BP STANDS UP AFTER THE HISTORIC SPILL IN THE GULF OF MEXICO IN 2010

The British company is at its best since the accident caused fines and fined millions.

After being on the verge of collapse due to the environmental disaster of the Gulf of Mexico in 2010 and after three years of collapse in oil prices, BP CEO Bob Dudley has barely relaxed.

“It does not look like we’re in a quiet time for an energy company,” Dudley said in an interview. Currently, BP is stronger than any time after the accident of the Deepwater Horizon platform in 2010.

With oil prices at their highest level since the end of 2014 and BP shares back to levels not seen in more than 8 years, the British oil company is again in a position to contemplate an increase in the dividend and acquisitions, said Dudley.

Sitting in his office at the London headquarters of BP in St. James Square, Dudley, 62, said he intends to continue leading the company until 2020 and lead it through a phase of expansion and new uncertainties after taking the baton for eight tumultuous years.

The oil and gas sector wants to remain relevant at a time when economies are struggling against climate change by reducing their dependence on fossil fuels, which are one of the main sources of greenhouse gas emissions.

The century-old company is experiencing the fastest growth in its recent history with new oil and gas fields ranging from Egypt and Oman to the Gulf of Mexico in the United States, rising to the wave of higher oil prices after the collapse of oil prices. 2014.

Gradually, it continues paying more than 65,000 million dollars in fines and cleaning costs for the accident of the Deepwater Horizon platform in which 10 of its employees died.

On the danger of bankruptcy of the company in that delicate moment of its 110 years of history, Dudley said: “The worst moment was when I heard that our debt was not negotiable in the summer of 2010 (…) For me, it was a moment in which the unthinkable was possible. ”

Dudley says he no longer sees BP as an acquisition target after years of rumours about its possible purchase.

The company is focused on increasing production and cash flows while reducing its huge debt, after which it will consider improving shareholder remuneration, Dudley said, adding that “we are not at that point yet.” But there are also long-term challenges.

Bob Dudley, CEO of the British oil company, says he intends to remain in office until 2020 at least.

Investors are increasingly pressuring energy companies to find ways to adapt to the energy transition, and Dudley seeks a balance between reducing BP’s large carbon footprint and maintaining revenue.

“This is the great dual challenge facing the industry and BP: how to deliver global energy on multiple fronts of population growth and do so with fewer emissions,” said Dudley, who was named the head of BP months after the spill. The Gulf of Mexico in April 2010.

 

Source: Expansion MX