BP chief executive says he won't quit over Gulf of Mexico oil spill, company will recover

"Published June 06, 2010

"LONDON (AP) — BP PLC chief executive
Tony Hayward said Sunday he won't step down over the Gulf of Mexico oil spill, and predicted his company will recover from the disaster.

Hayward told BBC television's "Andrew Marr Show" that he would not quit, and he had the "absolute intentin of seeing this through to the end."

and later in the article:

""When those two are in place, we would very much hope to be containing the vast majority of the oil," Hayward said. He said the new containment operation is designed to "be essentially hurricane proof."
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Did he have to say the words "essentially hurricane proof" ?..Talk about tempting fate..... I sure hope he's right about this because we are in the hurricane season, and things haven't exactly been going well.
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And concludes:

"BP is a very strong company, its operations today are running extremely well. It's generating a lot of cash flow, it has a very strong balance sheet. Our reputation has been based on thousands of people, over a long period of time, in BP doing the right thing, and were are doing everything we can to do the right thing," he said.

Hayward declined to say whether it would pay a dividend to shareholders scheduled to be paid at the end of July, insisting the decision would be taken by BP's board at the end of next month.

"We have to take care of our Gulf Coast stakeholders. We have to take care of our investors. We have to take care of our employees, our retirees. We're going to take care of all of our stakeholders," he said."

Source: www.foxnews.com...









[edit on 6-6-2010 by manta78]

I'll tell you this from personal, first-hand experience with BP....

If it turns out that disaster was because of BP's management decisions and not TransOceans...Tony will be GONE.

It works like this in the oil industry: if a deck hand on a tanker screws up -- it's the Captains fault. Accountability with this company is seriously major.

If someone at mid to high level management within BP willingly took risks, it isn't just their stones on the campfire -- it'll go all the way to the top.

This won't bankrupt BP -- but the company will never be the same. BP hasn't followed Exxon's model (which is pretty smart).

Exxon does not get into operating -- they are simply a supplier and seller that owns intrest in oil producing areas...they rely on companies like BP to operate/sub-contract out the work.

For Exxon, it means less immediate cash-flow ... but in the end it's safer, the liabilities go to the operators. BP, however, choose to go for the fast/big money by being oil drilling operators.

*shakes finger*

BP should have looked to their big brother Exxon as a business model. Exxon totally was able to shaft the people of Alaska after it's spill...

reply to post by MystikMushroom


Yes I think you are probably right regarding Tony. I did find it ironic however since you mentioned Exxon, to learn that BP was responsible, at least in the beginning, for the botched Exxon Valdez spill cleanup as per various news sources, and that now, more than 20 years later, Alaskans are still dealing with residual problems from that spill.




[edit on 6-6-2010 by manta78]