NORMAN — The timing of American Bob Dudley’s appointment as CEO of BP PLC couldn’t have been better. The announcement comes just as the oil giant capped the spewing well in the Gulf of Mexico and continued plans for its relief well to finish the job.
His first public comments were about cleaning up its mess in the Gulf and making good on BP’s promise to pay all legitimate claims.
Gone were the impatience and off-hand remarks that seemed to characterize his predecessor Tony Hayward.
BP is the largest producer of oil and gas in the United States. It has huge reserves which are being threatened. Congress is considering a proposal to block offshore drilling by companies with lax safety records. BP is among the industry’s worst.
The company has set aside $32 billion to cover the cleanup costs. It will have to sell some of its assets to ensure the cash reserves are available to pay claims.
Mr. Dudley has a daunting task ahead of him. His company’s value has dropped 36 percent and lost $68 billion in share value since the oil began leaking.
He has to please shareholders who have had their dividends terminated and make good on promises to clean up the Gulf.
