BP plc Shares Up 5% On Loss And Dudley CEO Appointment

By Douglas A. McIntyre Updated Jul 27, 5:18AM EDT · Published Jul 27, 3:31AM EDT

BP plc (NYSE: BP) shares gained as the company reported a loss for last quarter and appointed Bob Dudley as CEO.

The UK-based firm reported a $17.2 billion loss and took $32.2 billion in charges linked to its costs from the Gulf of Mexico spill.The loss compared to a profit of $4.39 billion earned in the year-earlier period. The $32.2 billion pre-tax charge includes $2.9 billion already spent on containment and clean-up efforts in the period to June 30 and the $20 billion escrow compensation fund.BP plans to sell $30 billion in assets to cover extraordinary costs. It has already announced the sale of $7 billion in assets to Apache (NYSE: APA).

Cash flow was almost $9 billion before Gulf charges.

The board said it was “deeply saddened” by Hayward’s resignation. Not likely. Bob Dudley will take the job on October 1. It is hardly an end to the fiasco in the Gulf which could go on for years and costs tens of billions of dollars.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.