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BP sees higher Q1 upstream production
(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.
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Share Price:
510.40
Bid:
509.40
Ask:
509.50
Change:
-5.40 (-1.05%)
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Open:
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516.60
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Don't have an account? Click here to register.2nd UPDATE:Russia Says Hayward May Discuss A Successor In Moscow
Mon, 28th Jun 2010 14:22
(Rewrites, adds latest comment from Russian deputy prime minister.) By William Mauldin Of DOW JONES NEWSWIRES MOSCOW (Dow Jones)--Tony Hayward may discuss his replacement as chief executive of BP PLC (BP) at a meeting Monday with Russian Deputy Prime Minister Igor Sechin, Moscow officials said. BP said that Hayward is not leaving his post. Sechin indicated that "there has been talk about the possible retirement of Tony Hayward, and it is possible that he will give the name of his successor" at a meeting Monday at the headquarters of Russian state oil champion OAO Rosneft, according to a government aide who was elaborating on earlier comments from the deputy prime minister. The aide requested anonymity. A BP spokeswoman in London said Hayward remains chief executive and the BP board of directors isn't discussing his removal or replacement. To add to its war chest to cover costs from the Gulf of Mexico disaster, BP has picked up $2 billion in cash borrowed against its stake state-controlled Rosneft and other assets and has arranged more than $3 billion in new unsecured bank credit lines in the past week, The Wall Street Journal reported. That strategic Rosneft (ROSN.RS) stake will be the focus of Hayward's meeting with officials in Moscow, Prime Minister Vladimir Putin's office said Monday. Sechin, who oversees Moscow's energy policy, is also the chairman of Rosneft. BP's international problems are "not the agenda for us, since what's actually important is the stake in Rosneft and general long-term cooperation with the company," Putin spokesman Dmitry Peskov said by telephone. BP's big joint venture in Russia, TNK-BP International (TNBP.RS) is a "corporate issue" and won't be the focus of the Moscow meetings, Peskov said. TNK-BP said Monday it isn't considering any changes to its $4.4 billion capital expenditure plans for 2010, despite BP's bill for the oil leak. The U.K. embassy in Moscow had no immediate comment on the BP visit. -By William Mauldin, Dow Jones Newswires; +7 495 232-9192; william.mauldin@dowjones.com (END) Dow Jones Newswires June 28, 2010 09:22 ET (13:22 GMT)
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