BP plc (BP) Aims to Restructure Its Largest Cash Generating Unit
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BP plc (NYSE: BP) is slightly lower in early trading Friday amid chatter that it might move to restructure its oil and gas production operations.
According to Reuters, BP may appoint a new Head of its new Exploration & Production unit in Lamar McKay. The role has been absent since BP shuffled cards in the unit back in 2010, following the Deepwater Horizon incident in the Gulf of Mexico. BP dividend the unit into three segments, which saw stronger oversight by CEO Bob Dudley.
Overall, Dudley will reduced decentralization in the segment as there will be fewer people reporting to him moving forward. BP's Board is said to have agreed to the move months ago, delaying the announcement as litigation with the U.S. regarding the Gulf of Mexico incident came to a head.
Notably, BP will still be facing a mult-billion civil suit over the spill following a $4.5 billion settlement for criminal charges last week.
E&P us the largest cash generator for BP. Shares of the energy company are flat-to-modestly-higher Friday
According to Reuters, BP may appoint a new Head of its new Exploration & Production unit in Lamar McKay. The role has been absent since BP shuffled cards in the unit back in 2010, following the Deepwater Horizon incident in the Gulf of Mexico. BP dividend the unit into three segments, which saw stronger oversight by CEO Bob Dudley.
Overall, Dudley will reduced decentralization in the segment as there will be fewer people reporting to him moving forward. BP's Board is said to have agreed to the move months ago, delaying the announcement as litigation with the U.S. regarding the Gulf of Mexico incident came to a head.
Notably, BP will still be facing a mult-billion civil suit over the spill following a $4.5 billion settlement for criminal charges last week.
E&P us the largest cash generator for BP. Shares of the energy company are flat-to-modestly-higher Friday
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