BP launched a campaign to repair its tarnished image in the US on Tuesday, dumping gaffe-prone CEO Tony Hayward and promising to slim down by initiating an asset sale worth up to $30 billion.
The company, dealing with anger over the largest oil spill in US history, drew further upset by offsetting the costs of the spill, including anticipated fines, against its taxes. The move will cost the US taxpayer approximately $10 billion.
Tony Hayward will stand down in October, to be replaced by American Bob Dudley. While Dudley has denied that BP's culture contributed to the Gulf disaster, investors and analysts say the organization's culture encouraged greater risk-taking and, ultimately, the explosion on the Deepwater Horizon.
Following the company's announcement, it unveiled a $17 billion quarterly loss due to the costs of the Gulf of Mexico spill.
BP said it plans to sell assets worth up to $30 billion over the next 18 months to pay for its liabilities and create a stronger company with potential for greater growth. Aside from the spill, BP's underlying profits are up 77% on the second quarter of 2009.
Excluding a $32.2 billion pretax charge for the disaster and other non-operating costs, the company's replacement cost profit was $4.98 billion.