March 24, 2017

Tony Hayward Testifies in UK

Outgoing BP CEO Tony Hayward will testify before members of British Parliament today. The UK’s Energy and Climate Change Committee will question Hayward about the Gulf of Mexico oil spill as a result of BP seeking a new deepwater operation in the North Sea. Additionally, members of Parliament will ask Hayward how the oil spill will affect the UK in the long term. With BP’s revenue significantly decreasing from the ongoing spill, a deficit of $17 billion in the 2nd Quarter, BP will pay less taxes to the U.K., where BP has its headquarters. Therefore, today’s questioning could offer insight to BP’s financial position, especially with the gaffe-prone Hayward whose being replaced with Bob Dudley as CEO on October 1st.


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