UPDATE 1-BP’s Hayward quits as spill cost put at $32 bln

* Hayward to leave Oct. 1, replaced by Dudley

* BP takes $32.2 bln spill charge, posts $17 bln Q2 loss

* To sell assets worth $30 bln over next 18 mths, cut debt

* To consider dividend position at Q4 results

* Hayward to get $1.6 mln in lieu of notice

(Adds details, background)

LONDON, July 27 (BestGrowthStock) – BP Plc (BP.L: ) chief executive
Tony Hayward will step down as head of the oil giant on Oct. 1
and be replaced by fellow executive Robert Dudley.

News of Hayward’s departure came as the company announced on
Tuesday it would take a charge as a result of the Gulf of Mexico
oil spill amounting to $32.2 billion, driving BP to a second
quarter loss of $16.97 billion. [ID:nWLA9308]

“The tragedy of the Macondo well explosion and subsequent
environmental damage has been a watershed,” chairman Carl-Henric
Svanberg said, announcing Hayward’s departure. “BP remains a
strong business … but it will be a different company going

BP said Dudley, currently head of BP’s U.S. operations,
would be based in London and hand over his present duties to
Lamar McKay. [ID:nWLA9295]

Hayward will receive a year’s salary amounting to 1.045
million pounds ($1.6 million).

Excluding oil spill and other non-operating costs, BP’s
replacement cost profit was $4.98 billion, in line with the
average forecast from a Reuters poll of 11 analysts.

Replacement cost profit strips out gains or losses related
to changes in the value of fuel inventories and as such is
comparable with net income under U.S. accounting rules.

In a third statement BP said it planned to sell assets worth
up to $30 billion over the next 18 months and cut its net debt
level down to between $10 billion and $15 billion over the next
18 months. [ID:nWLA9296]

The company said it would consider its position on future
dividend payments at the time of its fourth-quarter results.

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UPDATE 1-BP’s Hayward quits as spill cost put at $32 bln