With Robert Dudley as BP’s new CEO, the company plans a much needed face-lift.

• BP’s CEO has just been replaced (from Tony Hayward to Robert Dudley).
• BP plans to pay $32.2 billion for the oil spill but may face later fines if found negligent over the spill.
• Looking forward, BP promises to be more focused on safety and reliability.
• Dudley encourages the entire global oil and gas industry to rethink its safety systems and equipment used in deep water.

Facts & Figures

• The oil spill wiped out almost 40% of BP’s market value.
• BP reported a 2nd quarter loss of $17.12 billion.
• BP is assuming that it won’t be found guilty of gross negligence.

Best Quote

“Mr. Dudley is not a new broom. As an insider, one wonders if he has the appetite to push for radical change at BP.” -Ivor Pether, Fund Manager, Royal London Asset Management