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* Bob Dudley has said he wants to retire at 65, or 2020
* BP discussed retirement plan at board meeting last week
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By Ron Bousso
LONDON, Sept 30 (Reuters) - BP Chief Executive
Officer Bob Dudley is drawing up plans to step down next year,
ending a tumultuous decade at the helm of the oil and gas
company that swung from near collapse in 2010 to rapid growth
today, sources close to the company said on Monday.
BP's first American CEO has indicated several times in
closed discussions in recent years that he would like to retire
at the age of 65, taking him into 2020.
His retirement plans were discussed at BP's board meeting in
the United States last week, but no final date has been decided,
according to the sources.
A BP spokesman declined to comment.
Sky News reported on Saturday that Dudley plans to step down
within a year and that an announcement could be made by the end
of 2019.
Preparations for his departure were accelerated after Helge
Lund became BP chairman in January 2019 with a mandate to
oversee succession plans.
There has still been no decision on a successor, the sources
said.
Chief Financial Officer Brian Gilvary and Bernard Looney,
head of oil and gas production, are seen as leading candidates,
sources have previously told Reuters.
Dudley became CEO after his predecessor Tony Hayward stepped
down in the wake of the April 2010 Deepwater Horizon disaster in
the Gulf of Mexico that left 11 rig workers dead and led to the
largest oil spill in U.S. history.
He has since had to navigate near bankruptcy, a vast asset
disposal to pay for over $60 billion in litigation and clean-up
costs followed by a landmark settlement with U.S. authorities.
A collapse in oil prices in 2014 also forced the entire
industry into deep cuts.
After steadying the ship following the 2017 spill
settlement, Dudley oversaw a recovery in the company's
operations and a rapid expansion of its production, including a
$10.5 billion acquisition of U.S. shale assets, its largest such
deal in 30 years.
He has also overseen BP's efforts to address growing
investor pressure to meet targets under the 2015 Paris Climate
Agreement to fight climate change by investing in renewable
energy and reducing BP's carbon emissions.
Dudley has enjoyed overwhelming support from investors at
BP's annual general meetings, however a majority of shareholders
opposed his 2016 pay package, forcing the company to slash it by
40%.
(Reporting by Ron Bousso; editing by Keith Weir and Jason
Neely)
