With its reputation in tatters and costs continuing to escalate, BP plc last week launched a radical revamp, moving aside its CEO and shaking up its operations with plans to sell close to $30 billion worth of its worldwide assets.
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BP to Sell $30B in Assets, Take $32.2B Charge
With its reputation in tatters and costs continuing to escalate, BP plc on Tuesday announced a radical shakeup that will bring in new leadership and lead to divestments to make the company leaner. The expected asset sales, scheduled to be completed over the next 18 months, could result in the loss of 8% of BP’s total natural gas and oil production worldwide, which still would put the company ahead of Royal Dutch Shell plc.
July 28, 2010
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