More Troubles for BP (BP) as it reports $17.2 Bln loss

July 27, 2010, 7:29 AM

Oil spill giant BP PLC (NYSE: BP) reported a$17.2 billion quarterly loss, compared to a $4.39 Billion earning in the previous same period last year.

The company has also announced Robert Duley as the new CEO, replacing Tony Hayward.  The new CEO will take over starting Oct 1st.

Dudley has adamantly defended BP’s actions since the explosion. The company has pledged $20 billion to a cleanup and damages account, and declared on Tuesday that it has set aside $32.2 billion to cover the costs of the Gulf of Mexico oil spill.

British Petrolium is the largest producer of oil and gas in the United States, home to 40 percent of the company’s assets and responsible for one-third of its worldwide oil and gas reserves. It has huge interests in Alaska and the Gulf, with vast tracts yet to be developed.

BP p.l.c. provides fuel for transportation, energy for heat and light, retail services, and petrochemicals products. The company operates through two segments: Exploration and Production, and Refining and Marketing.

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Tags: bp, bp oil spill, british petrolium