil spewing from well near La. marsh
The folks in Louisiana and the Gulf Coast need a break, but if this is true;
The tugboat captain told investigators the well was not lit as required, Coast Guard Capt. John Arenstam said.
Then the government, whether it be the State of Louisiana or the Federal government, needs to get actively involved in the implementation of safety and operational programs, as well as scheduled maintenance of all offshore wells. And enforcement must be stringent!
As much as I hate forced regulation, it’s quite apparent that the oil industry is not doing a very good job of policing itself.
Good video Fred. That alone should be enough to impeach the Muslim halfbreed jerk-ass. Never, have I seen a President shirk his duties as this bastard has. He’s a real smug-assed jerk.
I hope the son of a bitch gets lung cancer from smoking cigarettes then we’ll see how smug he can be. Was that nasty of me to say that? Why yes, I think it was, but I REALLY don’t give a shit.
Vigilante, there’s only one guy on the net that I know that’s a match for you, my buddy Basti!!
And I love BOTH of you guys like brothers…
BP needs its ass kicked. WTF is it doing in Alaska managing the pipeline (Badly it seems.)?
I can blame Barry O for this whole thing. It happened on his watch. HIS responsibility! Impeach the little shit now!
(Pardon my French.)
That video said it all right there! Great find! Barack Obama may not be to blame for the leak itself but he was almost criminally negligent in his response (or lack thereof) to it.
The nice thing about the pipe that was hit by the tug is that it can be fixed inside of a day easy. It’s not a mile below the surface. If they play the blame game again it’s just going to be another mess that will take weeks if not months for them to fix. The thing that has me curious is why was there no warning buoys or some kind of markers identifying the presents of this pipe. And then to add to the ignorance, but if we are so strapped for oil that we have to buy it from overseas; why is it we have these taps not being utilized and just sticking up out of the water for people to hit? Just my little rant for this morning. Crawling back under my rock.
Good video! However, Obama’s delayed response is part of his plan to fundamentally change this country. He wants to wreck the economy and along with it the oil business. This POS POTUS is pulling us into the abyss as quickly as he possibly can. We have more than enough oil in the continental US to meet our needs for hundreds of years. The problem is that drilling is banned because its located under federal lands or the marxist tree huggers keep bringing lawsuits to prevent drilling. Bottom line, the federal government is using oil and the perceived lack of it to tax and control the population of this nation. And the feds keep grabbing more land each year to prevent drilling from happening. Obama is also trying to destroy the coal industry for the same reasons. These clowns plan to shove so-called green energy up our rears so they can make their fortunes and create a power base. Beware this cap and tax bill; if it passes we’re screwed and are on our way to becomming a third world dung heap at the expense of the political class now in power. Can see full blown civil war should this come to pass. I see Nov 10 as our only chance to resolve things peacefully.
Fred a lot to comment on here. I was a drilling engineer for more than twenty years for independents and large companies both. I had the opportunity to speak to a risk management officer for TransOcean this last weekend who I have known for over 20 years. The Coast Guard and other work boats fighting the initial fire were instructed by TransOcean and Boots & Coots, to direct the water in to the central well bore, not into the rig. Without any organization or direction, the water went in all directions, but more to the point, the bulkheads, causing the rig to sink. That made the job of capping the well far more difficult. I understand your thoughts on regulating the oil & gas companies but consider this, they already are the most heavily taxed of all corporations in the US today. Their margins are 3-4% at best and they get no incentives for producing a product we need-like it not. They are the most demeaned and despised of all corporations because they are “big oil”. Minuteman is right on target-we have known for years that the government wants to nationalize the oil companies-he who controls the oil-will control the country.
txhillcountry — Taxed they may well be, regulated safety, enforced safety, those are, and always have been, issues that aren’t seriously addressed…
Profits before safety… That’s always been the way it went in the ‘patch’…