Dudley Sets Out Priorities For Stronger, Safer BP
03 November 2011
As BP announced its financial results for the third quarter of 2011 group chief executive Bob Dudley set out more details on BP’s future direction and strategic priorities, saying the company had reached a clear turning point. Progress made through 2011 in reshaping and focussing the company is creating a stronger and safer BP, able now to deliver both sustainable growth and higher shareholder returns.
“The past year has been unprecedented in its challenges; and BP has responded well. We have laid firm foundations for the future — in safety, in our organisation and in developing new growth opportunities,” said Dudley.
“We have now reached a definite turning point. Our operations are regaining momentum and we are facing the future with great confidence. I believe we will build on our strengths to substantially grow operating cash flows, allowing us to directly increase returns to shareholders as well as invest for future growth.”
“The financial picture for BP today is very different from a year ago,” said Dudley. “We are today reporting replacement cost profits for the first nine months of this year of $15.9 billion, compared to a $9.5 billion loss for the same period in 2010, which was driven by the $40 billion charges we had taken with respect to Gulf of Mexico spill related costs.” The reported replacement cost profit for the third quarter of 2011 was $5.1 billion.
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